Olympics a major gain for East London
Written by JDPGlobal | Wednesday, 20 July 2005
London has finally won the race for Olympics and this time it will hopefully have a profound lasting impact on property prices in the area surrounding the games. This is suggested as each of the previous 4 host cities saw their property rise by more than the national average over the 5 year preparations for the Olympic games.
We all know that hosting the Olympic games is seemingly wonderful news for London in more ways than one. Firstly, it encourages regeneration in areas that may not be likely to receive it whilst transpotr and city-wide facilities also see a massive improvement. All of these factors lead to increase in house prices. The main benefit will be seen in the East of the capital, where they may see huge rises in their property prices.
Barcelona saw its property prices rising by 131 % against the 83 % national increase in the five years leading up to the 1992 Olympics. Whereas Athens showed a 63% rise in the 5 yrs before the last Olympic games in 2004, Sydney showed 50 % and Atlanta even showed 19 %.
It is all down to the facilities that will be provided and paid for, controversially, by the UK taxpayer. East London will receive an upgrade in their facilities in the area including a 500 acre Olympic Park spreading across the Hackney Marshes all the way to the Thames, which will hold an Olympic stadium, an aquatic centre and other necessary sporting complexes along withe a 17,800 person Olympic village.
Transport will change, with an increase in capacity and security on the London Underground being the primary concern especially following the recent attacks in the capital. But, as usual all this comes at a price and a arge one at that, the tax payers are the ones who will suffer, especially those living in the localised areas where the Olympics is to be held.
On the other hand, it is in these areas that the largest increase in house prices will be seen as they will be the ones who benefit from improved facilities and better transport links.
All in all, it appears to be a bit of good for a bit of bad...
