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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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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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Find related papers by JEL classification:
  • R53 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock
  • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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  25. Kavetsos, Georgios & Szymanski, Stefan, 2010. "National well-being and international sports events," Journal of Economic Psychology, Elsevier, vol. 31(2), pages 158-171, April.
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