LONDON-Cities in Europe are increasingly vying for major international entertainment or sporting events as a way to expedite development and investment that will boost the economy longer term, according to the Urban Land Institute.

A new ULI report points to multiple advantages gained by cities hosting international events - 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,” said Alexander Otto, chairman of ULI Europe. “Almost all events will have an impact on urban land and property markets, infrastructure, planning and land use.”

The report includes case studies of: 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). Established in 1936 and now with nearly 30,000 members, ULI is a global non-profit institute, with a mission of providing leadership in the responsible use of land and in creating and sustaining thriving communities worldwide.