GAME ON
How major sporting events shape luxury property markets around the world.
In summer 2026, the Global Soccer Tournament will return to North American soil for the first time in over 30 years. Co-hosted by Canada, Mexico and the U.S., the matches will be held across 16 cities, from Toronto and Mexico City to Philadelphia, Pennsylvania, and Los Angeles, California. Not long after, Los Angeles will again be in the spotlight as host of the 2028 Summer Games.
The public enthusiasm for such events is staggering. The 2024 Paris Summer Games sold 9.5 million tickets to people from more than 222 countries—a record for the event—according to an October 2024 report by the city authority.1 And the 2022 Global Soccer Tournament in Qatar attracted more than 3.4 million visitors, according to the post-tournament report by the sport’s governing body.2 If history is any guide, these globally popular events not only promise a spectacle of sport; they are also a potential catalyst for urban and real estate development in the long term.
The term “Olympic effect” was first coined in 2009 by Andrew K. Rose and Mark M. Spiegel in a paper published by the National Bureau of Economic Research. It refers to the economic boost and corresponding property market shifts that can accompany international sporting tournaments.3
But the relationship between major sports events and luxury real estate is complex and nuanced. New York University economist Constantine Kontokosta’s April 2012 paper “The Price of Victory” identified both opportunities and risks—from short-term demand surges and increased global visibility to potential housing supply strains and post-event market corrections.4
Although global sporting events can be seen as a one-size-fits-all tool for economic development, Kontokosta concluded that each city “must appraise its own goals, objectives and capabilities before pursuing such a costly and resource-consuming endeavor.”
According to a July 2012 report by investment bank and financial services company Goldman Sachs, the Games “may help raise the host city’s profile globally and provide a boost to its tourism industries and local economy. Such benefits may be capitalized in local house prices as well.” The report’s authors estimated an average annual appreciation rate increase of 1% for local property values following a city hosting the Games. “Assuming the effect lasts for 10 quarters after the Games, the cumulative effect is 2.5%.”5
From Tokyo, Japan, to Paris, France, and from Doha, Qatar, to Dallas, Texas, recent and upcoming host cities offer a revealing look at how the world’s biggest games reshape property markets.
The 2026 Global Soccer Tournament presents a unique opportunity to showcase Dallas, Texas— where this eight-bedroom estate is located—to a wider global audience.
Briggs Freeman Sotheby’s International Realty
A short-term high—followed by a correction
Major sporting events often act as a catalyst for a localized economic boom in the years leading up to the opening ceremony. According to a study published by Matthias Firgo of the Austrian Institute of Economic Research in January 2020, host cities typically see a measurable increase in GDP preceding the Games.6 Cities invest billions in new infrastructure—stadiums, airports, public transportation and hotels—while developers race to meet anticipated demand from tourists, short-term renters and a boosted local workforce.
This was evident in London and Paris ahead of the 2012 and 2024 Summer Games, respectively. London’s property resale and rental rates saw a spike ahead of the Games, as reported in March 2012 by the Guardian, with some rental prices near Games venues quadrupling.7 The Telegraph reported in July 2013 that London had seen a 10% year-over-year rise in luxury property values.8
In a July 2024 report, Italian financial newspaper Il Sole 24 Ore estimated that prices in the three Paris municipalities around the Athletes’ Village—Saint-Denis, L’Île-Saint-Denis and Saint-Ouen-sur-Seine—rose by an average of 22% year-over-year in the lead up to the 2024 Games.9
The pool and gazebo at a newly built property on Pearl Island in Qatar. While the country’s high-end luxury market remains strong, lessons can be learned from its experience hosting the 2022 Global Soccer Tournament.
Qatar Sotheby’s International Realty
“The effect showed up early in Paris. Our website saw a surge of more than 70% in foreign traffic, mostly from the U.S., focused largely on homes with spectacular views,” says Paulo Fernandes, chief executive officer, Paris Ouest Sotheby’s International Realty. “The Games served as a powerful catalyst, helping people rediscover Paris and, more broadly, France. The impact of such an event is both direct and indirect and lasts for several years—directly for those lucky enough to attend the Games and visit Paris in person and indirectly for those who followed from afar and are now inspired to experience the city for themselves.”
