transnational gentrification


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transnational gentrification
Transnational gentrification is a process where wealthy individuals or corporations from one country invest in and develop properties in another country, often leading to the displacement of local residents and changes in the cultural and social fabric of the community. One example of transnational gentrification is the influx of Chinese investors purchasing real estate in major cities like Vancouver, Canada. This has led to a rise in housing prices, making it difficult for local residents to afford to live in their own neighborhoods. In addition, the cultural and social dynamics of these communities are changing as more affluent Chinese individuals move in. According to a study by the Urban Studies journal, transnational gentrification is on the rise, with a growing number of foreign investors buying up properties in cities around the world. In London, for example, it was found that 13% of all property purchases in the city were made by foreign investors, leading to concerns about the impact on local residents and communities. An analogy for transnational gentrification could be likened to a game of Monopoly, where players from different countries are buying up properties and developing them to make a profit, often at the expense of other players (local residents) who are unable to keep up with the rising costs. One verifiable fact is that according to a report by the Globalization and World Cities Research Network, the top destinations for transnational real estate investment include cities like London, New York, and Hong Kong, highlighting the global nature of this phenomenon.