Evictions, Foreclosures, and Global Housing Speculation in Palma, Spain
Land
; 11(2):293, 2022.
Article
in English
| ProQuest Central | ID: covidwho-1715499
ABSTRACT
Over the last two decades, the property bubble and the subsequent economic crisis and post-crisis policies have heightened urban inequalities, mainly in cities in southern Europe. The gaps between social classes have widened with the configuration of new urban spaces characterized by segregation and exclusion. Palma is the capital of one of the top tourist destinations in the Mediterranean (the Balearic Islands) and it is usually regarded as a successful tourism model and a land of opportunity for property investors. Nevertheless, serious problems of inequality exist in the city. The centre of this dual city is split between a process of spreading gentrification and the urban blight of its poor neighbourhoods. Son Gotleu is a particular case in point. The neighbourhood is home to a large number of social housing blocks (1960s) with residents from mostly migrant backgrounds. Within a global context of new redefined rent-seeking mechanisms, this article analysed impoverishment in Son Gotleu, based on three variables associated with housing evictions, foreclosures and the property market. Our study shows that evictions were a determining feature of impoverishment, linked to the emergence of new speculative investment interests. Indeed, investment funds are very probably the most influential urban agents today.
Conservation; inequality; impoverishment; evictions; property market; squats; investment funds; Son Gotleu; Palma; Population; Investments; Economic crisis; Blight; Commodities; Mortgage backed securities; Luxury homes; Tourism; Urban areas; Globalization; COVID-19; Segregation; Foreclosure; Housing; Public housing; REITs; Neighborhoods; Austerity policy; Cities; Home ownership; Balearic Islands; Spain
Full text:
Available
Collection:
Databases of international organizations
Database:
ProQuest Central
Language:
English
Journal:
Land
Year:
2022
Document Type:
Article
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