Independent Study. Olympics and Real Estate

7/27/2019 Independent Study. Olympics and Real Estate

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Travis Mullen

Independent Study: Real Estate

Professor Betz

Summary: Rough Draft

The Olympic Games occur every four years and it symbolizes global integration,

international competition and national pride. It is the largest gathering of people around the

world. It is an event that brings together the spirit of the athletes, fans, and citizens from every

part of the globe. People often assume that holding the Olympic Games leads to an increase in

tourism, GDP and improved infrastructure for the host city. This would seem likely, but it is not

always necessarily true. Even though there are short-term benefits that can be easily estimated

and understood, the long-term benefits are usually less tangible and are the reason why the host

city bids so much money and agrees to fund the celebration. The city hopes to regain that outlay

of money over time by showcasing themselves to the world in a positive fashion and increasing

an awareness of their city. The eventual desire, of course, is to increase tourism, revenue, and

other opportunities for their city. This study will focus on benefits from the Olympics that are the

most likely and almost guaranteed to add value to the city. Despite the fact that there is never a

complete assurance the host city will profit from the Olympics, the real estate market, in select

locations, is an area believed to reap the most benefit from the Olympic Games. This study is

going to analyze the parts of commercial and/or residential real estate that should increase over

time due to things like improved infrastructure and state of the art sports facilities. The study

will also look at intangible benefits like local pride, confidence and optimism. During this study


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we will start to understand also that holding the Olympics could lead to a significant loss to the

host city and could lead to a fall in real estate prices, value, or a hike in taxes for the surrounding

area.

The intangible benefits we will be discussing are broken into these categories: uniting

people/feel good factor/national pride, legacy of sports facilities, and promotion of host city.

Tangible benefits will be broken into the following categories: improved infrastructure, state of

the art facilities for athletes, improved amenities for the handicap who require additional

accessibility, increase in local gross domestic product, and lower unemployment.

The report will attempt to provide substantial evidence that shows an increase in real

estate prices over that of its peers who have not hosted an event. Real estate is part of a complex

system in which one individual cannot fully understand all the variables that can affect the real

estate prices. The goal is to determine what areas of real estate are investment grade and will

appreciate in value at an increased rate without taking on additional risk. Real estate is an

investment opportunity that will be around forever and is a necessary component in modern day

portfolio strategy. The study will be focusing on both commercial and residential real estate

markets.

Lets start with a look at some tangible benefits. When host cities are preparing for the

Olympic Games, they spend a significant portion of the money dedicated for the games on

infrastructure. The most important things get improved first; health care, security, energy,

education, airports, sports facilities and the overall landscape in the city is cleaned up. All of

these changes, additions, and spending raises the value of real estate in the surrounding areas by

creating a catalyst that raises the minimum price paid for real estate in that area. These

improvements hold significant value to potential residents; especially high income individuals


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who demand the fastest and newest innovations. The new buildings and improvements in the

host city are state of the art. Often times the technology being installed and built is top of the

line; the best in the world at the time. The largest and most advanced companies get hired to

complete the jobs for the Olympics. General Electric provided "Green" energy infrastructure for

the 2012 London games. These improvements are handled by the International Olympic

Committee (IOC). They determine what areas need the most improvements to accommodate

both the athletes and tourists. They want to make sure everything is being built to appropriate

standards and will be beneficial for the city for years to come. Building designs will be

universal and designed to meet the needs of young, old, the able and disabled. Laws relating

to the structural needs of the handicapped will be followed.

Most individuals care as much about the neighborhood/surrounding area as they do about

their house. Older individuals for example are interested in receiving the best medical care close

to their home. They are also focused on things like increased security, ease of transportation and

a clean environment. In Athens' 2004 Olympic Games, Greece used the Olympic Games as an

opportunity to upgrade state healthcare.i The infrastructure upgrade included eleven general

hospitals and seven specialist units that were modernized for the Olympic Games.ii Public

hygiene also needs to be improved for the Olympic Games. Health inspectors go around the city

and monitor the quality of food and cleanliness of restaurants in the area.iii "Sports medicine is

non-existent in Greece, and most sporting events are held at the players' own risk". iv All these

improvements increase the attractiveness of living in areas that have access to these facilities.

The improvements to the medical services industry in Greece was around $130 billion with a

large portion of that going towards repairing and improving conditions in Athens.


