Paris is celebrating its successful bid to host the Olympic Games in 2024, but so are property owners and investors as the decision boosts the Parisian property market
A century after holding its last Olympic Games in 1924, Paris has been officially selected to host the 2024 Olympic Games. It also hosted the Summer Olympics in 190, making it the second city to host the Games three times (London is first, hosting in 1908, 1948 and 2012).
The financial investment into the Games and the benefits to the Paris region are going to be hugely advantageous to existing property owners, but this planned modernisation of key areas in the city is also causing buyers who were considering buying a Parisian property to finally make the move.
Buyers show renewed vigour for finding a Parisian property
A study by the Centre for Law and Economics of Sport suggests that the economic impact from now until 2034 will be €10.7 billion and the benefit to tourism €3.5 billion.
While Paris tourism dropped in 2016, over 2017 it has already seen a return to strength with a record 89 million visitors expected to visit France by the end of the year.
New properties, improved infrastructure and better facilities, buying property in Paris now before prices spike, and while interest rates are still low, is a strategy many high net worth individuals are taking.
“Even though it has been a little over a week since Paris was confirmed as the Olympics host in 2024 we’ve seen a huge increase in the number of enquiries about buying property in Paris,” says Tim Swannie, Director of Home Hunts. “Buyers are particularly keen to know which areas will be hosting competition events, as it’s these areas that will be the most positively impacted by the improvement in infrastructure and facilities.”
A Tweet from AFP Sports, which includes a map of where the various sports competitions will be held in Paris, is a useful visual guide for potential real estate investors.
— AFP Sports (@AFPSport) August 1, 2017
A key pledge in the Paris bid was to hold 22 sports at some of the city’s greatest and most eye-catching locations. Saint-Denis will be the focus for two big construction projects: an aquatics centre and the Olympic Village which will accommodate the athletes during the Games.
Areas of Paris to be transformed by Olympic investment
The 86,000-acre village is to be transformed into residential housing after the Games is over, which will provide almost 5,000 new homes in Paris.
Beach volleyball is planned at the Champ de Mars by the Eiffel Tower and the Stade de France will be the venue for the opening and closing ceremonies, and the track and field events. Fencing will be at the Grand Palais on the Champs-Élysées, equestrian events will be at the château in Versailles and the Stade Roland Garros will host the tennis.
Properties such as this two-bedroom apartment are predicted to increase in value as the 2024 Olympics approaches. Located in the heart of an Art Deco building this elegant, spacious two-bedroom property (HH-11676648) does have the possibility to create a third bedroom, which presents an even greater investment opportunity.
Located by the Roland Garros stadium, rental opportunities for properties like this during the Games will also be highly lucrative for owners.
If you are looking to buy property in Paris that will increase in value as the Games approaches, search Home Hunts’ online portfolio at www.home-hunts.com for a range of investment opportunities. However, if you want to discuss your particular situation first with a consultant, then call +33 (0)970 44 66 43.