Financialization of housing in Southern Europe: Policy analysis and recommendations Final report – submitted 28/01/2021

Detalhes bibliográficos
Autor(a) principal: Tulumello, Simone
Data de Publicação: 2021
Outros Autores: Dagkouli-Kyriakoglou, Myrto
Tipo de documento: Relatório
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10451/46368
Resumo: This report presents the results of the study ‘Financialization of housing in Southern Europe: policy analysis and recommendations’, carried out between August and November of 2020. The study, which focuses on Portugal, Spain, Italy and Greece, is based on a comprehensive review of the scholarly literature on the financialization of housing and on a systematic collection of relevant legislation produced in the four countries. The study identifies six modes of housing financialization and several cross-cutting dimensions: 1) mortgage debt, which links the access to homeownership to finance; 2) mortgage securitization, the use of mortgage portfolios as securities/assets; 3) financialization of social rented housing; 4) financialization of market rental housing; 5) transformation of public or not-for-profit housing companies into financialized companies; 6) financialization of ‘not-for-housing housing’ (NFHH) (Donald and Roling 2019), and in particular short-term rentals (STRs) and empty housing used as investment. 7) cross-cutting issues, that is, regulations, practices and programmes that intersect the previous modes, easing the attraction and penetration of financial capital into housing systems and real estate markets. Based on this framework, the study systematizes the role of the state in housing financialization in Southern Europe, observing a number of ‘waves’ of housing financialization.
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spelling Financialization of housing in Southern Europe: Policy analysis and recommendations Final report – submitted 28/01/2021Financeirização da habitação no Sul da Europa: Análise de políticas e recomendações. Relatório final – versão em Português – submetido em 28/01/2021financializationhousinghousing policySouthern EuropeEuropean UnionThis report presents the results of the study ‘Financialization of housing in Southern Europe: policy analysis and recommendations’, carried out between August and November of 2020. The study, which focuses on Portugal, Spain, Italy and Greece, is based on a comprehensive review of the scholarly literature on the financialization of housing and on a systematic collection of relevant legislation produced in the four countries. The study identifies six modes of housing financialization and several cross-cutting dimensions: 1) mortgage debt, which links the access to homeownership to finance; 2) mortgage securitization, the use of mortgage portfolios as securities/assets; 3) financialization of social rented housing; 4) financialization of market rental housing; 5) transformation of public or not-for-profit housing companies into financialized companies; 6) financialization of ‘not-for-housing housing’ (NFHH) (Donald and Roling 2019), and in particular short-term rentals (STRs) and empty housing used as investment. 7) cross-cutting issues, that is, regulations, practices and programmes that intersect the previous modes, easing the attraction and penetration of financial capital into housing systems and real estate markets. Based on this framework, the study systematizes the role of the state in housing financialization in Southern Europe, observing a number of ‘waves’ of housing financialization.A financeirização da habitação corresponde a uma tendência dupla: o aumento do uso da habitação e do imobiliário como bens no mercado financeiro; e o aumento da presença de atores financeiros nos mercados de habitação. Este relatório apresenta os resultados do estudo “Financialization of housing in Southern Europe: policy analysis and recommendation”, conduzido entre agosto e novembro de 2020. O estudo, o qual se foca em Portugal, Espanha, Itália e Grécia, baseia-se numa revisão da literatura académica sobre financeirização da habitação e em uma recolha sistemática de legislação produzidas nestes quatro países. O estudo identifica seis modos de financeirização da habitação e várias dimensões transversais: 1) dívida hipotecária, a qual relaciona o acesso à habitação de propriedade à financeirização: 2) securitização (ou titularização) hipotecária, o uso de portfolios hipotecários como garantias/ativos; 3) financeirização de habitação social para arrendamento; 4) financeirização do mercado de arrendamento; 5) transformação de empresas de habitação públicas ou sem fins lucrativos em empresas financeirizadas; 6) financeirização de “habitação não destinada a habitação” (Donald e Roling 2019) e em particular de arrendamentos de curta duração (normalmente referido pelo termo inglês short-term rental, STR) e de habitações vazias utilizadas como investimento; 7) questões transversais, ou seja, regulações, práticas e programas que intersetam com os modos anteriores, facilitando a atração e penetração do capital financeiro nos sistemas de habitação e nos mercados imobiliários. Baseado neste enquadramento, este estudo sistematiza o papel do estado na