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In 2002, the Beijing Municipal Government issued the "Beijing Olympic Action Plan",

which put forward a guideline to improve healthcare services. The Health Legacy of the 2008

Beijing Olympic Games: Edited By: Jin Dapeng, Arne Ljungqvist, Hans Troedsson, Chapters 1

through 5, are included to demonstrate the comprehensive study and efforts made to improve an

Olympic City in regards to its health services. This not only positively impacted the visitors to

the games but its citizens, communities, and environment on a long term basis. These

improvements included the following categories: more developed medical services, bolstered

public health system, enhanced emergency medical response (including the prevention and

transmission of communicable diseases), and increased healthcare education. The plan also

discusses the assessment process to determine the health needs for the host city and the Olympic

athletes and visitors and how to ensure that the highest standards of health and medical services

will be met during the event.

These upgrades to health care services are priceless to the individuals living in these

improved areas. Real estate prices in areas with enhanced health and medical services can

demand a premium price tag to those individuals looking to buy a home and who desire and/or

require such amenities.


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People go to great measures to ensure their personal safety and are especially

concerned when it involves the security and well being of their children. Attendance at the

games and events much be considered safe for visitors and athletes. In the Yale Journal of

International Affairs, an article by Samantha R. McRoskey, titled Security and the Olympic

Games, describes measures that must be considered when committing to developing a security

strategy for the Olympic game city and surrounding areas and infrastructure. Every effort should

be made to include security measures- reacting to crime and preventing threats- in all buildings,

facilities, activities, etc. that may be part of the celebration. For the 2012 Olympic Games in

London, roughly one million surveillance cameras were installed.

v

The Association of Chief

Police says extra money will be made available to ensure officers in the area are properly trained.

These officers will remain in the area for many years and will have additional training that will

ensure a higher level of security in the city.


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When hosting the Olympics, the host city wants to properly "brand" the city. Since the

games will be watched worldwide, the host city wants to make sure it looks like an attractive

place to visit and to live. The host city often beautifies the city and has a "clean the streets"

project which removes potential eye sores such as rundown buildings, prostitutes and homeless

people. They also want to improve the landscape by building parks, walking paths, trees and

flower beds throughout the city. Atlanta spent $4.5 million on trees alone to improve the city

scenery.vi These trees will last for decades and improve the scenery around the city for the

residents to enjoy for many years. London 2012 built Olympic Park which includes playgrounds,

"flowering meadows" and walkways around the city. Atlanta spent another $70 million to put up

new street lights, improve sidewalks, plazas and parks.vii These renovation projects will survive

and improve the image of the city for years to come.


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Olympic Park London 2012


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Dahshi Marshall, a transportation planner in Atlanta, believes the Olympic Games were a

renaissance for the city. Centennial Olympic Park most likely would not have been constructed

which now serves as the city centerpiece. Major high-rises, museums and attractions have been

built on the periphery of the park that serves as a major event space. The infusion of federal

funds leading up to the games allowed the regional transit authority, MARTA, to construct the

North line which connects hundreds of new residential units and thousands of square feet for

new commercial space. Two arenas were constructed for the Olympic Games Turner field and

the Georgia Dome which are currently used by the Atlanta Falcons and Atlanta Braves. The

Olympic village is now used by Georgia Tech as dormitories. The Olympic Games served as a

catalyst for this urban renaissance that added nearly 100,000 new residents - which is a growth

rate of 25% during that time.


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"Green Games" is a major factor the IOC uses when choosing a potential host city. They

want to ensure the city has clean air and is not polluting the water to ensure the health of the

athletes, tourists and also the city residents. The IOC also wants to support long-term

improvements; power plants that are built are more energy efficient and clean. Trash control is

also a major factor, so solid waste facilities are built to higher standards to ensure cleanliness.

Beijing took huge strides to reduce pollution around the city. By conducting this environmental

turnaround, Beijing will become more desirable for foreign and local individuals that are

considering living in the area. Included below is an accounting of the movement to make

Beijing a suitable location for the Olympic Games and the challenges and planning needed to

fulfill the IOC green commitment.

The Green Olympic Movement: Beijing 2008 by Stefanie Beyer

II.A. Beijing's Olympic bidThe impetus to China's green Games was due to a national defeat. In the early 1990s, backed byits enormous economic growth, China was confident that its bid to host the 2000 Summer Gamescould beat the bid of Sydney, Australia. However, Sydney held a trump card. In response to theemerging international development in the official policy of the International Olympic Committee,

that environment would join sport and culture as the third pillar of the Olympic movement,Australia made sustainable development and planning a major component of its bid. Afterconsultation with various environmental experts and non-governmental organizations (NGOs),guidelines were published covering the fields of energy and water conservation, waste avoidanceand clean transportation. The Olympic Village was a model of environmental awareness in regardto architectural design. It addressed the problems of global warming, ozone depletion,biodiversity, air, soil and water pollution as well as resource depletion. Solar power was used forlighting, water heating and air conditioning, and water was to be treated on-site for re-use.8 In theend, Sydney was two votes ahead. Sydney was the first city to win an Olympic bid with a set ofcoherent environmental criteria attached to its application.

