{"id":302698,"date":"2024-07-22T16:56:58","date_gmt":"2024-07-22T16:56:58","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=302698"},"modified":"2026-01-28T11:28:05","modified_gmt":"2026-01-28T16:28:05","slug":"how-do-the-olympics-impact-home-prices","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/impact-of-olympics-on-home-prices\/","title":{"rendered":"How Do the Olympics Impact Home Prices?"},"content":{"rendered":"

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With the 2024 Paris Summer Olympics kicking off this month, Wahi looks at what kind of effect the Games have had on home prices in former host cities.<\/span><\/p>\n

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By Josh Sherman<\/a>\u00a0<\/span>| 7 minute read<\/p>\n

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The 2000 Summer Olympics boosted house prices in Sydney in a big way, though not every host city sees the same outcome.<\/span><\/p>\n

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By the end of 2003, just three years after Sydney hosted the 2000 Summer Olympics, the median price of a house in the city had skyrocketed by a jaw-dropping 66.4%, according to recent analysis from PRD Real Estate<\/a>.<\/span><\/p>\n

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The Olympics contributed significantly to the three-year surge in home prices, suggests Dr. Diaswati Mardiasmo, chief economist of PRD. And the dramatic rise in post-Olympic prices isn\u2019t unique to Sydney. \u201cWe\u2019ve had case studies where the buzz of the Olympics is so high that it does increase prices in a lot of the different capital cities around the world that have hosted an Olympics before,\u201d she tells Wahi.<\/p>\n

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While the Olympics put real estate<\/a> into overdrive in some host cities, research suggests the results can vary widely \u2014 and sometimes home prices end up lower than they would\u2019ve been had the Games not taken place at all. \u201cThere was a range of outcomes\u2026 across the spectrum, from a decrease [in prices], to no effect, to a positive outcome,\u201d says researcher Constantine Kontokosta of the findings from a 2012 study he undertook to compare prices in six former Olympic host cities before and after the Games.<\/p>\n

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The Connection Between the Olympics and Home Prices<\/b><\/h2>\n

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Debate continues<\/a> about whether hosting the Olympics benefits host cities when all costs are tallied. But there\u2019s no denying the mega event injects billions into local economies, and an investment of that scale inevitably touches the real estate sector (and just about all others). \u201cWhat we have seen is that the Olympics does contribute to price increases because it stimulates everything else that is in that particular city,\u201d says Dr. Mardiasmo. \u201cIt touches literally every single part of the economy.\u201d
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“Of course there\u2019s a huge influx of people coming into Paris to see the Olympics, but there\u2019s a whole host of people who would go otherwise who are not going.”<\/strong><\/span><\/h2>\n

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In addition to the sports-and-entertainment facilities that are built in anticipation of the big event, local municipalities tend to make major investments in infrastructure, such as road networks and public transit. \u201cEverything becomes better,\u201d Dr. Mardiasmo adds. The private sector, meanwhile, also jumps in with both feet, throwing capital into developing new hotels, restaurants, and shopping districts. All of these developments have the gentrifying potential to make a place more desirable \u2014 and expensive.\u00a0<\/span><\/p>\n


Improvements like the ones that Dr. Mardiasmo described are already taking shape in Brisbane, though it isn\u2019t set to host the Summer Olympics until 2032. \u201cThat happens not just in Brisbane, but in most of the capital cities or most of the areas that are also hosting an Olympics,\u201d she adds, noting investment \u2014 and potential price increases \u2014 take root long before the actual event itself. \u201cPeople\u2019s interest and people\u2019s eyes are already on that particular place for quite a few years.\u201d<\/span><\/p>\n

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All of these enhancements may also pump up local property prices by attracting private real estate investors, including foreign homebuyers who may not have previously considered \u2014 or even heard of \u2014 the market before. \u201cBecause of that [attention], then, a lot of international investors start to have a look at the property market in that particular area,\u201d says Dr. Mardiasmo. \u201cIt puts that city on the map.\u201d<\/p>\n

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However, speculative investment could also result in lower future home prices, according to Kontokosta\u2019s study, entitled The Price of Victory: The Impact of the Olympic Games on Residential Real Estate Markets<\/i>: \u201c[I]f new supply, fuelled by speculation and government-subsidised investment, outpaces demand, it would be expected that a decrease in residential real estate prices would result, at least in the short term or until demand increases to meet supply and absorb existing inventory.\u201d<\/p>\n

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How Strong Is the Olympic Effect on Home Prices?\u00a0<\/b><\/h2>\n