financeirização da habitação no Sul da Europa, através da observação de um número de “vagas” de financeirização da habitação.Project commissioned by the European Parliament, office of MEP José Gusmão (group The Left in the European Parliament)Repositório da Universidade de LisboaTulumello, SimoneDagkouli-Kyriakoglou, Myrto2021-02-16T11:19:42Z20212021-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/reportapplication/pdfapplication/pdfhttp://hdl.handle.net/10451/46368engTulumello S., Dagkouli-Kyriakoglou M. (2021). Financialization of housing in Southern Europe: Policy analysis and recommendations. Final report – submitted 28/01/2021. Project commissioned by the European Parliament, office of MEP José Gusmão (group The Left in the European Parliament)info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-08T16:48:34Zoai:repositorio.ul.pt:10451/46368Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T21:58:32.669784Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Financialization of housing in Southern Europe: Policy analysis and recommendations Final report – submitted 28/01/2021
Financeirização da habitação no Sul da Europa: Análise de políticas e recomendações. Relatório final – versão em Português – submetido em 28/01/2021
title Financialization of housing in Southern Europe: Policy analysis and recommendations Final report – submitted 28/01/2021
spellingShingle Financialization of housing in Southern Europe: Policy analysis and recommendations Final report – submitted 28/01/2021
Tulumello, Simone
financialization
housing
housing policy
Southern Europe
European Union
title_short Financialization of housing in Southern Europe: Policy analysis and recommendations Final report – submitted 28/01/2021
title_full Financialization of housing in Southern Europe: Policy analysis and recommendations Final report – submitted 28/01/2021
title_fullStr Financialization of housing in Southern Europe: Policy analysis and recommendations Final report – submitted 28/01/2021
title_full_unstemmed Financialization of housing in Southern Europe: Policy analysis and recommendations Final report – submitted 28/01/2021
title_sort Financialization of housing in Southern Europe: Policy analysis and recommendations Final report – submitted 28/01/2021
author Tulumello, Simone
author_facet Tulumello, Simone
Dagkouli-Kyriakoglou, Myrto
author_role author
author2 Dagkouli-Kyriakoglou, Myrto
author2_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Tulumello, Simone
Dagkouli-Kyriakoglou, Myrto
dc.subject.por.fl_str_mv financialization
housing
housing policy
Southern Europe
European Union
topic financialization
housing
housing policy
Southern Europe
European Union
description This report presents the results of the study ‘Financialization of housing in Southern Europe: policy analysis and recommendations’, carried out between August and November of 2020. The study, which focuses on Portugal, Spain, Italy and Greece, is based on a comprehensive review of the scholarly literature on the financialization of housing and on a systematic collection of relevant legislation produced in the four countries. The study identifies six modes of housing financialization and several cross-cutting dimensions: 1) mortgage debt, which links the access to homeownership to finance; 2) mortgage securitization, the use of mortgage portfolios as securities/assets; 3) financialization of social rented housing; 4) financialization of market rental housing; 5) transformation of public or not-for-profit housing companies into financialized companies; 6) financialization of ‘not-for-housing housing’ (NFHH) (Donald and Roling 2019), and in particular short-term rentals (STRs) and empty housing used as investment. 7) cross-cutting issues, that is, regulations, practices and programmes that intersect the previous modes, easing the attraction and penetration of financial capital into housing systems and real estate markets. Based on this framework, the study systematizes the role of the state in housing financialization in Southern Europe, observing a number of ‘waves’ of housing financialization.
publishDate 2021
dc.date.none.fl_str_mv 2021-02-16T11:19:42Z
2021
2021-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/report
format report
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10451/46368
url http://hdl.handle.net/10451/46368
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Tulumello S., Dagkouli-Kyriakoglou M. (2021). Financialization of housing in Southern Europe: Policy analysis and recommendations. Final report – submitted 28/01/2021. Project commissioned by the European Parliament, office of MEP José Gusmão (group The Left in the European Parliament)
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv Project commissioned by the European Parliament, office of MEP José Gusmão (group The Left in the European Parliament)
publisher.none.fl_str_mv Project commissioned by the European Parliament, office of MEP José Gusmão (group The Left in the European Parliament)
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
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reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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