Learning from Sydney's strategy to green the Games, China again presented a bid to host thesummer Games in 2008. In order to beat other serious contenders like Paris and Toronto, Chinapaid particular attention to the newly created third pillar of the Olympic movement and

supported its bid with a massive environmental campaign.9

The Beijing bid committee presenteda comprehensive plan on sustainable development covering the areas of venue construction,transportation, pollution control and waste management. The bid revealed frankly Beijing's pre-existing environmental problems, especially the city's air-quality challenges caused byconsiderably high levels of sulphur dioxide and nitrogen oxide resulting from the city'sdependence on coal use and increasing number of vehicles. Also, the above averageconcentrations of total suspended particulates directly linked to the desertification of northeastChina were addressed. At the same time, the commitment to resolving these problems wasemphasized as well as improvements presented that Beijing had already achieved, most notablyin the field of coal combustion. Since 1998, the city had successfully converted around 44,000
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small coal facilities to natural gas and some 8,600 coal boilers to cleaner burning fuel. Moreover,higher-quality coal has been promoted to limit sulphur dioxide. In order to tackle vehicleemission, 1,900 natural gas buses have been in use, leaded gasoline banned since 1997 andhigher vehicle emission standards adopted. As a result, sulphur dioxide had dropped 44 per centin 2000 and levels of nitrogen dioxide and total suspended particulates had decreased by 13.7and 14.5 per cent, respectively.10 However, Beijing's average levels still exceeded the WorldHealth Organization standards considerably, with concentrations of total suspended particulates

up to almost 400 per cent over.11 Nevertheless, Beijing had demonstrated significant efforts toimproving its environment for future Olympic Games. In July 2001, the Games of the 29thOlympiad were awarded to the city of Beijing, which was welcomed enthusiastically withcelebrations and fireworks throughout China.

II.B. Environmental policy as the third dimension of the Olympic movementChina entered the contest to present the winning bid for the 2000 Olympic Games at a time whena clearly articulated environmental policy had not yet been adopted by the International OlympicCommittee. It was not until the 1998 Winter Olympics at Nagano in Japan that alongside sportand culture, environmental protection had officially become the third dimension of the Olympicmovement. The historical benchmarks for the development of this policy were the widespreadenvironmental damage caused by the Winter Olympic Games 1992 in Albertville in the SavoyRegion of France and the subsequent environmentally conscious Games of Lillehammer, Norwayin 1994 that had urged the International Olympic Committee to respond and present a strategy

for repelling the adverse impacts of the mega event. The Olympic Games in the French SavoyRegion were in several aspects unique: never before had Olympic Games be so regionalized, withcompetition sites located in 13 Alpine communities spread over 1,657 square kilometers andnever had a landscape been that dramatically and irreparably marred by this mega event.Especially, the clearing of land for the construction of facilities was extensive. In order to buildthe Olympic high-speed downhill course, aerial cableways, access roads, parking lots andmountain sides were blasted away and long stretches of woodland were rigorously stubbed out.The bobsled course, built on unstable ground in an avalanche zone, had to be equipped with apipeline carrying 45 tons of volatile ammonia in order to cool the track.12

The severe damage revealing the lack of any environmental policy and guidelines for bidding andhosting cities had a long-term impact on the global mandate of the International OlympicCommittee. It had become obvious that environmental concerns raised by the Olympics could notbe confined to the suitability and accessibility of locations for athletes, the international media

and sponsors or to merely aesthetic improvements of tourist, cultural and industrial projectsbeing tied to the economic development of the region. Just two years after the Winter Olympics inAlbertville, due to the coincidence of the International Olympic Committee decision to change theWinter and Summer Games sequence, Lillehammer was the host city of the 1994 Winter Games.Lillehammer was the first city to add the sustainable environmental policy to the already existingpillars of the Olympic movementsports and culture. These Games, introducing the environmentas the third dimension and in a collective effort, involving the government, environmentalagencies and environmental groups in the planning process, should later be referred to as theOlympic environmental showcase.13 About 20 environmentally concerned projects were initiatedand a four-point plan for the environment was drawn up, focusing on the harmonious integrationof facilities into the landscape, on the use of natural and local materials and on measuresaddressing energy conservation and recycling.

