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As a leading mechanism of the global neoliberal paradigm, financialization plays a significant role in the growth of economies and changes in urban development patterns. Though particularly significant for post-socialist European countries, research on urban financialization considering both economic (rental income, property sales, interest rates) and noneconomic aspects (social dynamics, social and legal norms, financialized discourses) is yet to emerge in Serbia. Observing the period after the 2008 global economic and financial crisis, and based on multiple analyses (statistical, documentary and discourse), this paper first provides an overview of different global and national financial indicators, then elucidates the impact of market financing on the built environment at the national level, and, finally, illustrates the financialization of urban planning policies and discourses exemplified in the Belgrade Waterfront urban megaproject. The empirical analysis provides not only an insight into a strong structural and dynamic conditionality between various dimensions of financialization, but also highlights the nuances in decision-making, planning and governance influenced by the financialized discourses. [ABSTRACT FROM AUTHOR]

Urban megaprojects as a spatial manifestation of neoliberalism are in transitional societies considered a tool for extra-profit for private developers and a source of great corruption among the high-level public authorities. Consequently, such a relationship has negative effects on socio-spatial reality. The paper illustrates how a large-scale unitary project – the Belgrade Waterfront project – jeopardizes the public participation through: the misuse of legal procedures and spatial planning instruments, neglect of private property rights, and simulation of public debate. The conditions enabling democratic social, political and professional environment as a backbone for citizen involvement in public issues are briefly indicated in conclusion. [ABSTRACT FROM AUTHOR]