Olympics 'may stimulate market for property in Dubai'

A Dubai bid for the 2020 Olympics may result in the property market being stimulated, according to a sector expert.

With talks of the Dubai 2020 imitative hotting up and plans already in place for the construction of new venues in the event of a successful application, the homes sector in the city would be well-positioned for a boost, says Blair Hagkull, managing director for the Middle East and North Africa at Jones Lang LaSalle.

Historically, cities have prospered both in the run up to holding the Olympic Games and after the event has passed, which is a huge incentive to bid, he states.

"Dubai does have a lot of attributes. Hosting such a large-scale event does have a tremendous positive impact on different sectors, including the real estate sector," Mr Hagkull explains.

Recent figures released by analysts at the Deutsche Bank show that the average price for apartment and villa property in Dubai increased by 6.5 per cent in June to an average of AED 1,285 (£213) per sq ft, which may appeal to potential investors.