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SG Huge Olympic boost for 2020 city

Property Here - Tuesday, September 03, 2013

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Property prices, particularly of land, are set to skyrocket in either Istanbul, Madrid or Tokyo later this week when the host city for the 2020 Olympic Games is announced.

Richard Way, Editor at The Overseas Guides Company, said: "Property investors are waiting to see which city the International Olympics Committee names as the winner of the 2020 Games at a meeting in Buenos Aires on Friday, September 7."

"For Spain, winning the bid would be a shot in the arm for the whole nation, currently suffering from dire economic hardship, as well as pump some optimism into the struggling property market around the Spanish capital," he added.

Way continued: "Spain has already seen the positive effects of an Olympic Games, after hosting the event in 1992 put Barcelona on course to becoming a fashionable holiday and residential destination."

"Meanwhile, Istanbul's bid should have been strengthened by major infrastructure upgrades already underway there, including the Marmaray rail project, which will improve access to and from the city's burgeoning suburbs, and the launch of plans for the world's largest airport - which would be Istanbul's third - and constructed in time for 2020."

Have your say as to which city will win the nomination for the 2020 Olympic Games? Leave your comments alongside this story.

 

Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg