Experts have estimated that the Paris 2024 Olympic Games will generate in excess of 10.7 billion Euros in economic benefits to the Greater Paris region. What does this mean for someone planning to move to France and interested in the Paris property market. The games, which will be held from July 26th to August 11th, 2024, will bring with them investments in infrastructure focused in both the centre of Paris and Greater Paris (Seine-St-Denis, Yvelines, Seine-et-Marne and Hauts-de-Seine.) The Olympic and Paralympic Village will be based in St.Denis Pleyel and the ‘media village’ in Dugny. It is anticipated that this will attract investors both in the run up to the event and post-Olympics.
An 86,000-acre village in which competitors will live for the duration of the games is set to be transformed into a residential development once the Games are over, providing nearly 5,000 new homes. In particular, the forthcoming event has paved the way for an opportunity to revive parts of the city through an urban renewal plan, with better transport links, substantial amounts of new housing and an improvement in amenities, particularly for areas like the northern suburb of Seine-St-Denis. This area has, historically, remained one of the more affordable areas of Paris, but property prices are rising with 5% increase seen in the last 12 months. St Denis will be home to the Olympic Village and a new Metro station is due to open in the year of the next Olympics. The new station, to be named, Saint-Denis Pleyel, will boast a vast atrium with areas such as a media library, digital services, a business centre and retail areas. The Paris Pleyel project in Saint Denis is part of the ‘Grand Paris Hub.’ This in turn is expected to include the building of two high-class 40-storey hotels, a multi-functional complex with office space and development of retail and restaurant facilities, and a conference and exhibition centre.
Paris is also benefiting from the Grand Paris Express project, which is a group of new rapid transit lines being built in the Île-de-France region of France and comprises of four new lines for Paris Métro, plus extensions of the existing lines 11 and 14. The project will aid the transport of people to and from the Grand Paris Hub into the centre of Paris in under 15 minutes. Properties in close proximity to the new Metro stations are seeing significant interest, prompting prices of some apartments to increase by up to 25%.
It’s worth noting that for those who are considering moving to France, and investing in property there, that the positive effects of the 2024 Olympics in Paris, will of course not be limited to just the inner-city areas of Paris or even the surrounding towns and cities like Saint-Denis. There will be a ripple effect to suburban areas too, particularly with improved transport links. It has been anticipated that in the shorter term there could be an increase of 10% to 15% in suburban property prices at the point when the transport infrastructure is in place. Longer term, experts are anticipating that there could be gains of up to 40% once these areas are really seeing work underway.
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