London’s Poorest Area Waits for Olympics to Lift Home Prices
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The east London borough hosting the 2012 Olympic Games had the city’s biggest decline in home prices even after the government spent billions of pounds on projects aimed at revitalizing the capital’s poorest area.
Prices in Newham, where the opening ceremony will be held on July 27, fell 2.5 percent last year compared with a 2.8 percent gain in London overall, Jones Lang LaSalle Inc. estimates. Property values in the three other areas benefiting most from Olympic investment all rose, according to the Chicago-based broker.