However, the post-event phase can bring a dip in both demand and prices, and a short-term rental boom can lead to an oversupply once the crowds leave, especially if speculative investors misjudge long-term demand. “For those looking at short-term rentals, major sporting events provide high yields,” says Jessica Lautz, deputy chief economist and vice president of research at the National Association of REALTORS®. “However, while owners can demand a premium during the events, normal pricing would likely resume after the event.”
Brazil, which hosted the 2014 Global Soccer Tournament and the 2016 Summer Games, saw rapid growth followed closely by a number of economic challenges. From 2010 to 2013, residential property valuations in Rio de Janeiro increased by 84%, according to a March 2014 paper about the influence of the soccer tournament by researchers at Fluminense Federal University, in Niteroi, Brazil, published in the journal International Proceedings of Economics Development and Research.10 Rental prices surged 35% during the event, and hotel prices soared 600%, according to a December 2022 report by Mansion Global.11 However, growth had stalled by mid-2016, when inflated prices caused a market slowdown, and remained stagnant until 2019, after which the COVID-19 pandemic led to a drop in prices and the market began to recover.
Meanwhile, the US$700 million Athletes’ Village in Rio de Janeiro—slated to become luxury condos after the 2016 Games—was reported to be 93% vacant by Business Insider in July 2017.12
Qatar also offers a cautionary tale. The 2022 Global Soccer Tournament spurred massive infrastructure investment, estimated at US$220 billion, according to Forbes in November 2022.13 But it also resulted in a housing crunch, with high eviction rates and overcrowding among foreign workers, as reported in October 2022 by Reuters.14 The country now has an estimated surplus of 80,000 units, according to a June 2025 report by the Global Property Guide.15 While Qatar’s high-end market remains strong, partly due to the easing of government restrictions on foreign buyers, its experience underscores the lessons to be learned from building too much.
The post-Games bump in property values
Source: The Telegraph, July 2013; Housing Japan, July 2021; and Il Sole 24 Ore, July 2024
rise in London, United Kingdom, after 2012 Games
rise in Tokyo, Japan, after 2020/21 Games
rise in Paris, France, after 2024 Games
A long-term legacy of improvement
Not all impacts of hosting a major sporting event are fleeting. The key to long-term success lies in thoughtful urban planning. Barcelona, Spain, experienced mixed results following its hosting of the 1992 Summer Games. The International Academic Workshop on Social Sciences published a study in October 2013 that found that Barcelona experienced a roughly 300% increase in property values starting six months before the Games—and an increase of around 325% for housing surrounding the Athletes’ Village—with the bubble quickly bursting once the Games were over.16 By 1993, real estate prices had already dropped back to pre-Games levels, and developments built for middle- and upper-class buyers struggled to retain occupancy. Property markets across Spain boomed over the next decade, however, with the Bank of Spain reporting in December 2006 that housing prices had increased by more than 100% in real terms since 1997.17
Meanwhile, the London Borough of Newham, where the city’s stadium and Athletes’ Village were completed in 2012, experienced the highest rise in property prices across the U.K. from 1999 to 2019, as reported by the Guardian in December 2019—429%, more than double the average rise across the U.K. (207%).18
Paris, France, had a housing-centered approach that has so far proven beneficial for both short- and long-term growth. “The Games’ momentum sparked renovations across the city: period apartments and historic buildings were revitalized for high-end rentals, breathing new life into forgotten heritage,” Fernandes notes.
Hotel rates surged during the Games, particularly for properties with views of the Eiffel Tower or the River Seine. Despite increases in demand, short-term rentals remained stable, and the market never overheated. Visible upgrades, from rejuvenated city squares to restored façades, ensured Paris was radiant before, during and after the Games.
“There was no post-Games downturn,” Fernandes says. “Some owners were able to rent out their properties at premium rates during the event, but the market quickly returned to normal afterwards. None of our clients were disappointed—they had calculated their return on investment based on regular rental rates, and the Games-period income was simply a bonus.”
