IMPACTS OF GLOBAL EVENTS ON TOURISM AND REAL ESTATE MARKETS

Abstract

This paper explores whether global events can be used as a catalyst to boost the tourism industry as well as its impact on property market. The Olympic Games (OG), Youth Olympic Games (YOG) and Formula One Grand Prix (F1) are example of sports events tourism, a subset of events tourism that now attracts extensive attention to the event organizers, policy makers and marketing managers, who treated events as a promotional tool of a destination. The research significance of this study is to fill in a literature gap as there is a shortage of studies about the relationship between real estate market and the global events, especially for the Asian markets. Thus, this paper studies various influences caused by the global events in Japan, Korea, China and Singapore that mainly concentrated on the impact from the perspectives of tourism and residential sectors by employing both quantitative and qualitative methods. After a detailed analysis and considerations, the results concluded in this paper indicate the impact of major sport events on residential market is uncertain, but the significance of special events within a tourism context in Singapore is highlighted in the later part of this study in which both F1 and YOG led to a positive trend in the tourism industry.