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The New Frontiers of Housing Financialization in Phnom Penh, Cambodia: The Condominium Boom and the Foreignization of Housing Markets in the Global South

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  • Gabriel Fauveaud

Abstract

This article investigates housing financialization processes in low-income countries (LICs). Considering housing as both capital and commodity, the article excavates the roots of housing financialization in LICs since the 1960s, and shows how financialization has been used, since the 1990s, to circumvent long-standing obstacles to the marketization and commodification of LICs’ housing markets. Focusing on the recent development of the condominium market in Phnom Penh, the capital city of Cambodia, the article then investigates the role of various stakeholders (e.g., development agencies, public institutions, foreign and international investors, transnational developers, brokers) in the contemporary financialization of local housing markets. Detailing their strategies, discourses, and actions, I argue that in economic contexts where the financial sector remains underdeveloped, local and international developers and brokers act as agents of financialization by creating specific channels of real estate capital circulation and landing. I argue that the case of Phnom Penh reveals how foreign and transnational stakeholders, mainly originating from Asia, have created a specific regime of capital accumulation through housing financialization, which I name the foreignization of housing markets. This regime emphasizes the significant capacity of financialization to penetrate markets that have long remained out of its reach by establishing capital extraversion mechanisms.

Suggested Citation

  • Gabriel Fauveaud, 2020. "The New Frontiers of Housing Financialization in Phnom Penh, Cambodia: The Condominium Boom and the Foreignization of Housing Markets in the Global South," Housing Policy Debate, Taylor & Francis Journals, vol. 30(4), pages 661-679, July.
  • Handle: RePEc:taf:houspd:v:30:y:2020:i:4:p:661-679
    DOI: 10.1080/10511482.2020.1714692
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    Cited by:

    1. Emma Avery & Sarah Moser, 2023. "Urban speculation for survival: Adaptations and negotiations in Forest City, Malaysia," Environment and Planning C, , vol. 41(2), pages 221-239, March.
    2. Sarah Moser & Nufar Avni, 2024. "Analysing a private city being built from scratch through a social and environmental justice framework: A research agenda," Urban Studies, Urban Studies Journal Limited, vol. 61(8), pages 1545-1562, June.
    3. S. G. Sternik & N. B. Safronova, 2021. "Financialization of Real Estate Markets as a Macroeconomic Trend of the Digital Economy," Studies on Russian Economic Development, Springer, vol. 32(6), pages 676-682, November.
    4. Gavin Shatkin, 2022. "Mega-urban politics: Analyzing the infrastructure turn through the national state lens," Environment and Planning A, , vol. 54(5), pages 845-866, August.
    5. Gertjan Wijburg, 2023. "Commodifying Havana? Private accumulation, assetisation and marketisation in the Cuban metropolis," Urban Studies, Urban Studies Journal Limited, vol. 60(16), pages 3216-3232, December.
    6. José-Francisco Vergara-Perucich, 2022. "Is There Financialization of Housing Prices? Empirical Evidence from Santiago de Chile," Economies, MDPI, vol. 10(6), pages 1-14, May.

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