The environmental impact of the Olympic Games in Albertville and the advanced local initiatives

of the Norwegian Games had significant implications for environmental protection in futureOlympic Games bids. They evoked global awareness of the environment and activity within theInternational Olympic Committee at the time, when due to the United Nations Earth SummitConference in Rio de Janeiro, the environment had emerged as an issue of global social policy. In1994, the Centennial Olympic Congress held in Paris recommended amendments to the OlympicCharter to accommodate environment as the third dimension of the Games. Subsequently, in1996, the following paragraph was included into Chapter 1 of the Olympic Charter: () themission and role of the International Olympic Commission is () to encourage and support areasonable concern for environmental issues, to promote sustainable development in sport andto require that the Olympic Games are held accordingly.14 Henceforth, the environment was
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adopted as one of the fundamental objectives of the Olympic movement and the Olympics'potential to play an active part in the promotion of sustainable development was officiallyrecognized. The IOC Sport and Environment Commission was created which, in close affiliationwith the United Nations, elaborated a framework for the sustainable development of futureOlympic Games. In 1999, an Agenda was developed setting out basic concepts for theformalization of the environment policy in order to provide guidelines for both governing bodiesand individuals.15 It covers measures for the improvement of socio-economic conditions, for the

conservation and management of resources and for strengthening the role of groups in order toexplore the host city's maximum environmental potential and to ensure that the policy ofsustainable development is integrated into the Olympic movement's actions.

III. Solutions to Beijing's environmental key problems

III.A. Beijing's Olympic action planThe Beijing Organizing Committee for the Olympic Games, established in 2001 under the StateCouncil, announced the 2008 Games as the Green, High-tech and People's Olympics.16Motivated by the Olympics, Beijing will develop around 25 million square meters of property inthe 200208 period. This not only includes the 37 competition venues and additional 59 trainingfacilities, but also the construction of a number of commercial projects as mega-malls, theredevelopment of city areas and numerous cultural and tourism-related issues. The Olympic Parkin which the Olympic Village and 13 venues are located will occupy 12 square kilometers andprovide the city with a major new central parkthe desperately needed green lung in centralBeijing.17The hosting of the 2008 Olympic Games will thusafter the construction of the ThreeGeorges Dambe the second largest public works project ever undertaken in China.18 Of theestimated $25 billion devoted to the Olympic preparations, nearly half has been designated forenvironmental improvement projects. A total of $12.2 billion is earmarked to be spent on projectsthat range from changing energy policies, retrofitting high-polluting enterprises, and movingfactories to improving infrastructure, reducing auto emissions and solid waste control.19In orderto improve the environmental conditions in preparation to host the summer Games, the BeijingOlympic Action Plan and supplementary specific sub-plans for environmental protection, forstructural adjustments of the energy sector and for infrastructure development were released bythe Olympic Organizing Committee in 2002. Those plans lay out an ambitious timeline dividingthe remaining period until the opening of the Games into different operational stages. Within thedevelopment stage ending in June 2006, all Olympic venues and key projects for environmental

protection and infrastructure ought to be completed. Time for the examination and improvementof projects as well as for the testing of venues and facilities shall be reserved until the openingceremony in July 2008.20 The provisions dealing with the environmental development of Beijingtarget the construction of a favorable ecological city that features green hills, clear water, grass-covered ground and blue sky by means of afforestation, rational utilization of water resourcesand by the promotion of ecological agriculture.21 They primarily focus on the reorganization ofBeijing's energy structure as well as on air, water, noise pollution and solid waste control.

III.B. Reorganization of Beijing's energy structureThe energy-derived air pollution constitutes the greatest environmental problem in Beijing. Thegrowing energy demand that has been mostly provided by coal is primarily responsible for thissituation since coal combustion introduces large quantities of carbon dioxide and sulphur dioxideinto the atmosphere.22 China's disproportionate reliance on coal is striking. Coal accounts foralmost two-thirds of China's total primary energy, followed by oil, natural gas and hydropower.23

The expected coal demand in 2008 was projected to reach 31.60 million tons, calling for a drasticenergy mix reorganization.24 In this context, Beijing's plan to significantly reduce coalconsumption and to replace coal with clean energy sources has to be seen as the centerpiece ofthe Olympic Action Plan. According to the Plan, the coal-dominated energy mix must beoverhauled to establish a market-based quality energy supply system, so as to ensure thesustainable development of Beijing's social economy.25

