Over the last decade, Formula One (F1) has enjoyed steadfast popularity across the world, with most spectators attending the races coming from the affluent class as tickets are quite expensive in any country. A VIP ticket in Canada can fetch up to $7,000, and an economy ticket in China goes for $300. In Singapore, as many as 350,000 people are estimated to arrive to watch the F1 race every year, contributing around $350,000 to the state budget of this country.
Notably, Grand Prix Singapore lures in a great many tourists and is a boon for tourism, entertainment, hotels, and restaurants alike. The average stay of an F1 visitor is 3.96 days, and total tourism revenue is about $10.97 billion. During the F1 race, hotel rooms double or triple prices.
The race in Abu Dhabi draws in dozens of thousands of visitors each year. In 2016, this number hit a whopping 60,000 visitors. Luxury hotels in the country need to hang out the "no vacancy" sign during the event, while some special locations like Yas Viceroy Hotel next to the F1 racetrack gets fully booked much earlier, and all hospitality establishments are overloaded.
Some reports showed that the four days of F1 in 2017 contributed nearly €90 million ($100.78 million) to Monaco.
In addition to the direct view from the stand, numerous spectators gather to watch from other positions like the terraces and balconies of nearby buildings and hotels. This contributes to an unimaginable increase in real estate prices around F1 racetracks.
In Vietnam, many were excited to welcome the F1 race in the My Dinh area two years ago. From April 2020, these fans of the high-speed sport will not have to go abroad to attend a race. However, a VIP ticket for the leg in Vietnam is forecast at around VND100 million ($4,350).
Double benefits for real estate next to F1 course
According to Nguyen Van Dinh, general security of the Vietnam Real Estate Brokers Association, the price of an apartment in the buildings surrounding national stadiums, race tracks, and theatres in other countries can usually reach up to millions of dollars, while similar buildings in Vietnam go for one-seventh or even one-tenth of the price they fetch in other countries.
Therefore, apartments next to sports arenas are popular not only over the world but also in Vietnam. In a talk with VIR, Nguyen Thu Hang (living in Cau Giay district, Hanoi) said that she has decided to buy an apartment in The Matrix One when she found out that the F1 racetrack will be close by so her family will be able to enjoy F1 from the apartment next year.
Hang also pointed out a lot of advantages of The Matrix One, like its location at Hanoi's new administrative-commercial centre, as well as in the region's largest community of national sports facilities (My Dinh National Stadium, Vietnam's National Sports Complex, F1 racetrack) surrounding The Matrix One. In the time coming, she and her family can take a leisurely 10-15-minute walk to directly watch the Vietnamese football team in action and other top sports events, instead of jostling for hours on the way.
On the same opinion with Hang, most homebuyers at The Matrix One would like to become VIP guests at international and regional sports events taking place at the My Dinh area.
Additionally, The Matrix One is located next to a 14-hectare park serving as the "lungs" of Hanoi, where the air is the freshest in the entire metropolis.
Dang Hung Vo, former Deputy Minister of Natural Resources and Environment, said that real estate projects next to the F1 racetrack like The Matrix One have a lot of advantages. Infrastructure and service facilities are key factors in real estate pricing. Therefore, the exciting F1 race taking place in Vietnam for the first time will sharply increase the price of all surrounding projects.
“I know from the news that The Matrix One in My Dinh is very close to the F1 racetrack. This is an exclusive advantage and I highly appreciate the smarts of the project's homebuyers who will enjoy the double benefits," said Vo.
It is said that the project has received a great deal of attention from South Korean and Japanese investors. There are around 10-20 visitors a dayhaving a look and exploring The Matrix One.