Chicago, Rio de Janeiro, Madrid and Tokyo are the four countries competing to host the 2016 Games, and the winner will be announced at an International Olympic Committee meeting in Copenhagen, Denmark.
Hosting the Olympic Games pushes a country into the international spotlight. Tourist numbers sky rocket and infrastructure, transport and property improvements are pushed to the top of the agenda.
The Games will have a lasting effect on a country, wow making gold its economy and its property market. The 2008 Games were amongst the most expansive and expensive ever held, with events happening in six other Chinese cities other than Beijing. In preparation, China invested nearly ¡ê20 billion in infrastructure alone from 2002 to 2006, transforming the skyline of Beijing.
Don't be blinded by the famous five rings though; there are negatives to hosting the Games. Competition grows tougher year by year, and the enormous amounts of money it takes to organize and provide everything necessary for such an event is never covered by income generated from ticket sales, television rights and advertising.
Property prices in the host city are likely to experience a serious upturn. The previous four Olympic Games hosts, Barcelona, Atlanta, Sydney and Athens, each saw a rise in the average house price in the lead up to the athletics extravaganza.
In London, ahead of the 2012 Games, property prices in east London have risen by an average of 15 per cent, since winning the bid on July 6th 2005, according to Halifax Estate Agents.
Dan Johnson, Director of TheMoveChannel.com, said, lotro gold "The so-called Olympic effect is all about infrastructure, which is one of the biggest drivers of gentrification and uplift in property prices.
"Core to the London bid and essential to the operational success of the Olympics are some big improvements to the capital's transport system.
"Once complete, the new rail systems and tube improvements will bring certain hard to reach and slightly isolated regions of East London into the convenient category for many employment centres in the city.
"Over time, this should lead to a greater number of affluent workers choosing to live there, increasing demand for property and thereby raising prices.
"Following some of today's predictions for a sustained lull in the property market, the timing of the Olympics could well coincide with the next sustained period of strong price growth, providing a double-whammy for investors that get in at the bottom of the market next year," added Mr Johnson.
Keith McNeilly, Co-founder of home moving experts Moveme.com, told TheMoveChannel.com, "Driven out by rising living costs, high crime rates and a lack of suitable housing, an increasing number of London residents are now leaving the Capital for more family orientated commuter towns.
"However, while much of the city is experiencing outward migration, East London has recorded a positive trend, as many potential buyers look to capitalise on the transformation taking place ahead of the 2012 Olympics.
"Good links to the city and an increasingly trendy image, combined with the huge regeneration which is currently taking place, is likely to drive up the area's popularity and its house prices over the next decade," added Mr McNeilly.
The 2012 Games won't just bring four weeks of nail biting competition to London. It will also regenerate East London - the 500 acre Olympic Park which will form the hub of the Olympic Games, is based in the Lower Lea Valley, just six and a half minutes by train from Kings Cross. This will house the athletics stadium, aquatics centre, velodrome, hockey pitches, as well as a number of arenas, the athletics village and media centre.
The Games will also boost London's tourist industry and create jobs in construction and hospitality.