Under this Plan, coal will provide less than 20 per cent of the terminal energy structure and be ofhigher quality with lower sulphur content.26 In order to keep coal use at less than 15 million tonsin 2008, major changes have been planned. This includes the re-engineering of the powerstructure supply, the limitation of the energy consumption growth rate and the employment of
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new technologies in order to increase the efficiency of energy resources. According to the Plan,several coke plants and mills will stop coke production and power plants will switch fuels.27 Theexpansion of the centralized urban heating system aims to reduce coal consumption. New energyresources such as natural gas, geothermal, solar, wind and biological energy shall be employedas alternatives to coal.28For instance, the Plan calls for the building of 160 geothermal wells by2008 to heat 0.40 million square meters of the stadiums and gymnasiums located in the OlympicPark. Furthermore, 90 per cent of hot water used in the Olympic Park will be provided by solar

energy. Wind power, with a potential capacity of 50 megawatts, is proposed to supply 20 percent of the Olympic Park's electricity needs.29 Neither nuclear power nor hydroelectric power isspecifically mentioned in the Olympic Action Plan as long-term alternatives to Beijing's energysupply, although China plans to expand its nuclear and hydroelectric power-generatingcapacities. The number of nuclear reactors is scheduled to increase from the current seven to 30by the year 2012.30 This is very likely to be due to the unequal distribution of hydroelectric powerresources throughout the country and the decision to set up nuclear power plants in inlandregions. Also, none of these energy sources is free of environmental concern. For instance, theThree Gorges Dam turned out to be extremely controversial as the flooding caused by the damsubmerged many villages, towns and wildlife preservation areas.

III.C. Air pollution and transportation solutionsBesides coal combustion, vehicles contribute a large share to air pollution by emitting carbonmonoxide and particulate matters such as lead and sulphur. The relatively high particle

concentration causes severe problems especially. Today, about 2.3 million vehicles drive onBeijing's roads. The capital's motorization rate increases by more than 10 per cent annually,reaching a number between approximately 3 and 4 million vehicles by the time of the Olympicsin 2008.31 Moreover, China's number of vehicles grows nearly twice as fast as the extension ofroad construction. Beijing's population has continuously been rising and is expected to reach thetotal of 15 million in 2008.32 Poor road conditions and lower average driving speeds increasecongestion and accidents. After lung cancer, the second leading cause of deaths in China istraffic accidents.33 The urban railway network provides only an inadequate service, especially tothe city's northern and southern areas. Beijing is also home to numerous polluting factories in theinner ring of the city. Moreover, Beijing suffers from severe dust storms that blanket the city witharound 26,000 tons of dust each spring.

Roughly $5.4 billion have been earmarked to resolve the air pollution problem. The ambitious aimis to meet the World Health Organization standards of sulphur dioxide and nitrogen dioxide as

well as to achieve levels of particles comparable to those in developed countries.34 To tackle thecauses of pollution, various measures are put forward, such as the adoption of stricter emissionstandards, the improvement of industrial layouts and cleaner production processes. Some 200polluting factories primarily serving the chemical industry which are situated inside the city willbe relocated outside the fourth ring road by 2008.35In an attempt to control sandstorms inBeijing, major forestation will be undertaken. A 125-kilometre greenbelt is about to be planted,increasing the forested area surrounding the central city by 50 per cent. Urban forestation andbeautification projects shall be implemented throughout the city with the goal of greening half ofBeijing in 2007.36

In order to reduce high emissions due to less fuel-efficient engines and a high number of vehiclesusing diesel, the Olympic Action Plan includes measures to enforce more stringent standards.Leaded gas will be banned and 90 per cent of Beijing's 20,000 public busses and 70 per cent ofBeijing's taxis shall be converted to cleaner energy by 2007.37 However, the Olympic Action Plan

gives the main priority to public transportation. By modernization of the rail transport and roadnetworks, up to 60 per cent of the daily commuters shall be carried by public transportation.38 Anew urban railway system consisting of 154.5 kilometers shall carry approximately 2 billionpassengers a year. In order to achieve this goal, rail transportation, both for the subway systemand trains, is planned to be expanded. According to the Olympic Action Plan, eight new subwaylines will be built with a total length of 114 kilometers. Also, 650 bus transit lines shall beavailable, carrying 19.5 million passengers a day.39 Beijing also plans to increase the averageauto speed to enable transportation from the centers of suburban counties to the downtown areawithin one hour. For the convenience of the participating athletes, the competition venues shallbe reachable within 30 minutes' drive from the Olympic Village.40 In an effort to implement such
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changes, Beijing will have to undertake major road construction. Newly built and rebuilt urbanroads will total 318 kilometers, including 54.1 kilometers of urban expressway, 86.7 kilometers ofmain roads and 96 kilometers of roads in the central area. In order to reduce commuting betweencounties by 2008, an extensive system of highways and expressways shall be constructed.41

