With the 2012 Olympics to be held in the city of London, property prices in certain areas of the city are beginning to rise as opportunistic real estate agents and developers increase their presence.
One part of London in particular that is seeing the effect of the upcoming Olympic Games is Stratford, the area in east London where the Olympic Stadium is located. Several professional estate agents have moved into the area to begin advertising properties at a premium price in anticipation of the Olympic Games that will take place less than 10 months from now.
Since London was chosen to host the 2012 Olympics back in 2005 there has been a lot of speculation about whether property prices and other aspects of the city would be affected by the presence of the Olympic Games.
While some parts of the city have recorded average property price rises of about 56% from 2005 to 2011, property prices in Stratford have only seen a 13% increase during that time span, causing many to believe that the real estate market in the area will be relatively unaffected by the 2012 Olympic Games.
However, several prominent estate agencies have set up shop in the area and in the past couple of months alone property prices have begun to increase. Industry experts believe that the price boom may be more than a temporary effect of the hype of the Olympics, as even the short-lived presence of the Olympic Games will attract many new businesses to the area that will stay for years after.
While the rising property prices may be beneficial for professional real estate agents, some small business owners in the Stratford community have expressed their concerns about what is happening to what used to be a very humble corner of East London.