«Property States» and the Financialization of Urban Development

The process of globalization of the economy and society has fundamentally changed the realities of life in cities in recent decades. Technological innovations in data processing allowed current trends such as digitalization or the platform economy to gain momentum. Financialisation and its imprint on real estate markets has made land becoming increasingly included in the sphere of the global exchange economy, as an asset. The mobilization of financial assets is followed by the large-scale valuation of real estate; as a consequence, local lifeworlds are subject to heightened pressure to achieve high rates of return. The chapter discusses the implications of these developments for urban development and sheds light on the particular role of property in two small states: Luxembourg and Singapore. The rather distinct role of the state in either facilitating profit or ensuring access to public housing (at least for some) is reflected in the notion of 'property states'.