Every four years a city has the distinction of hosting the Olympics and this year Rio de Janeiro was given the honor. Realtor.com staffer Clare Trapasso reports on whether or not the Olympics will benefit the housing market for the city and how pasts host cities have fared following the the conclusion of the games.
The Olympics gives cities a chance to revitalize parts of the city that have long gone overlooked. However, as Rio as learned this revitalization comes with realism as they struggle to sell the Olympic housing that is set to become luxury condos following the conclusion of the Olympics:
The development’s somewhat remote location, a considerable distance from the city center, has probably contributed to the lack of sales. But it’s mostly a result of the country’s economic turmoil, says Roberto Patino, associate director in the São Paulo office of Jones, Lang, LaSalle. Many potential buyers may also be scared off by the crime in the area.