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Form or function?: the impact of new football stadia on property prices in London

Ahlfeldt, Gabriel M. and Kavetsos, Georgios (2011) Form or function?: the impact of new football stadia on property prices in London. SERC Discussion Papers , 87. Spatial Economics Research Centre. London School of Economics and Political Science, London, UK.

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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.

Item Type: Monograph (Other)
Library of Congress subject classification: H Social Sciences > H Social Sciences (General)
H Social Sciences > HD Industries. Land use. Labor > HD100 Land Use
Sets: Departments > Geography and Environment
Research centres and groups > Spatial Economics Research Centre
Departments > Social Policy
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: 87
Date Deposited: 21 Feb 2012 08:34
URL: http://eprints.lse.ac.uk/41962/

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