Major events can significantly impact local property markets by driving up demand for rentals, boosting property values, and spurring urban regeneration. Events such as concerts, sports tournaments, and international conventions attract large numbers of visitors, creating opportunities for property investors.
This article explores how major events influence property demand, with a focus on the upcoming Coop Live Arena opening and Euro 2028.
How Major Events Drive Property Demand
Surge in Short-Term Rentals
Major events lead to a temporary but substantial increase in visitors. These visitors require accommodation, which drives demand for short-term rentals. Property owners can capitalise on this by offering their properties for short stays, often at premium rates. This surge in demand can significantly boost rental yields during event periods.
Long-Term Property Value Appreciation
The infrastructure improvements and increased visibility associated with major events can lead to long-term property value appreciation. Enhanced transport links, upgraded facilities, and a thriving local economy contribute to making the area more desirable for long-term residents and investors.
Urban Regeneration and Development
Hosting major events often prompts urban regeneration projects. These projects can revitalise neglected areas, improve public amenities, and attract new businesses. This regeneration increases the attractiveness of these areas for both residential and commercial property investments.
Coop Live Arena: A Case Study
The Coop Live Arena in Manchester is set to become a major entertainment hub. With a capacity of 23,500, it will attract millions of visitors annually, hosting concerts, sporting events, and other large-scale gatherings.
Impact on Short-Term Rentals
The influx of visitors for events at the Coop Live Arena will drive demand for nearby accommodation. Investors can expect higher occupancy rates and rental prices during event periods. Areas such as the Northern Quarter and Ancoats, known for their vibrant culture and proximity to the arena, are likely to see the greatest demand.
Impact on Property Values
The development of the Coop Live Arena is part of a broader strategy to enhance Manchester’s appeal as a cultural and entertainment destination. The increased foot traffic and economic activity will likely lead to a steady rise in property values in the surrounding areas. Investors who purchase properties now could see significant appreciation as the area continues to develop.
Urban Regeneration
The Coop Live Arena is expected to catalyse further urban regeneration projects in Manchester. Improved infrastructure, such as enhanced public transport links and upgraded public spaces, will make the surrounding areas more desirable for residents and businesses. This regeneration can lead to increased demand for both residential and commercial properties.
Euro 2028: Transforming Host Cities
The decision for the UK and Ireland to host Euro 2028 will have a profound impact on the property markets in the host cities, including Manchester and Liverpool.
Impact on Short-Term Rentals
The tournament will draw thousands of football fans, media personnel, and tourists to the host cities. The demand for short-term rentals will spike, particularly in areas close to the stadiums and city centres. Property owners can leverage this demand to achieve high rental yields. Platforms like Airbnb will see increased listings and bookings, providing a lucrative opportunity for investors.
Impact on Property Values
Hosting Euro 2028 will boost the global profile of the host cities. The improvements in infrastructure and increased international visibility will enhance the attractiveness of these cities for long-term residents and investors. Property values in key areas are likely to appreciate as a result of the increased demand and improved amenities.
Urban Regeneration
The preparations for Euro 2028 will include significant urban regeneration projects. In Liverpool, areas around the waterfront and city centre will benefit from enhanced infrastructure and amenities. These improvements will make the city more attractive for residents, businesses, and investors, driving up property values and demand.
Major events such as the Coop Live Arena opening and Euro 2028 have a substantial impact on property demand. For investors, these events present unique opportunities to capitalise on increased rental demand and property value appreciation. By strategically investing in properties near key venues and regeneration areas, investors can maximise their returns and contribute to the vibrant growth of cities like Manchester and Liverpool.
