- This topic has 11 replies, 8 voices, and was last updated 13 years, 6 months ago by
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Interesting question. Have just talked with Greek friends who unsurprisingly said when the Athens Olympics were held, rentals went through the roof – up to 6 times normal prices. Even ferry fares (Italy to Greece) were tripled and campsite prices were more like 4 star hotel prices.
Regards property prices, they didn’t feel they were affected, the event was too short-term.
So I suppose a bit like Wimbledon – while it’s on, anyone who had something to rent (and hotels for that matter) could almost charge what they wanted. But property prices were not affected.
I know Athens is not London but should imagine the scenario would be similar.
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@charlie wrote:
Interesting question. Have just talked with Greek friends who unsurprisingly said when the Athens Olympics were held, rentals went through the roof – up to 6 times normal prices. Even ferry fares (Italy to Greece) were tripled and campsite prices were more like 4 star hotel prices.
Regards property prices, they didn’t feel they were affected, the event was too short-term.
So I suppose a bit like Wimbledon – while it’s on, anyone who had something to rent (and hotels for that matter) could almost charge what they wanted. But property prices were not affected.
I know Athens is not London but should imagine the scenario would be similar.
Thanks, Charlie, Athens is a perfect example of the effects (after effects) of such a major event. OK, London is much bigger, and there are other reasons which may play a part.
This time round, I get the impression that the world badly needs some good news. We’ve been drip fed nothing but recession related depression for a few years now, caused by the biggest economy in the world screwing up badly, and the rest of us need something to lift us out of despair.
Why not the 2012 Olympics in London? If the free Libyan football team took the stage in London next year, the cheers would raise the roof.
(Maybe I should be totally honest and admit to owning a property not a million miles from Stratford).
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It has to be hoped that 2012 in London will have a similar impact to 1992 in Barcelona but given the differences between the two cities, I doubt it.
Barcelona successfully used their games to redevelop a largely derelict part of town, spruce up the seafront and the city itself and to firmly place it as one pf Europe’s major tourist destinations. Almost twenty years on that legacy is still bearing fruit. Every night hundreds of both locals and tourists gather close to the stadium to see the light display in the fountains.
London, like it or loathe it, is already firmly established as one of the great cities in the world. The area where the stadium has been built was run down yes but could hardly have been described as derelict. I really can’t see the city deriving much long term benefit from these games.
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@Rocker wrote:
@charlie wrote:
(Maybe I should be totally honest and admit to owning a property not a million miles from Stratford).
It might go up in value slightly due to the fact that the council tax supplement to pay for the Olympics should disappear. Or will it just be absorbed into the existing c/tax by the back door ? 🙄
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I don’t know how it will impact on property prices, but on a recent visit back to the Stratford area I was astounded by the changes already in place. Apart from the magnificent stadium itself, the whole area has been transformed.
Particularly noticeable were the new transport links, the City and Kings Cross is only minutes away, and you can get on a train to Paris from your doorstep.
However, I don’t suppose Parisians will be flocking to buy property in East London.
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We considered selling our home in Newham in 2005, having owned it for many years, while living in Spain for most of the time. As soon as London won the Olympics bid for 2012, the pound signs started flashing and we decided to wait for them to take place before selling.
We may well have come unstuck though, the property has fallen in value since the crash of 2008 and was worth more in 2005!
Ironically, the same applies to our house in Spain, but we intend to stay so it doesn’t matter.
If it hadn’t been for Lehmans, property-wise, we would have been much better off, like everyone else. I blame Bush, Junior. Or Senior was still pulling the strings.
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The Daily Mail isn’t the most reliable source of journalism in my opinion. However Wiki does also mention the stadium falling in to disrepair also. This was reported in 2008 so things may have changed, but given Greece’s financial problems, I can’t see the authorities coughing up even more money.
Hopefully ‘The Hammers’ will make sure someone turns up at least twice a month after the Olympics is over!
Personally I think it is a good thing for the area. Whether that has a knock on effect on house values only time will tell. But I doubt it.
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Jesus H Christ, where did you spring from? Gypsies in West Ham? OK, there’s a few down the bottom of Bow Road by the flyover and a few more scattered around the place, but there in the minority, the Muslims outnumber them 100 to one.
I’d forgotten about the Hammers, 60,000 of them with a decent sized stadium at long last. With the cross London railway the Millwall mob can get there in minutes, but I don’t think they’ll bother, not against those odds.
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