The impact of the 2024 Olympic Games on the parisian real estate.
The world of sport is getting excited about the next 2024 Olympic Games in Paris but what about the real estate sector ? It is the question we struggle with today and to which we are going to answer through this article. Know that, if you expect a soaring price, you might be surprised.
Greater Paris and Seine-Saint-Denis are grateful to Paris Olympic Games
Thanks to the 2024 Olympic games, athletes won’t be the only winners. Paris and the Seine-Saint-Denis, with The Greater Paris project, will benefit from the positives impacts of this event.
Seine-Saint-Denis, the greatest winner of the 2024 Olympic Games
The Seine Saint-Denis Department (93) will experience a real change with this 2024 Olympic Games. The domain of 50 hectares of the olympic and paralympic village can accommodate 17 000 athletes, authorities, and media.
This department has really suffered from a bad reputation in the past few years. These multiple constructions will be very helpful to change it. Many people, mainly families, will appreciate leaving the city center and moving away in a suburb area with modern and high-quality infrastructure.
The price in Seine-Saint-Denis is currently quite affordable. And the rates are still low. So, it’s the perfect time to invest or, at least, to think about it.
A real boost for the Grand Paris construction.
In an another article, we talk about the fact that Greater Paris is a development project of Paris agglomeration, which costs more than €30 billion.
The 2024 Olympic Games is a real boost for all construction associated with that project, including the “Grand Paris Express, the future supermetro”. Carrefour Pleyel, where will cross 4 new lines, will be finished one year earlier than foreseen, so in 2013.
Furthermore, the construction of 70 000 accommodations were expected with the Greater Paris. Finally, there will be 100 000.
The three main purposes of the Greater Paris are : improving the parisian standard of living, finding solutions about territorial inequalities and building a sustainable city. The outcome of this will certainly have a positive impact on real estate, by making this city a better place for people to live in.
Worldwide campaign and its consequences on real estate prices
The Summer Olympic games are among the most followed events all over the world. Its organisation in Paris will give a worldwide advertising for the City of Light. Would this have an impact on the price per square meter in Paris and in the Seine-Saint-Denis ?
A great worldwide campaign for the city.
The 2024 Summer Olympic Games will make a lot of advertising for Paris which is already very popular amongst tourists. With this international influence, more and more foreign investors might be interested in buying real properties in Paris. And who knows, some of those tourists who will come during the Olympic Games, might buy a parisian secondary residence.
And how about the prices ?
Paris is known to be a city where the price of the square meter is quite high. In some districts, the price is exceeding the 12 000 euros, even higher depending on the area.
The question is : would the 2024 Olympic Games have an impact on the square meter price in Paris ? According to the professionals working in this sector, the price will rise in coming years, but don’t wait for a huge increase.
Why ? Because so far, Paris has suffered from a problem of supply is inferior to demand (the reason that the prices are sometimes very high). However, with the multiple housing and other constructions, the real estate market will be more harmonized than disrupted. For some experts, the price might drop slightly.
Even though it’s difficult at the moment, to know exactly the impacts of the 2024 Olympic Games on the real estate market in Paris, experts are optimistic and aren’t worried at all. One thing is certain, such an event can only be good for the french capital and the “Ile de France” area.