The anticipated legacies of mega sporting events: An econometric analysis of Olympic announcement effect on the real estate market in small communities

Chan Hyeon Hur and Kihan Kim

Applied Economics, 2023, vol. 55, issue 8, 823-838

Abstract: In this study, we examine the influence of the successful Olympic bid announcement on real estate prices for properties in host districts of the 2018 PyeongChang Olympic Winter Games. We perform a series of simple mean comparisons and hedonic spatial difference-in-differences analyses on a total of 198,048 apartment sales records for 1,059 apartment complexes collected from 2008 to 2017—3 years prior to winning the Olympic bid to 6 years after. The sales prices of the apartment complexes in the three Olympic host districts were 6.6% higher than the nonhost districts after eliminating the difference that had already existed before the announcement. Further analyses indicate a price premium for the apartments located near the main Olympic stadium. This study extends the research on the effects of Olympic bid announcements on real estate prices for small host cities with little international awareness.

Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/00036846.2022.2118223 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:applec:v:55:y:2023:i:8:p:823-838

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAEC20

DOI: 10.1080/00036846.2022.2118223

Access Statistics for this article

Applied Economics is currently edited by Anita Phillips

More articles in Applied Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().