When high export earnings are generated, a part is invested in real estate, to ensure long-term value, and as a result is thus promoting urban growth. By employing the concepts of financialization, second circuit of capital and volatility of export income, this article discusses on national scale to what extent export earnings, financial liquidity and private debt are related. On local scale their impact on real estate investment in La Serena is analyzed by using a quantitative analysis. The results show that the national trends in savings, lending, and financial liquidity, are related to thy cycle of boom and bust of export revenues. At city level, export income and financial liquidity are of significant importance in explaining real estate investment in La Serena, while indicators of effective demand and debt contribute less to the explanation.