Title: Who owns the city? Exploratory research activity on the financialisation of housing in EU cities
Publisher: Publications Office of the European Union
Publication Year: 2020
JRC N°: JRC120776
ISBN: 978-92-76-18956-5 (online)
ISSN: 1831-9424 (online)
Other Identifiers: EUR 30224 EN
OP KJ-NA-30-224-EN-N (online)
URI: https://publications.jrc.ec.europa.eu/repository/handle/JRC120776
DOI: 10.2760/07168
Type: EUR - Scientific and Technical Research Reports
Abstract: This report resumes the main findings from Citown, an exploratory research activity on the financialisation of housing in EU cities. The study follows indications that over the past years investors have been increasingly active on urban housing markets, using housing as a vehicle for wealth and investment, rather than considering it a social good. This development is assumed to have a negative effect on housing affordability, especially for the lower and middle classes. This study serves to get a better understanding of housing financialisation through an open–minded and investigative approach, providing steppingstones for future research. The study includes three main research components (seven city case studies; advanced analyses of Amsterdam housing data; descriptive data on institutional investment in multifamily property) supported by two experts workshops. Most findings confirm the assumption that housing financialisation negatively impacts housing affordability. At the same time, it becomes clear that causality is complex, pointing to the housing system as a complex myriad of factors that either directly or indirectly influence and reinforce each other. The study further indicates that to better understand housing financialisation across EU cities, as well as its consequences, more (harmonised) data are needed.
JRC Directorate:Growth and Innovation

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