London is busy preparing to host the 2012 Olympics. The games will be held in the summer, from July 27 to August 12, 2012. Traditionally, some of the biggest gains from hosting Olympic games have been experienced in the real estate industry. Although many areas in London are still in the grip of an economic downturn, most real estate players are optimistic that the Olympic effect will materialize in the months leading up to the games.
Property Boost
Spectacular gains have been consistently recorded in the real estate industry in previous Olympic cities. Barcelona, Atlanta, Sydney, and Athens all recorded an increase in house prices, which exceeded the national average in the five years preceding the Olympics. However, this all took place against the backdrop of a world property boom. A similar effect has been noted in London. There was a bounce in property prices following the announcement that London had won the bid to host the games three years ago. Although global financial dynamics are becoming increasingly complex and the UK credit scenario is yet to improve, the prospects for London are bright.
Olympic Rowing Events
Eton Dorney will be the venue for the 2012 Olympic rowing events. It is located 40 km west of London, near Windsor Castle. Scheduled events include rowing, canoe sprint, and paralympic rowing. About 550 athletes are expected to participate in 30 events.
2012 Olympic Property Rentals
If you plan on attending the rowing events at Eton Dorney during the 2012 London Olympic games, this a good time to think about your accommodations. Apart from hostels, hotels and private homes, there are plenty of real estate rentals. Whether you’re an athlete, spectator, journalist, or sports medicine practitioner, the range of accommodation is sure to offer something that suits your taste and budget.
Olympic rentals include:
- Self-catering accommodation – This is a great option for do-it-yourself enthusiasts. It also makes a refreshing alternative to hostel and hotel accommodation. Prices range depending on the location of the property and amenities included. Generally, town center apartments cost more than those located further afield. The great thing about self-catering accommodation is that it provides you with the comforts of home in a holiday setting. Those traveling with family for the Olympic games will find self-catering accommodation good value for their money. Amenities generally include children’s play equipment, gardens, kitchen equipment, and the usual household appliances in order to create a comfortable living environment.
- Serviced apartments – These offer the same privacy and flexibility as self-catering accommodation but have the additional benefit of hotel-type services. This may include Internet access points, maid/room service, and reception.
Short-Term Rentals
Short-term letting is a good option for property owners who are waiting for the market to regain its full health before they sell their property. With all the visitors expected in London for the 2012 Olympic games, renting your property can bring you some lucrative extra income. You may choose to rent single rooms or an entire property. Whatever the case, listing your property for rent may get you thinking about exploring a career in real estate, or maybe even going back to school for a business degree.
Sources:
Eton Dorney. (2011) London 2012.
Guest Accommodation. (2011) The Royal Borough of Windsor and Maidenhead.
London 2012 Olympics Venue Guide. (2011) The Telegraph.
Olympic Property. (2011) Prime Location.
Self-Catering Accommodation. (2010) Visit Britain.
Self-Catering Accommodation. (2011) The Royal Borough of Windsor and Maidenhead.
Travel to Eton Dorney. (2011) London 2012.
