2016 Summer Olympic Host City Candidate: Rio de Janeiro

Who will the International Olympic Committee like better – Pelé or Oprah? The official countdown clock to host the 2016 Summer Olympics in Chicago says it’s just two days before both will appear before the IOC Selection Committee as members of the 60-person delegations from their respective cities. Pele, however, may have one advantage: the IOC named him “Athlete of the Century” in 1999.

Of course, at Chicagoland Real Estate Forum, we still believe Chicago’s proposed Olympic venues enhanced by our existing green spaces will provide the best environment for the 2016 Olympic Games. And with both Oprah and President Barack Obama as part of the U.S. delegation, odds are still in Chicago’s favor, according to English bookmakers Ladbrokes.  However, one of the firm’s directors told Yahoo News that “informed money” had recently come in for Rio de Janeiro’s bid to host the Olympics.

What does Rio have besides Pele? The buzz is more about what the entire South American continent doesn’t have – a history of hosting any Olympic Games. Rio de Janeiro’s Summer Olympic organizing committee says the time is now.

Brazil is currently the world’s 10th largest economy and is projected to be the world’s fifth largest by 2016. The country is the world’s second largest food exporter and the fifth largest advertising market. The government has guaranteed the investments needed for the Games, including direct funding of $700 million.

So why not Rio? Despite the country’s apparent economic strength, Rio itself deals with high rates of crime and poverty. The needed infrastructure is lacking, and improvements promised for past international events have not always materialized. Still, Rio has successfully hosted the Pan Am Games (2007) and will host the World Cup in 2014.

Tomorrow, we’ll take a look at the fourth finalist, Tokyo.  Be sure to subscribe to Chicagoland Real Estate Forum for daily updates on the pending Chicago Real Estate trends, new homes and real estate news.