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[References: p. 462-463 (18 tit.)]

Modern cities play a special role in globalization processes. They are like the living reflection of the transformation processes taking place in our society. Such processes find expression in changes of infrastructure space of the city, and social and economic weight of urban areas. This paper deals with the processes of transformation of urban space. We consider gentrification as one of trends of modern city development, and we discuss its role as a social, economic and cultural issue. The work focuses on European and Russian examples of gentrification examining aspects such as culture, squatting, creative clusters, or Disneyfication. Based on the analysis conducted, we draw conclusions on the positive(settlement of vacant buildings; renovation buildings; revitalization of the community, etc.) and negative (increase in the cost of living, uncontrolled change of the architectural appearance of the space, etc.) consequences of gentrification in modern urban spaces. We also suggest the necessity of implementing successful practices of gentrification in urban policy for Europe and other regions of the World.