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Paris Mayor Anne Hidalgo, IOC President Thomas Bach and Los Angeles Mayor Eric Garcetti in Lima, Peru, on September 13, 2017. Photo source: France24.com
Congratulations From PSG
It's official. Paris has been named host city for the 2024 Olympic Games with Los Angeles named host for 2028. Paris officials celebrated in Lima, Peru, just after the IOC (International Olympic Committee) voted to approve the deal. Paris has failed three times to win the bid -- in 1992, 2008 and 2012. Four times, a charm...exactly 100 years after the last time Paris hosted the games.
A number of cities withdrew their applications -- Hamburg, Rome, Boston and Budapest because they didn't think it was worth the expense -- which would be in the multi-billion-dollar category. The debate goes on if that is true, but according to some, there is evidence that hosting such events is beneficial to the host cities. Clearly Paris thinks this is true.
They call it the “Olympic Effect.”
One benefit is the increase to export trade, mostly because it tends to lead to trade liberalization resulting in an increase in trade that becomes permanent.
There are positive social and cultural impacts thanks to the Olympic Games, such as pride and unity and a stronger city brand. Big business is generated thanks to the Games: TV broadcasting, marketing, sponsorships, ticketing, hospitality, etc.
Ultimately the benefits seem to outweigh the costs, or so Paris thinks: an enormous price tag for infrastructure (sporting venues and accommodations for the participants, officials, and spectators) and increased security. Meanwhile, it increases jobs, at least temporarily...but warning: after the games, those jobs lost could adversely affect the unemployment rate.
There are hundreds of articles that analyze the benefits vs the disadvantages associated with hosting the Olympic Games and evidence on both sides and it's always a risk. Paris has been willing to take that risk, evidenced by how hard they have tried to secure the bid.
From a property perspective, we should be thrilled at the potential increase of property values and rental revenues. The 2012 Summer Olympics in London created record highs in home prices, especially in the best neighborhoods thanks to wealthy foreign buyers who saw it as a "safe haven." Tokyo, host city of the 2020 Olympics has seen significant property price increases ever since it was selected. Price increases in host cities has been almost routine if you look at past history. In the five years leading up to the Olympics, Barcelona had an increase of 131% (1992), Atlanta shot up 19% (1996), Sydney showed a 50% increase (2000) and Athens increased 64%.
It's interesting that Paris under the current Socialist administration has worked so hard to achieve the bid, while at the same time, city officials make concerted efforts to keep property prices and rents low and affordable for the average Parisian. With the current strict rental laws, it's tough to understand how they will manage hosting so many temporary residents when there is so little legal accommodation for them.
I am hopeful that this turn of events, will open the officials' eyes to the need for reasonable short-term accommodation and the economic benefits of encouraging foreign investment. It seems that regardless of the current laws, now is as good a time as any to invest in property that you don't intend to sell until well after the Olympic games in 2024 (or just before when prices may have peaked!).
One of our most amazing apartments -- only 23 square meters, but with lots of light and great views from three large windows, a sweet separate eat-in kitchen, surrounded by great transportation and has what one recent guest says is the most comfortable bed she has ever slept in!
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