Abstract for:

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

Gabriel M.  Ahlfeldt,  Georgios  Kavetsos,  July 2011
Paper No' SERCDP0087: | Full paper

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Keywords: Property prices; stadium impact

JEL Classification: R53; R58

Is hard copy/paper copy available? YES - Paper Copy Still In Print.

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This Paper is published under the following series: SERC Discussion Papers

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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.