World Cup 2026: A “Goal” for Real Estate and the South Florida Economy
Every four years, soccer fans from all over the world come together to support their favorite team at the World Cup. In 2026, North America will host the event which will have the games spread across cities in the United States, Canada, and Mexico. Miami is expected to be one such chosen venue. While World Cup soccer fans may not necessarily dwell on the economic and housing implications of such an event, there are numerous potential real estate and business implications of such an event coming to Miami.
Feeling the World Cup Fever
Recent renovations to Miami’s Hard Rock Stadium has bolstered Miami as one of the 23 host cities, of which only 16 will be chosen as a venue, for the World Cup games. The case for Miami as the chosen city is supported by the Hard Rock Stadium meeting the FIFA soccer specifications and its recent sellout soccer crowds for major international games.
According to Miami’s Mayor Carlos Gimenez, U.S. cities should expect a “tremendous economic boost.” Specifically, short-term economic activity of more than $5 billion is expected to be generated from the event which will also support an estimated 40,000 jobs, increasing business revenue and in turn effecting South Florida real estate. Hosting such an event could potentially generate a net benefit of up to $480 million for certain cities after accounting for expected public costs. Tourism and hospitality industries, both being essential to South Florida’s economy, business climate, and real estate, have fared tremendously well in cities where World Cup games have been held.
Homeowners Take Advantage
While businesses and local governments stand to benefit as a World Cup host city, local homeowners are also poised to reap the financial rewards. Homeowners can cater to fans looking for short-term rentals by renting their homes using apps such as Airbnb and HomeAway. As was seen during the 2010 foreclosure crisis, rental sites were used as much-needed relief for struggling homeowners. And should any of these owners find the need for a commercial or residential real estate lawyer, Oppenheim Law will be prepared for the World Cup. The income can also be used to refinance mortgage applications and aid individuals in getting closer to having complete ownership of their real estate properties.
For now, we’ll be watching the World Cup on television but, in 2026, we may be watching from our very own backyard!
From the trenches,