Cities in Europe are increasingly vying for major international entertainment or sporting events as a way to expedite development and investment that will provide an economic boost lasting far beyond the actual events, according to a new report from the Urban Land Institute (ULI), a global research and education institute dedicated to responsible land use.
The report points to multiple advantages gained by the city hosting an international event, including new infrastructure and amenities, a boost in tourism, attraction of private investment, and regeneration of socially deprived areas and brownfield sites.
"Hosting international events can act as a catalyst or stimulus to shape and develop an urban investment market for several business cycles once an event has been awarded to a city. This means that almost all events will have an impact on urban land and property markets, infrastructure, planning and land use," said Alexander Otto, Chairman of ULI Europe.
The report examines the experience of European cities that have already hosted international events, are preparing to host such events, or are considering whether such events can be effective for their own development. The case studies: Barcelona (Summer Olympics 1992), Paris (FIFA World Cup 1998), Lisbon (EXPO 1998), Turin (Winter Olympics 2006), London (Summer Olympics 2012), Glasgow (Commonwealth Games 2014), Milan (EXPO 2015), and Amsterdam (Summer Olympics 2028).
Source: ULI
