Real estate: Greater Paris, an opportunity to seize?

The Greater Paris metropolis includes the Capital and 131 municipalities that will host the 68 stations of the Grand Paris Express. Currently, metros and RER form a star-shaped network of which Paris is the centre. Gradually, between 2024 and 2030, the Grand Paris Express will complete the current system with the construction of four new metro lines bearing the numbers 15, 16, 17 and 18 which will surround Paris. Line 14 will also be extended north of the capital and south to Orly airport.

Line 15, which will form a loop all around Paris, crossing the bordering departments of Seine-Saint-Denis, Val-de-Marne and Hauts-de-Seine and passing through Seine-et-Marne. With work started in 2017 for completion scheduled for 2025 for the southern part which connects Boulogne-Billancourt to Noisy-le-Grand and in 2030 for the rest, the future line 15 will allow 22 million inhabitants to travel more quickly. in the Ile-de-France region. It is this prospect that is felt on the real estate prices of the municipalities served by this future metro line, according to estimates by the new real estate agency Hosman.

Prices are rising as work nears completion

Not all of line 15 will be put into service at once. It is the southern axis which connects Boulogne-Billancourt (Pont de Sèvres) to Noisy-le-Grand (Noisy-Champs) which must be finished first, in 2025. The prices of real estate on this route have increased by 21% since work began in 2017, according to Hosman. On this section of line 15, it will only take 9 minutes to connect the Issy RER station to Arcueil-Cachan, compared to 46 minutes currently and Villejuif Institut Gustave-Roussy will only be 18 minutes from Champigny center, against 1h07 currently.

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Then it will be the West axis between Saint-Denis (Pleyel, Stade-de-France) and La Défense which will be put into service in 2030. This part of line 15 has seen its prices increase by 21% on the since 2017, according to Hosman. As for the eastern axis, between the city of Saint-Denis and Champigny-sur-Marne, which should not be finished before 2030, the price increase is around 16%.

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In the Val-de-Marne, Saint-Maur-des-Fossés marks the strongest increase with + 42.29% to settle at an average price of 6,616 euros per m2, in the first half of 2021. Cachan hot on its heels with +35.18% for an average price per square meter of €5,435.

In Hauts-de-Seine, Montrouge proudly posted +40.80% and 8,357 euros per square meter in the 1^st half of 2021, behind Issy-les-Moulineaux at 8,602 euros per m2 and Boulogne-Billancourt which exceeds 10,000 euros per m2.

In Seine-Saint-Denis, prices are rising but in a more measured way. The prices of the cities of the 93 soon to be served by line 15 have increased by 13.63%, on average. Aubervilliers, which will be served at the Mairie d'Aubervilliers and Fort d'Aubervilliers stations, has shown an increase of 31% in 4 and a half years. Eventually, it will only take 17 minutes to connect the town hall of Aubervilliers to La Défense, compared to 39 minutes currently and Champigny Cantre will only be 5 minutes from Val de Fontenay, compared to 27 minutes previously.

5 cities for a rental investment

Buying to rent can prove to be a winning bet by investing in medium-sized cities with a student center and located on the route of line 15, advises Masteos, turnkey rental investment proptech. It identifies Aubervilliers (93), Courbevoie / La Défense (92), Créteil (94) and Saint-Denis (93), as municipalities conducive to investment in both studios and larger apartments intended for shared accommodation.

Notaries more cautious about the Grand Paris effect

Grand Paris notaries believe that the Grand Paris Express, all lines combined (14, 15, 16, 17 and 18) should to date, no impact on the price of existing housing. To reach this conclusion, the price per square meter of old apartments located less than 800 m from the nearest Grand Paris Express station and that of accommodation located between 800 meters and 1.5 km from a station are calculated. . In both cases, the price evolution curve follows the same trajectory.

It is also interesting to compare the evolution of real estate prices on the route of the new Greater Paris lines, with that of prices in Paris intra muros since 2017. Between the 1^{st quarter of 2017 and the 2th quarter of 2021, Paris saw its price per square meter increase by around 26% (price per m² of old apartments underlying the Notaires-INSEE indices). This increase should be put into perspective with that of the prices of the cities served by line 15.}