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Since the 1990s, the fast-growing megacities of the South have been characterized by massive, unprecedented spatial expansion. This paper examines the land appropriation supporting the extensive construction of exclusive real estate projects, notably gated communities and private cities. The public land reserves available on the edges of the megacities are increasingly seen as strong assets that can potentially be used as collateral for generating credit and liquidity. As a result, a land standard has emerged. With the growth of land titling programs, the transfer of public property to the markets has spread at the expense of land for low-income housing.