As the UAE gears up for the 8th Abu Dhabi Grand Prix – the last race of the 2017 F1 calendar – we compare the UAE capital with other major cities hosting mega sporting events.
High profile events such as the Grand Prix are often considered to be economically favourable for host cities as they are associated with a temporary boost in tourism and hospitality inflows and consumer spending. Understandably, countries that maintain larger tourism sectors and have more diverse event calendars are unlikely to see a comparable spike in demand relative to smaller destinations. However, the longer-term impact of such events on the wider real estate market is often less visible.
Global events such as the Grand Prix add to a multitude of underlying factors which work in tandem to enhance the appeal of a city. Although these factors are often hidden by larger economic and geographic fundamentals, they can generate sustainable and visible demand for real estate.
This spotlight aims to measure the impact of the Abu Dhabi Grand Prix on the domestic hospitality sector and to shed light on the long-term implications of such events for real estate in the capital.
Source : Core Savills