Legacy and urban regeneration: long-term local impact of the London 2012 Olympic Games

The 2012 London Olympics Games bid emphasized using the Olympics as an urban regeneration catalyst of one of London’s poorest areas and one of the Games’ legacies. This study’s contribution is an examination of this legacy using 2001-2022 data, analyzing the pricing and sales changes in the residential property market in London’s 656 electoral wards, before and after the IOC announced the location of the Games in 2005, and when the Games were held in 2012. The results reveal a slight and short-lived positive difference between the Olympic Park wards and the rest of the city, particularly after the awarding announcement and the Games themselves. Regeneration efforts were successful but not necessarily in the ways outlined in the bid, as the local community (as was prior to the announcement) is not necessarily the main benefactor due to the predictable migration and gentrification of the area. The London Games exemplify the potential legacy of the Olympic Games but is also a cautionary tale for local communities in host cities.