This week marked the opening of the Eurovision Song Contest held in Liverpool.
With the Eurovision fans descending on Liverpool in their droves alongside millions of fans tuning in worldwide, the city has a unique opportunity to showcase its cultural, entertainment and historical offerings. But did you know that the event also positively impacted the Liverpool property market? In this blog post, Fabrik Property Group explores how the Eurovision Song Contest has helped boost the local property market and create a more vibrant and inviting city for those looking to invest in property in Liverpool.
The economic boost
The Eurovision Song Contest is not just about the music; it also has a huge economic impact on the host city. With over 160 million viewers tuning in, Liverpool is set to reap the rewards of hosting this iconic event.
In the short term, the city will benefit from increased take up in hotel rooms and short-term lets and increased spending in the local economy. The event will also provide a major boost for local employment as temporary staff are taken on to support the event.
However, the longer-term benefits of hosting Eurovision are even more significant. The event will demonstrate the capacity of Liverpool to host large-scale events, raising the city’s profile on the international stage. This can result in visitors returning time and time again, boosting the local economy.
To ensure that the event delivers long-term economic growth, careful planning is needed. Liverpool City Council, the Combined Authority, and other stakeholders have been working together to plan for the improvement of Liverpool’s position as a global cultural leader. This includes investing in state-of-the-art facilities, such as the 400-seat Tung Auditorium, and securing £20 million of Round 1 Levelling Up funding to drive regional growth.
Increased popularity
Liverpool has long been a popular tourist destination, thanks to its cultural heritage and the musical legacy of the Beatles. But the city is now expected to benefit even further from Eurovision. Tourism currently supports over 55,000 jobs, with an annual visitor spend of £4.2 billion, and this is expected to increase after the contest.
In fact, according to Zoopla, Liverpool is already experiencing an average annual increase of around 9% in rents.
Booking.com said that 99% of hotel rooms were fully booked on the night of the Eurovision Final (13 May). What’s more, The Guardian reported an Airbnb host was quoting an eye-watering £15,000 for the night, going up to £17,600 with cleaning services added (however, the listing is no longer posted on the site).
While this excessive listing shouldn’t be used as a benchmark, rising occupancy rates and the increased cost of overnight stays benefit property investors who list rental yields as one of their key investment goals. With increased popularity and demand, Liverpool’s property market is poised to experience growth in the coming months and years. So, if you’re considering investing in property in Liverpool, now is the time to act!
Investing in Liverpool’s property market
Liverpool’s thriving property market offers excellent opportunities for investors looking to diversify their portfolios. Whether you’re a seasoned property investor or a first-time buyer, Liverpool offers plenty of benefits that make it an attractive location for investing in property.
One of the main advantages of investing in Liverpool’s property market is the variety of demand for short and long-term lets across the whole city. This is particularly ideal for buy-to-let investors who are looking to generate consistent income from their investments. With the high demand for rental properties in the city from young professionals, students and graduates alongside tourist and business visitors, investors can be assured of a steady flow of tenants.
Another benefit of investing in Liverpool’s property market is the positive 5-year market forecast. The city has experienced strong growth and is expected to continue to do so in the coming years. This makes it an excellent location for diversifying your property portfolio.
Despite its impressive growth, Liverpool still offers a low entry-level market compared to other Northern Powerhouse cities such as Manchester and Leeds. This presents a unique opportunity for property investors looking to break into the market without needing to invest significant capital upfront. Despite the low entry cost, strong yields make Liverpool and positive 5-year forecasts make it a great investment location.
Finally, with a high demand for rental properties, Liverpool is considered a safe bet for investors. Whether you’re investing in student accommodation or residential property, you can be confident in the long-term prospects of your investment.
To find out more about investing in Liverpool’s property market, contact Fabrik Property Group today. Our property experts can help you identify the city’s best investment opportunities and provide advice to help you make the options on the market.
