The new "preferential" relations of real estate market with the urban growth and the urban planning

Abstract

Since the final decade of the twentieth century, a new reality has arisen regarding the increasing role of the globalized real estate markets in structuring urban space. International capital is necessary for the development and management of contemporary cities. However, financial capital is notoriously volatile and governed by the short-term vision of economic profit. It is therefore not necessarily a willing partner in any cooperation towards achieving the global goals of urban policies and planning, which are necessarily long-term and aim at durable spatial, social, and economic benefits.