Form or Function? The Impact of New Football Stadia on Property Prices in London

Gabriel Ahlfeldt and Georgios Kavetsos

SERC Discussion Papers from Centre for Economic Performance, LSE

Abstract: Prestigious sports facilities increasingly feature among the most expensive development projects worldwide. Considerable public funds are often committed based on expected neighbourhood effects. This paper focuses on the channels through which stadium externalities capitalize into property prices. We investigate two of the largest stadium investment projects of the recent decade - the New Wembley and the Emirates stadium in London, UK. Evidence suggests positive stadium externalities, which are large compared to construction costs. Notable anticipation effects are found immediately following the announcement of the final stadium plans. Our results suggest that stadium architecture may play an important role in promoting positive spillovers to the neighbourhood.

Keywords: Property prices; stadium impact (search for similar items in EconPapers)
JEL-codes: R53 R58 (search for similar items in EconPapers)
Date: 2011-07
New Economics Papers: this item is included in nep-ppm, nep-spo and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (21)

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Related works:
Working Paper: Form or Function? The Impact of New Football Stadia on Property Prices in London (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:cep:sercdp:0087

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