III.D. Water solutionsAccording to the provisions of the Olympic Action Plan focusing on sustainable water utilization,

the resourcing of water constitutes the core of a healthy ecosystem. Any utilization anddevelopment of water resources should consider the water cycle and avoid pollution.42 In fact,besides flooding, which has occurred more frequently and caused more damage in recent years,water shortage and water pollution have stressed China's water system. Water shortage affectsmore than half of Chinas cities, including Beijing, annually and almost one-third of urban riverscannot be used as irrigation water.43Northern China, where Beijing is located, has only one-fifthof the per-capita water resources of southern China, causing water extraction to exceedsustainable levels.44 The water shortage amplifies the pollution. Water mismanagement hasworsened the situation. Water has neither been allocated nor used sustainably. Currently, only 60per cent of water used for agriculture passes through ditch irrigation systems.45 Pollution has notbeen prevented efficiently and recycling options have hardly been pursued.46 China's industriesrecycle water at a rate of about 40 per cent whereas OECD47 countries show a rate of about 70per cent.48

In an effort to curb Beijing's water-related problems, especially to protect groundwater sourcesand to restore reservoirs, the Olympic Action Plan provides preventive measures such as theconstruction of sewage-treating and recycling systems. More than 90 per cent of the sewage inBeijing's urban area shall be treated by 2008 and half of the treated sewage water recycled.49Although industries are responsible for more than half of the wastewater discharges, municipalwastewater is rising. Beijing aims to extract and treat sewage directly through wastewatertreatment facilities in order to provide water for environmental, municipal and productionpurposes. Eventually, Beijing's main water resourcesthe Miyun and Guanting reservoirsshallagain become sources of potable water.50 Interestingly, China's ambitious SouthNorth WaterTransfer Project, which aims to alleviate water shortages in northern China by diverting waterfrom southern rivers of the country, is not mentioned in Beijing's Action Plan. This is surprising,since the Middle Route Canal Project that diverts water from the Danjiangkou Reservoir to Beijingwas specifically accelerated in order to be completed before the Olympics in 2008. In total, asystem of three south-to-north cannels, stretching across 1300-kilometre distances in eastern,

middle and western parts of China, shall provide Beijing, the Tianjin municipality and the provinceHebei with water.51

III.E. Solid waste control and noise control solutionsThe Olympic Action Plan also puts forward solid waste and noise control management policies. Inorder to reduce industrial, commercial and domestic solid waste at their source, measures fortreatment, separate collection and recycling shall be introduced and promoted. A total of 80 percent of industrial solid waste ought to be reused by 2005 and a strict management system forhazardous waste be adopted to realize 100 per cent safe treatment and disposal. A number offacilities shall be constructed with a capacity to treat all domestic refuse in both the urban andsatellite towns until 2005. By the end of 2007, 80 per cent of the central towns should beprovided with their own treatment facilities.52 Noise abatement shall give priority to controllingnoise pollution caused by vehicles, construction sites and social activities. Especially largeautomobiles will be restricted to certain routes and speeds. Advanced techniques such as noise-

deafening structures shall be employed to decrease traffic noise. Noise levels in urbanized areasshall meet national standards by 2008.53

Among other tangible benefits that should improve the host city long term is

transportation. Tokyo was the first city to significantly reorganize transportation. They added 22
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expressways and 5 subway extensions. Most host cities have not reorganized the transportation

routes and destinations around the city for many years. The IOC wants to make sure travel time

and distance is kept to a minimum from the airport and also popular travel routes through the

city. The IOC looks at existing, planned and any additional infrastructure that will be needed for

the Olympic Games. The IOC then conducts studies to show where current transportation

challenges arise and how the candidate city intends to overcome these challenges. This study

done by the IOC is extremely advanced and is conducted by the best people in the business. This

study will not only improve travel time around the city but also safety. The time saved when

commuting to and from the city is extremely valuable to people who have to commute to work or

to the city on a regular basis.

