Spatial and Temporal Effects of the Asian Games on Urban Housing Prices in Hangzhou

In the era of globalization, major urban events have emerged as a critical tool for sustainable urban development due to their potential to contribute towards the spatial restructuring and economic and social progress of a city. The 19th Asian Games, which Hangzhou has been selected to host, is one such event that has garnered significant attention in recent years. To better understand the impact of this event on Hangzhou's residential property prices, this paper employs a Difference-in-Differences (DID) model, utilizing data from 2013 to 2022. The results of the study reveal that the location of the Asian Games Village has a significant effect on the surrounding residential property prices. Specifically, the prices of properties within a 2 km radius of the Asian Games Village experienced a significant increase after the site was identified in 2018. However, the identification of Hangzhou as the host city in 2015 did not have a substantial impact on the residential prices around the Asian Games Village. Further analysis indicates that the Asian Games may influence housing prices in Hangzhou through various mechanisms, including infrastructure development, creating housing demand, and boosting housing price expectations. As the Asian Games draws closer, there is likely to be an increasing demand for housing in Hangzhou, which could drive up prices even further. Overall, the findings of this study suggest that major urban events like the Asian Games can have a significant impact on a city's residential property market. Therefore, policymakers and urban planners must carefully consider the potential economic and social implications of hosting such events to ensure that they contribute positively to sustainable urban development.