Impact of financialization in transformation of urban environment and example of settlement Detelinara in Novi Sad

Abstract

The phenomenon of excessive investment, which usually goes into decline with excessive financialisation of certain economic domains or certain geographic areas, among others, marked the period after September 2008. Financialization is a term that is related to the change in the status of the financial sphere since the early seventies. Аt this time, movement of huge amounts of financial mass appeared on the world market. The difference between the average housing prices and middle-income income is steadily increasing, causing an increase in demand for housing. Therefore, the real estate prices rose enormously although rents stagnated. High interest rates and unemployment have led to a massive loss of housing those who were unable to repay loans. Financialization is still fueled by cheap money, so that the poorer turned to the credit market, too. Since this is a global phenomenon reflected in our region, it is presented on the example of the block in a residential neighborhood Stara Detelinara in Novi Sad. This paper analyzes the impact of a particular type of transformation in change of the physical and social character.

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