Budapest, 4th September 2008

The achievement of the Hungarian team in Beijing has drawn attention to the fact that such a world event is not only about the individual or team performance of the sportsmen. Winning the right of organising the Olympic Games in 2020 would be a great development opportunity for Hungary to reach standard European levels. In addition to the developments and investments in Hungary the entire country could be held together by such a challenge which would be highly favourable - says Michael Smithing Managing Director for Colliers International in Budapest.

The Olympic Games seen as the competition of nations is not only rivalry in sports but the host nation also faces a great challenge to win prestigious opportunities. The fight is not in vain, since much improvement is required to implement the task; the event stimulates significant infrastructural and economic investment and development. In addition the successful organisation of the event attracts foreign capital and improves tourism. The most alluring long term effect of the Games is that the "host nation" may even become the economic, financial and cultural centre of the region.

The opportunities outlined are very attractive for Budapest’s improvement. Such city developments have not taken place since the 1900s, not to mention the development of the social union and a healthy national self-confidence. In the survey prepared by PriceWaterhouse Coopers in 2002 the question was not whether Hungary is suitable for the task, but rather when it would be most suitable. According to earlier calculations of PwC if the GDP could increase by 4 percent on average till 2020 then approximately HUF 4150 - 4600 billion worth of investment would be required in order to organise the Olympics.
It is true however that there are several criteria which have surfaced since the publication of the survey that would be against organising the Olympic Games. On one side the worldwide economic environment, the political and economic challenges in Hungary are posing questions on the other.
Michael Smithing the Managing Director of Colliers Hungary thinks that in the light of the studies available 2020 might even be a realistic date, as by that time the implementation of basic developments will not be endangered by developments for the Olympics and the economy could increase more steadily. Budapest would also be more prepared in terms of transport too; Underground No: 4, road reconstructions and rationalisations would also be of great accounts in the application.

According to economic calculations we would have a realistic chance by then, which is also increased by an IOC guideline stating that organising the Olympic Games may not be the privilege of the greatest and riches cities. In addition the Central-Eastern-European region will have to be given a chance among locations (Prague and Warsaw are also among aspiring cities).

Organising the Olympic Games as the first city in the region would truly be a great benefit for Budapest through which it could even become the sports centre of Europe.

In the issue of organising the event it is essential to reach an agreement among residents, professionals, the administration and politics because the idea of the Olympic Games may only become reality that way. Thanks to social encouragement the national drive, it has been revived a few years ago and many public characters support the cause independently of their political views.