Dynamics of the real estate market in historic centers in times of globalization: the cases of Recife, Belém and São Luís (Brazil)

Abstract

The slow growth of Brazilian economy since the 1990s and its insertion into the global economy have brought consequences for historic centers. Political-administrative decentralization and competition among cities for private investment have prompted local governments to invest in these centers to attract activities, which has affected their real estate market dynamics. This article compares how these market dynamics have occurred in the Historic Centers of Recife, Belém and São Luís (Northeastern Brazil) and the effects on their spatial organization, showing their regularities and specificities. As a result of these dynamics, pre-existing spaces (degraded areas) are sometimes reproduced or, otherwise, recreated by way of requalification. This reveals the different ways in which these centers are inserted in the global economy.