The long-term effect of major sporting events can sometimes be delayed. According to the Mansion Global December 2022 report, international interest in real estate in South Africa wasn’t immediately evident following the 2010 Global Soccer Tournament. Yet from 2011 onward, a slow increase in foreign buying emerged. Data compiled by the Institute of Estate Agents Western Cape and reported in the industry publication Property Professional in February 2015 showed foreign buyer transactions tripled between mid-2011 and mid-2014, from 14 to 43 sales, attributing the rise to a growing international interest stemming from the worldwide exposure the country received because of the tournament.19
The 2024 Summer Games served as a powerful catalyst for international visitors to rediscover Parisian neighborhoods such as Saint-Germain-des-Prés, where this 18th-century townhouse is located.
Propriétés Parisiennes Sotheby’s International Realty
“ THE IMPACT OF SUCH AN EVENT IS BOTH DIRECT AND INDIRECT AND LASTS FOR SEVERAL YEARS.
”
Paulo Fernandes, chief executive officer, Paris Ouest Sotheby’s International Realty
Tokyo, Japan, experienced unique challenges during its recent Summer Games, which were pushed forward from 2020 to 2021 due to the COVID-19 pandemic. While the Games boosted global visibility for the city, their real estate impact was dampened by strict pandemic protocols that kept international visitors away, according to a July 2023 editorial by market analyst Michael Matusik in Australian Property Investor magazine.20
However, there was still an uptick in real estate prices in some of the most desirable areas. In July 2021, just days before the Games began, Housing Japan reported that property prices in central Tokyo’s Chiyoda and Minato wards rose more than 10% from April to September 2020, while pre-owned single-family home purchase contracts jumped 21% year-over-year.21
Soccer drives growth in North America
In a February 2018 study, The Boston Consulting Group estimated North America will see more than US$5 billion in short-term economic activity from hosting the 2026 Global Soccer Tournament, according to the Soccer Forward Foundation.22
MetLife Stadium in East Rutherford, New Jersey, is set to host the tournament final, and the New York metropolitan area is already seeing heightened economic activity—although not necessarily in the real estate sector.
According to a March 2024 report by Blueprint, a student-led publication from New York University’s Schack Institute of Real Estate, the whole event is projected to generate over US$2 billion in regional economic activity.23 Infrastructure improvements will benefit the tri-state area in both the long and short term, including US$30 million in planning and design upgrades to the stadium and surrounding areas, along with US$35 million in NJ Transit upgrades, the report says.
Real estate professionals don’t expect a downturn after the tournament. “Because we are in a densely populated metropolitan area of more than 10 million people, the downturn never really happens,” says Charlie Oppler, president and chief executive officer, Prominent Properties Sotheby’s International Realty, which serves the New Jersey and New York metropolitan property markets. “We’re hearing stories of short-term rental market activity related to the tournament. In host cities, property owners are starting to list rentals for the tournament week, particularly around the final. It’s too early to see any measurable impact on luxury real estate transactions, but as we move closer, I expect this short-term rental activity to build—especially for properties within reasonable distance of the stadiums.”
Short-term rental restrictions in many neighborhoods may also limit future activity, according to Oppler. “Many communities have prohibitions and ordinances restricting short-term or Airbnb-type rentals,” he says. “That will certainly impact the availability of residences to be rented by people that are coming in from outside the metropolitan area. Vacancy rates on rentals and demand for property are truly ‘supply and demand’ right now because of the lack of inventory. New rental buildings are everywhere. Demand has not wavered, because the New York metropolitan area is a global community like no other.”
The Global Soccer Tournament is also expected to generate around US$2 billion for the North Texas region, where Arlington’s AT&T Stadium is set to host nine matches, according to a June 2025 report by CBS News, though it is too soon to tell how it will affect local real estate.24
“The luxury markets [in Dallas and Fort Worth] are growing faster than the overall market,” says Russ Anderson, president and chief executive officer, Briggs Freeman Sotheby’s International Realty in North Texas, with luxury property values appreciating at rates of 5% to 10%, compared with typical growth between zero and 5% for homes under US$1 million. “We are seeing a faster rate of appreciation, and we think that’s because of the vitality of the market.”
