Investors eye real estate in Edmonton’s arena district
You have already heard plenty about how Edmonton’s arena district is a catalyst for development. But now overseas real estate investors are taking note.
The Real Estate Investment Network says its research shows new arenas can boost the value of nearby real estate by three to fifteen percent, based on experience with projects across North America and Europe. And Edmonton could be the next prime example.
“Where we saw the largest increase (in real estate values) was within one kilometre, so within walking distance of the arena,” says Melanie Reuter, director of research for REIN. Ice District has a lot going for it, including access to rapid transit, another significant boost to real estate values, says Reuter.
“We’ve got the MacEwan (LRT) station to the north, so we know that will have a positive impact alone. But now couple that with the arena and those properties–whether it’s a homeowner or a real estate investor–are going to hit a home run.”
Reuter believes Edmonton is one of the best real estate markets to invest in, in the country.
“Foreign investors who are looking to put money into somewhere that has a safe return are looking at Canada and are specifically looking at Edmonton.”
Reuter says some Edmonton real estate investors are unaware of the opportunity in their own backyard. But with increasing international attention, she adds you might even see some Vancouver-like increases driven by offshore investors, just not to the same extent. (bd)
http://www.630ched.com/2015/10/13/69464/