Real Estate Heritage Market: An Interpretative Model Based on the Historical Center of Recife (Brazil)

Abstract

From the 1990s, when Brazil was engaged on the process of globalizing her economy, the historic centers of her cities Í€”which, in the previous two decades, had been abandoned by the prestige activities of the commerce and service sectorsÍ€” started to witness investments being put back into these activities, in parts of her territories. Of course, there have been implications as a result of such investments for the performance of the respective real estate markets. Hence the purpose of this study is: to sketch out Í€”based upon the characteristics inherent in these markets and the obvious dependence of its dynamism on public policiesÍ€” an interpretative outline of how this has been working, by investigating what factors condition supply and demand, arising from these policies, and the implications of the adjustments in prices carried out in these markets.