Mercado del suelo urbano y reserva financiera de terrenos para producción de vivienda en el Área Metropolitana de Santiago

The urban land in Chile has been transformed into an investment tool and even a financial asset. The present work provides evidence on the high participation of financial institu- tions in Santiago Metropolitan Area's land market, between 2010 and 2015. Also, through a descriptive statistical work and a systematization of agents involved in the real estate development of houses, is detected that banks and insurers are key agents in the forma- tion of land reserves. These institutions normally operate under land lease instruments, which provide liquidity to real estate companies and / or anticipate acquisitions for medi- um and long term housing projects. This work concludes by discussing the effects of this financial practice on the price and availability of affordable land, contributing to a critical reflection on the social exclusionary character of the urban land market.