Properties in areas where there are sports arenas and stadiums have bigger increase in value compared to other locations according to a report.
Homeowners who happen to have their properties located near an existing arena or stadium should rejoice with the report of Real Estate Investment Network. According to Calgary Herald, REIN reported that construction of stadiums and sports venues has the tendency to impact the value of nearby homes in a positive way.
Don Campbell, senior analyst with REIN said, "A key highlight of the research findings is: Homes in neighbourhoods close to new stadium builds - or proposed stadium builds - on average, have premiums ranging between three per cent and 15 per cent, depending on the different types of housing, parking options available, and the distance from the stadium itself."
This report by REIN is timely in Alberta where a hockey arena is currently under construction in Edmonton. There is also another one being planned for the West Village in Calgary. The study conducted aims to determine the positive and negative effects of professional sports and their facilities on the value of real estate. The full report is said to be released in the Real Estate Investing Forum in Edmonton.
In a report by CNW, REIN has touched on some key points in their report. For one, the findings show that the impact of an arena to housing values is evident within a 5-kilometer radius. It also said that it is most effective if the area has great architecture and the arena's design reflects the surrounding community.
On the negative side, property values are greatly affected when the stadium is funded by the government and would require the increase of property taxes in the area. It was also reported that the average premium of homes close to stadiums range from 3 to 15 percent depending on distance from the stadium and availability of parking space.
