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Olympic sized increases in host city home values

Posted by The Aramco Group on Wed, Aug 17, 2016 @ 14:08 PM

As the worlds eye's remain fixed on Rio de Janeiro as the 2016 Olympic Games come to an end this week, the city's local government is preparing for the aftermath it's economy may feel once the globe's athletes have returned to their homes.

According to TheMoveChannel.com, demand for Rio real estate surged this year, ahead of the games and has maintained a relative high since the metropolis hosted the 2014 FIFA World Cup . The increase in home sales near the host city have climbed an estimated 33 percent over last year.

Similar demands were seen in the U.S. following the games in Los Angeles in 1986, Atlanta in 1996 and most recently in Salt Lake City in 2002. Home values increase not just because of demand following the events, but because of the revenue that results in improvement to local schools, roads and new businesses.

Meanwhile, mortgage rates are near all-time lows. Conforming no-point 30-year fixed rates averaging 3.375 percent while the 15-year rate is near 2.625 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.