Tokyo set a precedent for future games; Rio 2016 plans to upgrade its airports, ports,

marinas, roads, BRT (bus rapid transport) and its metro lines throughout the city. These upgrades

will include renovations and expansions which will ensure quality transportation around the city

for many years. Rio is also planning to add new bicycle routes, flyovers and gondolas to provide

transportation to individuals that are going to be commuting by foot or bicycle.

When deciding on the host city, the IOC has an evaluation test that covers everything

from accommodations of athletes and tourists to the potential legacy of the Olympic Games. The

criteria the IOC uses to assess the quality and feasibility of the host city is based on

accommodations, environmental conditions and impact, experience from past sports events,

finance, general infrastructure, government support, legal issues and public opinion, Olympic

village, project legacy, safety and security, sports venues and transport concept. This evaluation

is then compared to all the other potential host cities. This is relevant because if a city is chosen

to be the host city of the Olympics it is a city with a bright future. If the city is chosen to host the


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Olympics it means that it is up to the standards of the IOC. The IOC would not pick a host city

that does not have appropriate infrastructure, safety, finance and government support. When

investing, this eliminates sunk costs associated with assessing the value of a city. The IOC

conducts the basic research for you. Its research lets you understand the overall state of the host

city; things like if it can support local business and residential needs in the future.

It is pretty clear that the Olympic host city is going to have improved infrastructure, the most

recent security upgrades, proper financing, and proper accommodations to encourage growth.

Now we need evidence that the real estate in that area is going to appreciate in value at an

increased rate. This is not always easy to prove since the theory behind this prediction has to do

with potential home owners perceived value of the property they are considering to buy. The

real estate prices that are going to appreciate at a faster rate are the properties located in the most

sought after locations. The Real Estate Industry Slogan is "location, location, location". This is

because land is in limited supply; no more land can be produced. Potential catalysts are what

raise and lower the prices of real estate. Individuals may be looking for a house in a certain


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school district, close to public transportation, near a specific hospital of their choice, or away

from noisy venues or airports.

Buyers are looking for houses with a good "walk to" score; this are houses within

walking distances to shops, parks, cafes and transportationviii. Buyers with children often prefer a

location close to schoolsix. This may be the same for athletes or sports enthusiasts that prefer a

location close to their workout facility, specialized medical center, or favorite park. Supply and

demand is also a basic concept affecting real estate prices. If there is little inventory or houses

on the market the buyers that are looking for a house in that location have no choice but to pay

more money due to the upward pressure on prices.

Examples

-Prices in prime central London hit a record high even as the rest of Britain's property values

tumbled.

- Currently 13.5% higher than the previous market peak reached in 2008 x

-"Prime Central London"-median home price $5.5 million

- Belgravia, Chelsea, Hyde Park, Kensington, Knightsbridge, Marylebone, Mayfair,

Notting Hill, Regent's Park, St. John's Wood, Riverside and City Fringe.

- Prices have climbed 49% since low in 2009 xi

- Sydney Olympics 2000

- Homebush rose 70%, area surrounding Sydney only rose 50%

- Rents increased 40% from 1993-2000, neighboring Melbourne only rose 10% xii


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-Barcelona Olympics 1992

- Housing prices rose 131%, renting prices rose 145%. Surrounding areas only rose 83%

during same period.

- shot from 11th to 4th in European rankings of best cities to do business in

- number of hotels doubled from 1990-2004 xiii

The evidence points to a larger increase in housing prices than in the surrounding areas.

This increase may be in large part to intangible benefits. The promotion of the host city and the

national pride that people in the host city gain may attribute to these increased prices. These are

the benefits that are hard to value and estimate. Once the Olympics are held in a large city the

residents in that area do not want to leave. That is their home; they have too many strong

connections with the local residents. This worldwide event united the city and brought

neighborhoods together. These people do not want to lose that feeling; they are not willing to sell

their house for some low ball offer. They have too much pride and memories in their house to be

selling it for anything less than what they perceive the value to be. This is the so called "feel

good factor". Everything mentioned above may just be non-sense, but some experts believe this

"feel good factor" is very real. The feel good factor associated with hosting such a large event,

are because local residents actually become fixated on the new sports facilities that was built for

the gamesxiv.

It certainly has transformed the image of the area not only in terms of the images that were

portrayed of the stadium in use as far as the region and the national audience is concerned but I

think it has also started to transform the local populations view of their own area as being a


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dynamic and happening place and in that regard it has been an outstanding success

(Strategic Director for Regeneration, Manchester Local Authority).

