Major Sports Events Boost Euro Economies

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.”