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The Impact of the London Olympics Announcement on Property Prices

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  • Georgios Kavetsos

Abstract

This study estimates the impact of the London 2012 Olympics announcement on property prices. Using a self-constructed dataset of a sample of property transactions, it is estimated that properties in host boroughs are sold between 2.1 and 3.3 per cent higher, depending on the definition of the impact area. A similar investigation based on radius rings suggests that properties up to three miles away from the main Olympic stadium sell for 5 per cent higher. It is estimated that the overall impact on the price of properties in host boroughs amounts to £1.4 billion, having substantial social and financial implications for existing residents.

Suggested Citation

  • 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.
  • Handle: RePEc:sae:urbstu:v:49:y:2012:i:7:p:1453-1470
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    Cited by:

    1. Brad R. Humphreys & Adam Nowak, 2015. "Professional Sports Facilities, Teams and Property Values: Evidence from Seattle's Key Arena," Working Papers 15-06, Department of Economics, West Virginia University.
    2. Gabriel M. Ahlfeldt & Georgios Kavetsos, 2013. "Should I wish on a stadium? Measuring the average effect on the treated," Chapters,in: The Econometrics of Sport, chapter 11, pages 189-201 Edward Elgar Publishing.
    3. Ogawa, Ryoh, 2017. "Using REIT Data to Assess the Economic Worth of Mega-Events: The Case of the 2020 Tokyo Olympics," MPRA Paper 78829, University Library of Munich, Germany.
    4. repec:eee:regeco:v:66:y:2017:i:c:p:39-51 is not listed on IDEAS
    5. Ahlfeldt, Gabriel M. & Georgios, Kavetsos, 2010. "Form or Function? The Impact of New Football Stadia on Property Prices in London," MPRA Paper 25003, University Library of Munich, Germany.
    6. repec:spr:ariqol:v:12:y:2017:i:3:d:10.1007_s11482-016-9481-8 is not listed on IDEAS
    7. repec:eee:touman:v:54:y:2016:i:c:p:344-355 is not listed on IDEAS
    8. Geoffrey Propheter, 2014. "Local Sales Tax Revenue Redistribution and Sports: The Case of Major League Soccer in Bridgeview," Public Budgeting & Finance, Wiley Blackwell, vol. 34(3), pages 73-91, September.
    9. Gabriel M. Ahlfeldt & Georgios Kavetsos, 2014. "Form or function?: the effect of new sports stadia on property prices in London," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 177(1), pages 169-190, January.
    10. repec:eee:juecon:v:102:y:2017:i:c:p:52-75 is not listed on IDEAS

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