Sports-Led Destinations and the Property Market
The London 2012 Olympics proved that sports-led regeneration can have a dramatic impact on an area’s property market. In addition, this elevates the international status dramatically. The event did not just draw in visitors to the city on a one-time basis. Instead, it inspired businesses to flock to the area. This spurred the regeneration of many residential areas throughout the city. Hence, the change turned London into an emerging residential destination. This, in turn, has inspired other cities to follow suit.
Previously, the Stratford area was past its prime. The city revitalized this area through the creation of the Queen Elizabeth Olympic Park. This massive location spans 560 acres and houses eight permanent venues. The installation of the Olympic Park feature has led to an influx of foreign investment. Consequently, this turned the previously decrepit area into a go-to tourist destination.
The various installations at the Queen Elizabeth Olympic Park have created numerous jobs. The property market has changed substantially as a result, with 4,000 new homes having been approved for development. As a result, property values rose by an incredible 71% between 2005 and 2016. Domestic and international investors alike are looking for ways to tap into this area’s post-Olympic success.
Wembley Stadium, used for both football matches and large concerts, got a serious facelift in 2007. The revitalization of this well-known and well-loved sports venue was a first-step in the development process. The reopening of the stadium and the subsequent rises in property values in the area have also led to anticipated extensions of Crossrail services into the area by 2019. Experts believe that property values will only continue to rise from here, estimating that they will increase by another 50% by the year 2020. This area of London is considered a place to watch for investors and first-time buyers.
With Wimbledon’s world-famous dog track slated to be transformed into a new football stadium by 2019, residential property values throughout South London are also on the rise. There are already many housing developments, including the construction of 602 new apartments surrounding the stadium.
One local residential project undertaken by Stadia Three comprising 114 apartments is showing particular promise for investors who expect to see a substantial turnaround on their investments by the project’s anticipated completion in 2021. The choice to rebuild this stadium, allowing AFC Wimbledon to return to their historic home, has already drawn substantial support from local residents and excited fans alike.