Speaker
Description
The commodification of housing and urban land has taken an increasingly serious turn, in a challenge to modern urban development. Financialization of property markets, driven by speculative investments, has driven-up prices, outbidding middle- and low-income groups from market opportunities, intensifying socio-spatial inequalities. The same condition applies in various parts of the world, such as in Istanbul, where cities experience crises of affordability, displacement, and a preoccupation with profit over urgent social needs. These issues are aggravated by deregulation and an emphasis on short-term financial gains, leaving urban systems vulnerable to shockwaves that undermine communities. The presentation scrutinizes the practices and policies that have entrenched these patterns, identifying key areas where property market actors have helped to perpetuate or alleviate urban crises. A selection of case studies reveals the global nature of these challenges and their complex, entangled place-specific dynamics.
Property market goals can be better aligned with those of society and the environment through transformational strategies that offset the negative effects of financialization. Inclusionary zoning and land value capture mechanisms are among key policy instruments that can ensure more affordable housing while incentivizing equitable urban development. The presentation explores community-driven initiatives, such as community land trusts and housing cooperatives, as possible vehicles for the empowerment of marginal groups toward long-term stability in housing markets. It also shows that collaboration among public, private, and third-sector actors is essential; if applied within principles of equity and sustainability, public-private partnerships can be a powerful vehicle for delivering inclusive urban outcomes. Participatory governance frameworks, which involve local communities in decision-making, are proposed as vital mechanisms to democratize and ensure accountability in urban planning.
A key theme of the presentation is the manner in which sustainability has been mainstreamed into property markets. Green financing instruments, including green bonds and sustainability-linked loans, are increasingly driving the priorities of property developers and investors. These tools reorient market activities toward environmental objectives, such as energy-efficient building design and the integration of renewable energy. However, a note of caution toward greenwashing must be acknowledged, where robust regulatory frameworks must ensure results that are both meaningful and measurable. By promoting socially responsible investment, property markets can be transformed from a driver of environmental degradation to a key actor of urban resilience. The presentation provides examples of successful net-zero urban developments and climate-resilient housing projects, offering actionable methods of adopting such models in cities like Istanbul.
The unique socio-cultural and economic context of Istanbul provides an ideal grounding for exploring these dynamics. As a city where historic cosmopolitanism meets modern urban challenges, Istanbul epitomizes many of the tensions and opportunities at the heart of property market transformations. While leveraging the cultural assets and geographic significance of the city, the presentation offers specific strategies for the challenges of informal settlements, rapid urbanization, and seismic risks. Pilot projects envision inclusionary housing models, adaptive reuse of heritage buildings, innovative financing mechanisms for risk mitigation, and enhanced resilience; moreover, these examples can act as replicable models for similar situations in other world cities.
By reimagining the role of property market actors, from profit-oriented approaches toward value-based planning paradigms, property markets can become drivers of sustainable and inclusive urban development, allowing cross-sector collaboration and introducing new tools and policies. The presentation contributes to a wider agenda of pursuing spatial justice, ethical governance, and transformative action in urban planning by offering an adaptive and context-sensitive approach in creating resilient cities.
| Keywords | Property Market Actors; Financialization of Housing; Urban Resilience; Spatial Justice |
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