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

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  • Ahlfeldt, Gabriel M.
  • Georgios, Kavetsos

Abstract

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 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 emphasize the role stadium architecture plays in promoting positive spillovers to the neighbourhood. We therefore recommend public funding of large-scale sports facilities to be made conditional on a comprehensive urban design strategy that maximizes the external benefits.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 25003.

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Date of creation: 2010
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Handle: RePEc:pra:mprapa:25003

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Keywords: Property prices Stadium impact;

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References

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  1. Carolyn A. Dehring & Craig A. Depken & Michael R. Ward, 2007. "The Impact Of Stadium Announcements On Residential Property Values: Evidence From A Natural Experiment In Dallas-Fort Worth," Contemporary Economic Policy, Western Economic Association International, vol. 25(4), pages 627-638, October.
  2. 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.
  3. Gabriel M. Ahlfeldt, 2011. "The Train has Left the Station: Do Markets Value Intracity Access to Intercity Rail Connections?," German Economic Review, Verein für Socialpolitik, vol. 12(3), pages 312-335, 08.
  4. Gabriel Ahlfeldt & Wolfgang Maennig, 2010. "Stadium Architecture and Urban Development from the Perspective of Urban Economics," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 34(3), pages 629-646, 09.
  5. Carlino, Gerald & Coulson, N. Edward, 2004. "Compensating differentials and the social benefits of the NFL," Journal of Urban Economics, Elsevier, vol. 56(1), pages 25-50, July.
  6. 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.
  7. Georgios Kavetsos & Stefan Szymanski, 2008. "National Wellbeing and International Sports Events," Working Papers 0804, International Association of Sports Economists & North American Association of Sports Economists.
  8. Gabriel Ahlfeldt & Wolfgang Maennig, 2007. "Impact of Sports Arenas on Land Values: Evidence from Berlin," Working Papers 0703, International Association of Sports Economists & North American Association of Sports Economists.
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  24. Ahlfeldt, Gabriel M., 2011. "Blessing or curse? Appreciation, amenities and resistance to urban renewal," Regional Science and Urban Economics, Elsevier, vol. 41(1), pages 32-45, January.
  25. Georgios Kavetsos, 2012. "The Impact of the London Olympics Announcement on Property Prices," Urban Studies, Urban Studies Journal Limited, vol. 49(7), pages 1453-1470, May.
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  27. Carlino, Gerald & Coulson, N. Edward, 2006. "Compensating differentials and the social benefit of the NFL: Reply," Journal of Urban Economics, Elsevier, vol. 60(1), pages 132-138, July.
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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. Gabriel M. Ahfeldt & Wolfgang Maennig & Felix J. Richter, 2013. "Urban Renewal after the Berlin Wall," SERC Discussion Papers 0151, Spatial Economics Research Centre, LSE.
  4. 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.
  5. Gabriel Ahlfeldt, 2013. "Urbanity," CESifo Working Paper Series 4533, CESifo Group Munich.
  6. 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.
  7. 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.

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