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\u00a0<\/span><\/p>\n

The extent to which prices rise (or fall) in a given host market varies and depends on many factors, from construction costs and the size of the labour pool to the overall supply-demand balance. <\/span>
<\/span>
<\/span>Overall, Kontokosta, a professor of urban science and planning at the NYU Marron Institute, says there are three broad determinants for whether the Olympics is a shot in the arm for home prices or not:<\/span>
<\/span>
<\/span>1. The host city\u2019s status:<\/b> \u201cOne [determinant] is the positioning of the city in the global economy,\u201d he tells Wahi. A mid-tier city with a chance at becoming an international player \u2014 such as Sydney, when it first hosted the Olympics, in 2000 \u2014 has more upside potential than well-established world-class cities such as Tokyo, or current host Paris.\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u201cOf course there\u2019s a huge influx of people coming into Paris to see the Olympics, but there\u2019s a whole host of people who would go otherwise who are not going,\u201d Kontokosta points out. \u201cThere is this effect of you\u2019re just substituting one short-term group of folks for another group of people who won\u2019t be coming.\u201d<\/span><\/p>\n


2. The host city\u2019s goals:<\/b> Certain cities have shot for the moon when it wasn\u2019t realistic. \u201cIn some cases\u2026 the goals of a city were perhaps too big for what the Olympics could actually do,\u201d says Kontokosta, who cites the 1996 Summer Olympics in Atlanta as a notable example of a failed moonshot.\u00a0<\/span><\/p>\n

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The hope was that the Games would help the Big Peach graduate from regional powerhouse to international hub \u2014 but that didn\u2019t happen. In fact, it was one of three cities (the others were Calgary<\/a>, 1998 and Los Angeles, 1984) in which Kontokosta noticed a negative impact on prices. \u201cThere were a number of stumbles,\u201d says Kontokosta. (From poor transit planning, to a deadly act of domestic terrorism, there are many reasons some say Atlanta hosted one of the worst Olympics of all time<\/a>.) Barcelona, on the other hand, successfully used the Olympics to generate financing and foreign investment to support a broader, ongoing growth plan. \u201cBarcelona was probably one of the more positive examples,\u201d says Kontokosta.<\/p>\n

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3. The size (and planning) of infrastructure investments: <\/strong>How much a city invests \u2014 and how well this investment is planned \u2014 is another make-or-break factor. <\/span>
<\/span>
<\/span>Some cities have let Olympic infrastructure crumble after the international community goes home. Images of once-glamorous <\/span>abandoned facilities in Rio de Janeiro<\/span><\/a>, which hosted the Games in 2016, are a cautionary tale. \u201cIt really does depend on what is the legacy that is being left after the Olympics,\u201d says Dr. Mardiasmo. Recent host cities such as London and Sydney, she adds, have continued to pour resources into the neighbourhoods where you\u2019ll find former-Olympic venues, and that in part explains massive post-games price gains. <\/span>
<\/span>
<\/span>Successful legacy planning, Dr. Mardiasmo suggests, depends on things like turning former athletes\u2019 villages into high-quality housing and rezoning stadiums for new commercial uses once they\u2019re no longer needed.<\/span>
<\/span>
<\/span>In the case of Sydney, Dr. Mardiasmo estimates that the Olympic legacy contributed to at least half of the 66.4% increase in home prices observed between 2020 and 2023. \u201cThe Sydney Olympics \u2014 their legacy program was excellent. Like, up until now, they still have new apartments, new things being built,\u201d she explains.<\/span><\/p>\n

 <\/p>\n

<\/span><\/p>\n

What Do the Olympics Mean for Housing Affordability in Host Cities?<\/b><\/h2>\n

<\/span><\/p>\n

\u00a0<\/span><\/p>\n

The Olympics\u2019 impact on local housing affordability can be double-edged, Dr. Mardiasmo suggests. \u201cThe Olympics does impact affordability for the local people, and that\u2019s because of that international exposure\u2026 more foreign investors, et cetera,\u201d she says. \u201cBut, at the same time, it can work towards the economy.\u201d<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Similar to Toronto, she notes, Sydney is in the grips of a rental crisis, and foreign investment is helping increase housing supply. \u201cIt\u2019ll impact the affordability for the local buyers, but then there\u2019s also the good side of it: we do need more investors for our rental market \u2014 so it\u2019s a little bit of a balance there.\u201d<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Kontokosta agrees the Olympics generally increases supply. But he emphasizes that when prices are still climbing in a market that has ramped up housing construction, affordability is deteriorating. \u201cObviously if you\u2019re having house-price increases, affordability, all things being equal, is going to be squeezed,\u201d he says. \u201cEven if you have supply increases \u2014 if you\u2019re still seeing increased prices, that means there\u2019s increased demand and the supply is not keeping up.\u201d<\/span><\/p>\n

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<\/span><\/p>\n

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Wahi Writer<\/p>\n

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