The roles of the state in the financialisation of housing in Turkey

: Celik, Ozlem

Publisher: ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD

: 2023

Housing Studies

: 38

: 6

: 1006

: 1026

: 0267-3037

: 1466-1810

DOI: https://doi.org/10.1080/02673037.2021.1928003

What is the relationship between the state and housing financialisation? Much of the literature describes the state playing a role to promote the regulatory, legislative, and financial conditions needed to allow global financial capital to penetrate land and property markets. I build on these arguments to develop in what ways the state is playing an active role in housing financialisation in Turkey. I suggest that the Turkish national state has deliberately, actively, and forcefully pursued housing financialisation by (i) introducing new legislation; (ii) creating financial frameworks to encourage speculation by domestic and international capital on land and housing as assets (iii) enclosing public land and exploiting informal types of tenure; (iv) assetising land and housing by developing revenue-sharing urban regeneration projects; and (v) using coercive legal and penal force to criminalise informal development, and to quell resistance to state-led regeneration. My conclusions add weight to Christophers' contention that the role of the state needs to be reconceptualised to capture its direct involvement in housing financialisation.