This article discusses the shifts in the urbanstructure of the city of Belo Horizonte in theperiod between 1994 and 2003. Departingfrom a post-Keynesian methodological basis, weoutlined the main vectors of real estate activityin Belo Horizonte. We conclude that residentialreal estate activity has been leaving the Southand Northeast regions and concentrating on thePampulha region, whereas commercial realestate activity has been gradually abandoning thecity centre to become established in theSouthern region.