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Paris 2024 Olympics: A Game-Changer for the Real Estate Market

As the anticipation builds for the upcoming Paris 2024 Olympic Games, the excitement isn’t limited to the world of sports and many are starting to wonder how the real estate market and opportunities will change this summer. Paris welcomes roughly 30 million visitors a year and with the games, 15.3 million visitors are expected to make the city their home for the two weeks.  Let’s dive into some of these speculations and predictions in our real estate guide to the 2024 Olympics.

Infrastructure Development Driving Property Value

One of the most significant impacts for any city hosting the Olympics is the infrastructure improvements and construction that must take place to host such an impressive event. While hosting is an honor, it can also cause property value and demand to fluctuate, and Paris is no exception to this.

Massive upgrades to the metro and public transportation system are already underway as well as stadium and event venue construction all throughout the city. Paris is full of resources for their citizens and tourists, so it is critical that those are fully running without any issues for the upcoming months and future use. However, not only will these enhancements temporarily interfere with daily Parisien life, but they will increase surrounding property value and boost the attractiveness of real estate investment in several neighborhoods (arrondissement). The revitalization of neglected areas can bring positive changes for the city. The improved transportation and infrastructure will attract visitors and locals looking for a place to live.

Urbanization can benefit those who are seeking property as well as sellers around the city.  Transportation is a main concern when renters/homeowners are looking at properties. The expansion and development of the metro will allow a more accessible route to their destination. When looking at it long term, the accessibility to public transportation will broaden the desired real estate to corners of the city that were never taken into consideration due to lack of infrastructure. 

As the Games draw nearer, real estate prices are expected to surge for renters, particularly around green spaces, stadiums, and renovated or new train lines. We have seen this surge in prices with the news of metro tickets doubling from July to September in order to cover the costs of new renovations. 

The Value of Short-Term Rentals

One of the biggest surges of interest is with short-term rentals throughout Paris with many homeowners entering the market looking for renters for the duration of the Games. While many are anticipating a rise in renters throughout the city this summer, a distinct increase of renter interest has yet to be established in a notable way. There is certainly going to be an increase in demand for short-term rentals, however, there may not be as many viable renters as home-owners are expecting. The real estate market should be observed in the coming months to see the growth while spectators start to plan their attendance.

That being said, during the Olympic Games this summer, the real estate market will undoubtedly benefit the homeowners looking to accommodate the millions of tourists cheering on their countries. Not only during that time but also in the future, where properties that have been overlooked in the past will experience engagement with new public transportation and the touch ups throughout arrondissements.

Neighborhoods and Businesses during the Olympics

While short-term rental prices are projected to increase in price and demand, property is not the only aspect of Parisien life that awaits the city’s growth. We are witnessing and will continue to see a demand in supply for these types of rents in the long term real estate market. Small and large businesses alike are expecting to benefit from the increase in population and tourists. Inner arrondissements such as the 1st, 3rd, and 4th, are expecting to see unprecedented numbers of inhabitants and the most real estate and business traffic within Paris.
Additionally, a new train system is said to be established to transport people from the Grand Paris Hub to the center of the city with a goaled time of 15 minutes in order to accommodate those attending the games. This level of increase within the existing and new train systems is anticipated to have a positive effect on businesses in the center of Paris.

If you or any of your clients are searching for a short-term rental or consulting on your investments during this year’s game, do not hesitate to reach us and we will be happy to assist you. Paris is always a good idea and we hope to see you this summer. 

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