Abstract
ABSTRACT In this study, we examine the influence of the successful Olympic bid announcement on real estate prices for properties in host districts of the 2018 PyeongChang Olympic Winter Games. We perform a series of simple mean comparisons and hedonic spatial difference-in-differences analyses on a total of 198,048 apartment sales records for 1,059 apartment complexes collected from 2008 to 2017—3 years prior to winning the Olympic bid to 6 years after. The sales prices of the apartment complexes in the three Olympic host districts were 6.6% higher than the nonhost districts after eliminating the difference that had already existed before the announcement. Further analyses indicate a price premium for the apartments located near the main Olympic stadium. This study extends the research on the effects of Olympic bid announcements on real estate prices for small host cities with little international awareness.
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