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Form or Function? The Impact of New Football Stadia on Property Prices in London

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  • Gabriel M. Ahlfeldt
  • Georgios Kavetsos

Abstract

Prestigious sports facilities increasingly feature among the most expensive development projects worldwide. Considerable public funds are often committed based on expected neighbourhood effects. This paper focuses on the channels through which stadium externalities capitalize into property prices. We investigate two of the largest stadium investment projects of the recent decade - the New Wembley and the Emirates stadium in London, UK. Evidence suggests positive stadium externalities, which are large compared to construction costs. Notable anticipation effects are found immediately following the announcement of the final stadium plans. Our results suggest that stadium architecture may play an important role in promoting positive spillovers to the neighbourhood.

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Bibliographic Info

Paper provided by Spatial Economics Research Centre, LSE in its series SERC Discussion Papers with number 0087.

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Date of creation: Jul 2011
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Handle: RePEc:cep:sercdp:0087

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Web page: http://www.spatialeconomics.ac.uk/SERC/publications/default.asp

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Keywords: Property prices; stadium impact;

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References

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  1. Ahlfeldt, Gabriel M., 2009. "The train has left the station: Do markets value intra-city access to inter-city rail connections?," MPRA Paper 13900, University Library of Munich, Germany.
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  5. Sandra E. Black, 1997. "Do better schools matter? Parental valuation of elementary education," Research Paper 9729, Federal Reserve Bank of New York.
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  10. Gabriel Ahlfeldt & Wolfgang Maennig, 2010. "Impact of sports arenas on land values: evidence from Berlin," The Annals of Regional Science, Springer, vol. 44(2), pages 205-227, April.
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  19. Gibbons, Steve & Machin, Stephen, 2003. "Valuing English primary schools," Journal of Urban Economics, Elsevier, vol. 53(2), pages 197-219, March.
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  22. Stephen Gibbons & Stephen Machin, 2008. "Valuing school quality, better transport, and lower crime: evidence from house prices," Oxford Review of Economic Policy, Oxford University Press, vol. 24(1), pages 99-119, spring.
  23. Richard Florida & Charlotta Mellander & Kevin Stolarick, 2011. "Beautiful Places: The Role of Perceived Aesthetic Beauty in Community Satisfaction," Regional Studies, Taylor & Francis Journals, vol. 45(1), pages 33-48.
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  25. Coates, Dennis & Humphreys, Brad R., 2006. "Proximity benefits and voting on stadium and arena subsidies," Journal of Urban Economics, Elsevier, vol. 59(2), pages 285-299, March.
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  29. Gabriel M. Ahlfeldt & Wolfgang Maennig, 2010. "Substitutability and Complementarity of Urban Amenities: External Effects of Built Heritage in Berlin," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 38(2), pages 285-323.
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Citations

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Cited by:
  1. Gabriel M. Ahfeldt, 2013. "Urbanity," SERC Discussion Papers 0136, Spatial Economics Research Centre, LSE.
  2. Gabriel M. Ahlfeldt & Alexandra Mastro, 2012. "Valuing iconic design: Frank Lloyd Wright architecture in Oak Park, Illinois," LSE Research Online Documents on Economics 43470, London School of Economics and Political Science, LSE Library.
  3. Huang, Haifang & Humphreys, Brad, 2012. "Do New Sports Facilities Revitalize Urban Neighborhoods? Evidence from Residential Mortgage Applications," Working Papers 2012-5, University of Alberta, Department of Economics.
  4. Gabriel Ahlfeldt, 2013. "Urbanity," CESifo Working Paper Series 4533, CESifo Group Munich.
  5. Gabriel M. Ahlfeldt & Wolfgang Maennig & Felix J. Richter, 2013. "Urban Renewal after the Berlin Wall," Working Papers 049, Chair for Economic Policy, University of Hamburg.
  6. Huang, Haifang & Humphreys, Brad & Zhou, Li, 2014. "Do Urban Casinos Affect Nearby Neighborhoods? Evidence from Canada," Working Papers 2014-2, University of Alberta, Department of Economics, revised 01 Mar 2014.
  7. Gabriel M. Ahfeldt & Alexandra Mastro, 2011. "Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois," SERC Discussion Papers 0084, Spatial Economics Research Centre, LSE.

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