There is no better time to own property in the Paris real estate market, especially with the multitude of investments boosting the economy to record numbers.
After a century, France will be celebrating the return of the Olympics in 2024, and so will Paris real estate owners and investors. As the second city to host the Games three times (London is first, hosting in 1908, 1948 and 2012), Paris will receive a high influx of activity from motivated consumers.
A study by the Centre for Law and Economics of Sport indicates that the economic impact from now until 2034 will estimate €10.7 billion and the benefit to tourism will be €3.5 billion. Although tourism dropped in 2016, the numbers in 2017 have returned to full strength, recording 89 million expected visitors by the end of the year.
The combination of city-wide modernisation, transport expansion, and new properties in conjunction with low interest rates makes the purchase of real estate in Paris a sound investment at this time, which is a decision many individuals are taking. These changes will certainly increase the overall functionality of the capital to enhance lifestyles and commerce, especially the areas which will host the Games.
The Olympics 2024 will be holding 22 sports near the most charming locations, and Saint-Denis will be the focus for an aquatics centre and the Olympic Village housing athletes during the Games. The 86,000-acre Olympic Village will become a residential neighborhood following the 2024 Olympic Games, estimating around 5,000 new homes in Paris.
The Grand Paris Express, for example, is the largest urban project in Europe, extending 200 km of lines and 68 metro stations. In addition, the Reinvent La Seine Project will redesign 13 abandoned spaces in Ile-de-France to be turned into meeting centers, co-working spaces, hotels and other social spaces. These notable investments will certainly boost tourist attraction and increase transportation between the inner city and the suburbs. As a result, the price of suburban Paris real estate will increase.
With all of these renovations fueled by the Olympic Games in 2024, it is certain that there is no better time to invest in the Paris real estate of your dreams!
© 2017 Sport & Société