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Overseas investment into London: Imprint, impact and pied-a-terre urbanism

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Overseas investment into London : Imprint, impact and pied-a-terre urbanism. / Deverteuil, Geoffery; Manley, David.

In: Environment and Planning A, Vol. 49, No. 6, 06.2017, p. 1308-1323.

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Deverteuil, Geoffery ; Manley, David. / Overseas investment into London : Imprint, impact and pied-a-terre urbanism. In: Environment and Planning A. 2017 ; Vol. 49, No. 6. pp. 1308-1323.

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@article{b4627550ac3b4eb8a82ca124a275b429,
title = "Overseas investment into London: Imprint, impact and pied-a-terre urbanism",
abstract = "This paper focuses on the spatial imprint and social impacts of the emerging geographies of concentrated overseas investment into London’s high-end real estate market, particularly the boroughs of Westminster and Kensington and Chelsea. Framed by literatures on the 1{\%} and the super-rich, and based on a mixed methodological approach of qualitative interviews with intermediaries and a quantitative mapping of overseas investors using 2011 census data, the results speak to the pervasive nature of ‘‘safe-haven’’ seeking in London real estate and its attendant transnational provenance set within a laissez-faire regulatory framework. In so doing, it makes an important contribution to the geographies of the super-rich, the class geographies of London, and the broader sense that overseas investors are producing what we call ‘‘pied-a-terre’’ urbanism which builds on a conventional gentrification framework (exclusionary displacement and a more affluent incoming group) but also exceeds it in several ways, leading to an increasingly socially attenuated landscape. This exceeding relates to: a different kind of rent gap, in that it is not speculative but safe-haven seeking, a guaranteed return on investment, and occurs without previous disinvestment; the agents are not traditional gentrifiers; the transnational nature of the process, with no attachment to particular places like in the traditional gentrification model; and a process focused on super-prime areas and completely independent of the existing gentrification narrative in London",
author = "Geoffery Deverteuil and David Manley",
year = "2017",
month = "6",
doi = "10.1177/0308518X17694361",
language = "English",
volume = "49",
pages = "1308--1323",
journal = "Environment and Planning A",
issn = "0308-518X",
publisher = "Pion",
number = "6",

}

RIS - suitable for import to EndNote

TY - JOUR

T1 - Overseas investment into London

T2 - Imprint, impact and pied-a-terre urbanism

AU - Deverteuil, Geoffery

AU - Manley, David

PY - 2017/6

Y1 - 2017/6

N2 - This paper focuses on the spatial imprint and social impacts of the emerging geographies of concentrated overseas investment into London’s high-end real estate market, particularly the boroughs of Westminster and Kensington and Chelsea. Framed by literatures on the 1% and the super-rich, and based on a mixed methodological approach of qualitative interviews with intermediaries and a quantitative mapping of overseas investors using 2011 census data, the results speak to the pervasive nature of ‘‘safe-haven’’ seeking in London real estate and its attendant transnational provenance set within a laissez-faire regulatory framework. In so doing, it makes an important contribution to the geographies of the super-rich, the class geographies of London, and the broader sense that overseas investors are producing what we call ‘‘pied-a-terre’’ urbanism which builds on a conventional gentrification framework (exclusionary displacement and a more affluent incoming group) but also exceeds it in several ways, leading to an increasingly socially attenuated landscape. This exceeding relates to: a different kind of rent gap, in that it is not speculative but safe-haven seeking, a guaranteed return on investment, and occurs without previous disinvestment; the agents are not traditional gentrifiers; the transnational nature of the process, with no attachment to particular places like in the traditional gentrification model; and a process focused on super-prime areas and completely independent of the existing gentrification narrative in London

AB - This paper focuses on the spatial imprint and social impacts of the emerging geographies of concentrated overseas investment into London’s high-end real estate market, particularly the boroughs of Westminster and Kensington and Chelsea. Framed by literatures on the 1% and the super-rich, and based on a mixed methodological approach of qualitative interviews with intermediaries and a quantitative mapping of overseas investors using 2011 census data, the results speak to the pervasive nature of ‘‘safe-haven’’ seeking in London real estate and its attendant transnational provenance set within a laissez-faire regulatory framework. In so doing, it makes an important contribution to the geographies of the super-rich, the class geographies of London, and the broader sense that overseas investors are producing what we call ‘‘pied-a-terre’’ urbanism which builds on a conventional gentrification framework (exclusionary displacement and a more affluent incoming group) but also exceeds it in several ways, leading to an increasingly socially attenuated landscape. This exceeding relates to: a different kind of rent gap, in that it is not speculative but safe-haven seeking, a guaranteed return on investment, and occurs without previous disinvestment; the agents are not traditional gentrifiers; the transnational nature of the process, with no attachment to particular places like in the traditional gentrification model; and a process focused on super-prime areas and completely independent of the existing gentrification narrative in London

U2 - 10.1177/0308518X17694361

DO - 10.1177/0308518X17694361

M3 - Article

VL - 49

SP - 1308

EP - 1323

JO - Environment and Planning A

JF - Environment and Planning A

SN - 0308-518X

IS - 6

ER -