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Tuesday, November 13, 2023

2014 Commonwealth Games will transform Glasgow's property market

Leading global property consultancy, Knight Frank predicts that Glasgow's successful bid to host the Commonwealth Games in Glasgow 2014 will help transform Glasgow's property market by bringing economic and social benefits to much-needed areas.

Sinclair Browne, Partner at Knight Frank Scotland, said: "The Commonwealth Games will provide an exceptional boost for the city and will act as a major catalyst for the regeneration of Glasgow's East End. The Clyde Gateway Initiative is currently the focus for the regeneration of parts of Shawfield and Dalmarnock and the Games will be a significant lift to this project.

"Parallels with Manchester and its successful experiences can be drawn. Not only were the Games a great marketing success for the city but they were also one of the major drivers for the regeneration of East Manchester.

"The development of the new National Indoor Sports Area and Velodrome near Bridgeton are a cornerstone of the Games proposal, together with the rumoured move of a new home for Sportscotland at the NISA.

"Infrastructure and accessibility will be considerably improved to this part of the city and the City Council are already looking at significant projects such as the extension of the Underground into the east end."

Stuart Black, Head of Residential Sales and Marketing at Knight Frank Scotland, claims the impact on housing will be considerable. He said: "The Games Village will provide much needed new housing for the east end as it will be turned into residential accommodation after the event. Already the east end is starting to shake off its traditional hard-up image prompted by the city fathers implementing a range of local development strategies as a framework to guide this period of regeneration. An improved transport network and the establishment of an infrastructure fit for a burgeoning economy, through to the creation of new communities and revival of existing ones, means the east end is looking to be the face of Glasgow's future.

"The Games will reinforce Glasgow as a destination city and a spin off from that is the creation of demand from people wanting to buy homes in Glasgow, relocate here and stay here for life. The Games will also have an impact on house values in city locations and with the development of new sporting facilities and infrastructure in the east end, we will see more demand not just for flatted developments, but family-sized housing."