But the soccer tournament does present a unique opportunity to showcase Dallas and Fort Worth to a wider global audience. “The big value in soccer is that it has international popularity,” Anderson says. “The exposure will hopefully attract the wealthy from all over the world, which could have a lasting impact we will see for over a decade.”
2026 Global Soccer Tournament economic impact in New York, New Jersey and Texas
Source: Blueprint (New York University Schack Institute of Real Estate), “The 2026 FIFA World Cup Final’s Influence on Real Estate in NJ and NY,” March 26, 2024
A look ahead to upcoming Games
The 2026 Winter Games will take place in two Italian locations. Milan will host the indoor events, such as ice hockey and figure skating, while the skiing, snowboarding, and bobsleigh competitions will be held in the Dolomites resort of Cortina d’Ampezzo.
Milan, which is already known for high property prices, especially in the luxury segment, is expected to see some market boost from the Games, though experts don’t predict dramatic changes.
“Market shifts are usually driven by factors like tax policies and lifestyle appeal. We’ve certainly seen a boost in tourism for both Cortina and Milan,” says Diletta Giorgolo, head of residential, Italy Sotheby’s International Realty. “Cortina, being a niche market, will attract significant international interest, but we don’t anticipate big price increases. We have a strong market already, with more international buyers coming to Italy due to favorable tax policies for foreign investors. The Games will likely boost tourism more than real estate.”
A new crop of luxury hotels with a more authentic feel than big foreign chains is expected to further enhance tourism, according to an article in Vogue magazine in July 2025.25 Additionally, a new slope connection between Cortina’s ski resorts will allow visitors to explore the Dolomites with one pass.
“We’ve seen an increase in short-term rentals and expect to see more after the Games,” Giorgolo adds. “There are more requests for Cortina short-term rentals, and while it’s already famous among Italians and Europeans, we’re now seeing an influx of American tourists and renters. We’ll see, after the Games, if these renters turn into buyers.”
Looking further into the future, Brisbane, Australia, which is set to host the 2032 Summer Games, is already experiencing growing interest.
“There has been a material rise in property values across Brisbane since the announcement,” says Paul Arthur, chief executive officer, Queensland Sotheby’s International Realty. “Brisbane was progressing and maturing into a vibrant city, but the Games announcement took confidence and energy levels to new highs. We’ve seen a significant increase in property values in the past 12 months, and with interest rates decreasing, this has the potential to add further fuel to property prices. The Brisbane market continues to be ‘white hot,’ with no end in sight.”
Foreign buyer interest has slowly increased in the years following the 2010 Global Soccer Tournament in South Africa, where this contemporary beach house is found.
Lew Geffen Sotheby’s International Realty
The AU$3.6 billion (US$2.4 billion) Queen’s Wharf Brisbane development, which includes public spaces, hotels, entertainment venues and around 1,800 residential apartments, has been opening in stages since 2019 and is due for completion in 2029-30, according to a December 2024 project update by the Queensland Government.26 Major sporting venues, like a soon-to-be-built 60,000-seat stadium in Victoria Park, are also in the works, ESPN reported in March 2025.27 However, it is important to note that while the Games may accelerate growth, they aren’t the only factor in play.
“I believe it’s fair to say that the recent increase in property values in Brisbane and Southeast Queensland is not fueled solely by the Games but rather by the demand for a certain lifestyle that the area offers—relaxed, vibrant, outdoors-oriented and wellness-focused,” Arthur says. “Given the migration we’re experiencing from the southern capitals of Sydney and Melbourne, we don’t foresee any post-Games hangover or downturn. In fact, Brisbane will shine on the world stage and put an even greater spotlight on Southeast Queensland, from the Gold Coast to the Sunshine Coast.”
Luxury real estate wins
For luxury buyers and investors, the lesson is clear: Timing, location and long-term vision matter. Luxury properties close to sporting venues, and well connected by transit and integrated into future urban planning, tend to hold the most value after the closing ceremonies. Speculative purchases driven solely by short-term rental gains can backfire, especially if demand wanes after the event. Cities that align their housing, transportation and development strategies with goals of short-term visibility and long-term livability will emerge as the champions in the global real estate market.
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