This study investigates the effects of the Olympic announcement and the actual event on property values in the host region using the case of the 2018 PyeongChang Winter Olympic Games. We collected Korean government-issued apartment transaction data in the host city, Gangneung, and other cities. We performed propensity score matching to generate a suitable control group compared to units in Gangneung and exploited difference-in-difference analyses to test the impact of the announcement and the actual event separately. The results show that the Olympic announcement increased property values in Gangneung by 5.5% compared to propensity-matched units, and the effects are mostly shown in units in downtown Gangneung. Units close to the KTX station and the Olympic arena observed additional increases in housing prices. During the actual Olympic event, property values in Gangneung increased by 8.3% after the KTX station opened, but the actual event period and Athletes’ Village opening did not generate additional effects. The additional increases in housing prices close to the opening of the KTX station were found for units close to the KTX station, the Olympic arena, and Athletes’ Village.
The Olympic legacy framework was proposed by the International Olympic Committee; however, it has not yet been discussed much in academia. This study identified a set of key dimensions and items out of 7 dimensions and 39 items from the Olympic legacy framework, along with the weight of each dimension and item. Based on the judgments of 12 Korean Olympic experts collected via the Delphi-analytical hierarchal process method, the results indicate that social development through sport is the most significant dimension, followed by economic value and brand equity, and urban development. The results also reveal that the most crucial of the 39 items are health and well-being benefits from the practice of recreational sport and physical activity from the social development through sport dimension, while the intangible cultural heritage of Olympism from the culture and creative development dimension was considered the least important. The results provide useful insight for evaluating the Olympic legacy framework for host or candidate cities and countries, as well as the International Olympic Committee.
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