From “Bricks” to “Paper”: When Real Estate Becomes a Financial Asset

De la « pierre » au « papier »: quand l’immobilier devient un actif financier

Marine Duros ()
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Marine Duros: CMH - Centre Maurice Halbwachs - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Département de Sciences sociales ENS-PSL - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres

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Abstract: The article analyzes the financialization of real estate, characterized by the transformation of real estate into a "financial asset" managed by specialized companies: real estate investment funds. In France, this process, which began about thirty years ago, is based on a complex institutional framework – a set of regulations, organizational forms, and professional standards. The article demonstrates how this transformation of property ownership has led to real estate development increasingly disconnected from residents' needs, notably resulting in an overproduction of office space at the expense of housing.

Date: 2025-12-02
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Published in Regards croisés sur l'économie, 2025, n° 37 (2), pp.104-115. ⟨10.3917/rce.037.0104⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05433212

DOI: 10.3917/rce.037.0104

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