After hosting the Olympics, the residents often have an increased "quality of life" through

things like medical facilities, public safety, recreational facilities, parks and cultural activities. A

house is a differentiated good; the price of the house is determined by a combination of its curb

appeal and intangible characteristics such as public amenities near where it is located. A series of

papers by Johnson and Whitehead (2000), Johnson, Groothuis, and Whitehead (2001), and

Johnson, Mondello, and Whitehead (2005) measured the intangible benefits associated with

sports facilities using a Contingent Valuation Method (CVM). The papers outline the presence of

sports facilities as intangible characteristics that positively affect property values. Carlino and

Coulson (2004) used data from 53 of the 60 largest metropolitan areas from 1993 - 1999 and

found that the social benefits associated with these facilities lead to a higher quality of life. Their

results indicate that these sports facilities raise housing rents by around 8 percent in central cities.


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"Improved Quality of Life" can also be affected by an increase in Olympic Medals for the

host city. There is pretty sufficient evidence that host cities have a large increase in medal count

when hosting the Olympics. You could say this is due to the fact they have "home field

advantage". This increase in medals is just another reason why the host city residents have an

increase in happiness and pride for their city.

Victor Matheson an associate professor of economics at the College of the Holy Cross

points out that studies done in 2006 regarding the World Cup in Germany showed little


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improvements in income or employment figures but the residents showed a noticeable

improvement in self-reported levels of happiness after the event. The World Cup might not have

made them rich, but it did make them happy.

The indirect economic benefits are potentially more beneficial than the direct benefits.

When discussing these indirect economic benefits they are intangible and are hard to quantify.

The most important intangible benefit is most likely the amount of advertising and coverage the

host city receives during the games and also leading up to the games. The media coverage during

the games is intense and portrays the city on the world stage. The Olympic Games possibly

attracts tourists who would have otherwise not considered the city or region. This is a long-

lasting economic benefit and gives the city a name that will reside with people for years to come.

The Olympics allows the host city to project a positive image to the rest of the world. The

Olympic Games allows the country to showcase itself politically, economically, or other

strengths it wishes to "show off" on the world map. This is often used to help advance and build

its reputation as a center for world class citizens. Not only for sporting events but also

conventions and tourism as well. The Olympic Games represent an easy opportunity to conduct

domestic politics worldwide, to showcase its self and encourage investment and tourism to the

country without being accused of trying to politic or bribe other countries. Sydney, Berlin and

Barcelona are three examples of cities that are known around the world due to hosting the

Olympics. This increase in reputation has long-term benefits that can bring revenue to the host

city through tourism and large scale investors who are interested in investing in the city through

stock investments in companies located in that area, municipality bonds, holding conventions or

opening a corporate office in the city.


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In 1990 Barcelona had 3,795,522 nightly stays a year; by 2000 it had 7,777,580 nightly

stays. That is more than double in just 10 years. All that added traffic leads to an increase in real

estate prices throughout the city. More hotels and restaurants begin to open and are able to

remain profitable after the Olympic Games. These hotels and restaurants need employees; these

new employees are going to move into the city where they work. The basics of economics are

supply and demand. The more demand for real estate the higher the price will rise. With the

increase in people moving to the city and the increase of businesses in the city; this has another

effect on real estate prices that I mentioned before. With these new homes and businesses being

built in and around the city the availability of land becomes scarcer. As land becomes scarcer the

current real estate properties become more valuable. Even if the buildings become more run

down, the land that they are built on will still increase in value. This desire for land provides the


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catalyst. As land becomes scarcer and more desired the value of the property will rise at a faster

pace than surrounding areas.

There will be opinions on each side if the benefits of hosting the Olympics outweigh the cost

of making the changes necessary for a smooth and memorable worldwide celebration of the best

athletes from around the globe. Hopefully this research was able to present some issues to

consider when evaluating that question. It does appear clear that the requirements spelled out by

the IOC are meant to guarantee, as much as possible, that the city they choose to host the

activities will be one that can assure safety, short term effectiveness in handling the games and

events, provide the required basic needs of food, shelter, and medical care, as well as a whole list

of other demands and essentials. The IOC does appear to share the concerns regarding the need

to help the city use this opportunity, as host to the Olympics, to also improve their metropolitan

community for the long term. The goal is to make sure the lasting effects of their efforts are

positive, hopefully in terms of revenue, but also in terms that improve the lives of its inhabitants

and all the intangible elements that are important to humans, no matter where in the world they

reside.


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