The finance–space–state nexus in real estate development in Central and Eastern Europe

Enikő Vincze and Ioana Florea

Chapter 19 in Handbook on Financialisation and Space, 2026, pp 334-353 from Edward Elgar Publishing

Abstract: This chapter contributes to a spatial understanding of subordinate financialisation in post-socialist Central and Eastern Europe (CEE), framing it as a variegated expression of planetary financialisation in semi-peripheral contexts. It argues that, first, state interventions, enforced by supra-state actors, reconstructed the economy after the collapse of socialism, commodifying real estate. Second, real estate could become an asset when finance was ready to invest in this sector – that is, capital resulting from overaccumulation in other economic sectors and geographical spaces, including pooling money from core countries and through investment funds. Third, the financialisation of real estate in post-industrial Romania was facilitated by the dismantling of former productive facilities, which provided generous spaces for capital accumulation through urban regeneration. Our major conclusion is that the finance–space nexus reproduces the subordinate position of CEE in relation to the financial interests, logics, and instruments from the core, embedded in global capital markets.

Keywords: Subordinate Financialisation; Real Estate Development; Central and Eastern Europe (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035328628
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