メガイベントと不動産市場

─オリンピックは不動産市場のファンダメンタルズを改善するのか？─

抄録

With the selection of Tokyo as the host of the 2020 Olympics, it has been noted that there are expectations for property market prices to suddenly rise signifi cantly. But do mega events like the Olympics really improve property market fundamentals? As Walras has long since pointed out, the price of assets such as property is determined by the net present value of their future income. That being the case, property prices increase either when income rises due to improved productivity, the discount rate becomes lower due to improved expectations for the future, or both. This paper surveys previous research relating to the effect of past mega events （Beijing Olympics, London Olympics, etc.） on the property market, as well as normatively outlining the process via which mega events infl uence the property market. The conclusion obtained is that the eff ect of mega events on the property market is limited, and in the long term, they may be said to have no eff ect.