Paris is hosting the
2024 Summer Olympics next year and it will be quite the event. This is the first edition after the Covid-19 pandemic, after all, so there's reason to expect that it won't be as downsized and challenging as Tokyo 2020 (which technically took place in 2021). The world is a lot more open and freer now, which means the global sporting event will have a massive impact on the French capital. Not the least of which is rent and real estate. You can expect Paris real estate to benefit as well as face a few challenges during the 2024 Olympics!
A Barrage of Renting Tourists
Let's start with the obvious. Any city is lucky to host the Summer Olympics since it means that countless tourists will flock there during the event.
Paris is already one of the top tourist destinations in the world. Even without the global sports event, millions of people will still go here. What more when it's time for the Paris Olympics? With many more tourists expected to descend on the French capital, the rate of renting in the city will go through the roof! Even though there are many great hotels in Paris, not all tourists can afford them. And with the advent of Airbnb and similar platforms/concepts, renting a place will be much easier and more affordable.
A Widening Real Estate Market
Even before the 2024 Summer Olympics, the real estate market in Paris is already pretty stable. Though it's not at its peak—thanks in part to the Covid-19 pandemic—there are still plenty of people renting and
buying property in France. And the number is expected to go as high as ever come the Paris Olympics. It might even be a two-way street. Just as there will be more people renting
luxury apartments in Paris (many of them probably short-term), there will also be more properties that will go on the market to accommodate them. This widening of the Parisian real estate market will likely have lasting effects even after the 2024 Olympics.
A Higher Demand for Properties Near Olympic Venues
Speaking of the properties that will drop on the real estate market by the time the 2024 Paris Olympics roll in, you can expect a lot of them to be near the competition venues. And since these locations are scattered all throughout the different
neighborhoods in Paris, this will still affect the general real estate of the city as a whole. There's the Eiffel Tower Stadium and the Champ de Mars Arena, for example. It's more than likely that the
apartments near the Eiffel Tower will be highly in demand by the summer of 2024.
A Rise in Prices
A rise in demand will also lead to a rise in prices.
The Connexion already reported that various experts predict that prices for French properties will rise in 2023. And with the coming influx of tourists for the Paris Olympics, there's reason to expect the rising trend to continue. But there are others who don't agree. Andy Lecuyer, director of
A1 Real Estate, a leading agency in the Paris market, is one of them. “
While all eyes will be on Paris this 2024, I don't think this will automatically result in higher prices. Instead, it may stabilize the city's real estate market more. For example, the western side of Paris is usually more in-demand. But thanks to the Paris Olympics, the eastern side is getting a lot more attention nowadays,” said Lecuyer.
A Lot of New Property Purchases
Whether the number of people buying properties in Paris for the 2024 Summer Olympics will rise remains to be seen. As previously reported by The Connexion, real estate market trends predict that the prices will go even higher but the sales might still be low in 2023. And since many tourists will just be renting apartments during their stay, there might not be many purchases come 2024. With that said, however, some experts also predict—and even warn against—that plenty of people might buy luxury apartments in Paris just to rent them out during the Olympics.
A Boost in Infrastructure in Paris
Now, this is something that's already planned for the upcoming global sports event. The moment Paris won the bid to host the Summer Olympics in 2024, plans were made and eventually set to build all sorts of structures for the event. These include the Porte de La Chapelle Arena in the
18th arrondissement and the return of the Eiffel Tower Stadium on Champ de Mars. Not to mention the upcoming
Olympic Village that will span across the northern suburbs of Saint-Denis and Saint Ouen. And who knows? If all of these lead to a successful Paris Olympics, they might just inspire the city to plan new infrastructure projects that will change the real estate game here!
A Possibility for New Housing
Let's stay on the topic of the Olympic Village for this last point. It's not far-fetched to expect that the Olympic Village for the Paris Olympics will turn into new housing after 2024. Although this isn't always the case, it has happened before.
According to Forbes.com, the Olympic Village in London 2012 turned into a residential complex comprised of 3,000 homes. The one in Rio 2016, on the other hand, became a string of new luxury condos in the city. And since this new one in Paris will be located in the northern suburbs of the city, there's even more reason to expect that this might be a new place for people to live in.
Even before the 2024 Paris Olympics, there are already many experts analyzing how the global sports event will impact rent and real estate in Paris. You'd do well to learn all about it if you ever have plans to dip your toes in this huge market.
