In Turkey, urban transformation has been on the agenda of urban spatial developments, the economic-political framework, and social discussions particularly for the last 30 years. An important dimension of urban transformation practices is their impacts on urban economy, national economy, and financial markets. The process of financialization of the building in general and of housing in particular as the object of transformation commenced in the 1980s. This period is also called the post-Keynesian neoliberal globalization processes. The house production processes also began to articulate with the financial market system upon the financialization of housing. The increased importance of house production for the financial markets also accelerated the urban transformation practices. Within the scope of this paper, the financial cycle of the urban transformation processes, the actors and the stages in the process of financialization of housing are examined in the case study of Isparta, Turkey. The economic dimension and sectoral dynamics of the urban transformation process are explained.