Investing in Greater Paris: Which Suburbs Will Benefit the Most?
It will take 15 years and 28 billion euros to complete. Despite the time frame, it’s not too early to consider investing in Greater Paris-benefitting suburbs.
“Property is a long game.” Wise words from Thomas Lefebvre, specialist of the Grand Paris or Greater Paris project, at Meilleursagents.com. The audacious transport and infrastructure construction endeavor is certainly a long game, with a projected completion date of 2030 for the last parts of the Grand Paris Express, which will span 200km and 68 new metro stations. A full map of the network can be seen here.
Better transport links mean property prices will fly in the benefitting suburbs and communes, as inter-suburb travel time is halved and once-isolated regions gain appeal. Oliver Colcombet, of French property listings and news site Optimhome, envisages a “10% to 15% jump in prices in the suburbs, practically as soon as they get their new stations.” What’s more, “in the medium term, the gain could be 20% to 40%.”
And the first completions are not far away. As early as 2019 the suburbs of Port-Cardinet, Clichy and Saint-Ouen will benefit from new connections to Saint-Lazare station, thanks to the extension of the metro line 14. Another notable suburb, Saint-Denis has already seen its prices jump 14% in 10 years (high considering big falls were seen in 2012). They will skyrocket even more when in 2023 the new Saint-Denis-Pleyel station (top-centre of map below) will offer the most connections outside of Paris proper. Right now the average asking price there is €3,030/m2.
Philippe Yvin, director of the Grand Paris Society, recommends investing in the area between the southern A86 highway and the peripheric, as this area will benefit from the southern section of the metro 15 line (pictured above). This will also be one of the first areas to see the new stations, with a 2022 date set for their completion.
In December the president of FNAIM said it was still a little early to be investing in Grand Paris-benefitting suburbs, citing that there was still much gain to be had with more classic central Paris property investments. Ultimately, it depends on how long a game you are willing to play. Some argue that the later the suburb will be getting its Grand Paris station, the more shrewd an investment it is.
Notable suburbs that will benefit from the new transport links are:
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