Reuters

Billions of dollars in investment have not helped Newham, the borough that will host London's Olympics.

Bad news for London's poorest borough of Newham: property values there fell by 2.5 percent in the last year, even as they rose by 2.8 percent citywide, Bloomberg News reports. This after the city poured billions of pounds into a revitalization effort for the neighborhood, which will host a large portion of the 2012 Summer Olympic Games.

The area lacks amenities to draw home-owners, like schools and restaurants, according to real estate professionals. Instead, Newham is dotted with public housing projects, discount liquor stores, and betting shops. “There’s too many people here and too much crime,” shopkeeper Jahangir Alom told Bloomberg. “The population is moving to Stratford because of that.”

Hosting the Olympics doesn't always pay off:

Recent Olympic Games have done little to lift overall property values in some of the host cities, according to a study by New York University. Researchers studied the change in residential real estate prices in six Olympic host cities over 16 years and contrasted them with similar metropolitan areas. Only two of the hosts had a bigger rise in home prices, said the study’s author, Constantine Kontokosta.

Photo credit: Andrew Winning/Reuters

About the Author

Most Popular

  1. A Juggalo standing in front of Buffalo City Hall.
    Equity

    The Juggalo March Is Not a Joke

    Facepainted fans of the Insane Clown Posse are gathering on the National Mall this weekend. And they have something important to say.

  2. A man walks out of the door frame of a building that collapsed after an earthquake, in the Condesa neighborhood of Mexico City, Tuesday, September 19, 2017.
    Environment

    Mexico City's Earthquake, Through Residents' Eyes

    Here’s how locals responded when shocks struck the city.

  3. Transportation

    Portland Prepares for the Freeway Fight of the Century

    A grass-capped highway expansion in a gentrifying neighborhood? Sounds familiar.

  4. A prospective buyer looks at a rendering of a new apartment complex in Seoul in 2005.
    Design

    Why Koreans Shun the Suburbs

    In cities around the world, harried urbanites look to the suburbs for more space or a nicer house for their money. But in South Korea, the city apartment is still the dream.

  5. Transportation

    The Commuter Parking Benefit Is Seriously Hurting Cities

    The federal government spends $7.6 billion a year paying people to drive to work, and it’s making traffic and pollution worse. Here’s how some cities are fighting back.