The Big Deal of the Big Plan: The Métropole du Grand Paris
French Property Insider Volume XIII, Issue 41 Thursday, October 15, 2015 • Paris, France
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Bonjour French Property Insider Subscriber,
Yes, it’s true. Paris is going to get three times more populated and four times geographically larger. It’s all part of the new expansion plan initiated by former French President Nicolas Sarkozy and voted earlier this year to incorporate its suburbs into a larger, more comprehensive city. The new Grand Paris will include the three departments of the inner suburbs: Hauts-de-Seine, Seine-Saint-Denis and Val-de-Marne as of January 1st, 2016. And yes, this is a big deal.
1860 ParisParis hasn’t had an expansion since 1860 when the current boundaries were fixed within the 19th-century walls or “Intra-Euros.” Two and a quarter million people reside within those ‘walls’ while another 12 million live in the ‘burbs’ or in one of the seven “départements.” Politically the plan is designed to decentralize the city and create a more unified strategic thinking. One can expect a lot more social housing construction (about 70,000 new homes a year to total 1.5 million by 2030) and a wider transit system with new lines connecting the outer districts without having to pass via central Paris. Yes, this is a big deal.
An Expanded Paris
Meanwhile, political sentiments are not necessarily in favor. New governing bodies will be appointed, not elected, not until at least 2020. The Grand Paris plan is being argued as anti-democratic and its ruling body a technocratic monster." Architect, Jean Novel, has been highly critical of the plan as well as the past Socialist Party mayor of Paris, Bertrand Delanoë, and the Green Party led by Cécile Duflot.
As property prices have risen, more and more Parisians have moved to the burbs for a more affordable lifestyle, not so dissimilar from New Yorkers who now live in the boroughs rather than Manhattan where property prices have continued to rise. My observation and prediction is that this new plan is likely to increase the value of the current Paris suburbs as the infrastructure, such as the transit system and the governing bodies, are firmly in place. As that happens, so will the increase in value of central Paris, just like Manhattan where the boroughs have also increased in value as a result. In addition, if the current housing shortage is relieved as a result of the new construction, then perhaps the pressure on short-term rentals will be eased and that will further contribute to the growth of values in central Paris.
Revenus Paris et Petite Couronne
The point is, the sooner you’re in the market to own in central Paris, the greater your potential appreciation. Get a bargain in one of the outer districts within the “périphérique” (for example, districts 9 through 20) and watch it grow substantially over the next 10 years.
P.S.Next week and the following week, you will find me 'holed up' in my apartment in Nice ("Le Matisse") exclusively writing the first few chapters of the first of what I hope will be a series of books to tell some of the stories of life in France, many of which you have been reading these past years, but with greater depth and development of characters. During these two weeks, in lieu of the usual timely French Property Insider, you will receive a couple of the best of past issues -- those that we know you enjoyed and might enjoy reading again! (Hope you don't mind!) Note: "Le Matisse" is available or rent when I'm not there -- so inquire now about our Winter low season discount! email@example.com
P.P.S. In case you might have missed it, take a few moments to read this Q&A article with me on the GlassCeiling.com.
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