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Paris property boom promised by Eurostar |
The recent arrival of the new, high-speed Euro star has caused a considerable stir. Apart from the carbon-neutral nature of the journey and the transformation of the once drab and grim-looking St Pancreas into a shiny new London terminal, the prospects of faster connections between London and Paris has raised expectations of a boom in French property.
Already the possibilities have been noted, with the Daily Telegraph reporting earlier this month that there was a likelihood of more Britons looking to buy in France. Financial services company HIFX said there had been a 17 per cent increase in enquiries from British residents about French property between August and September, while a spokesman for French property specialists VEF, Peter Wheelton, said there had been a "particular" increase in interest.
Mr Wheelton added that some areas in northern France property had particularly favorable prices, but the better access to the French capital may have direct implications for the popularity of Paris French property in and around Paris itself.
Property and Tourism group Pierre & Vacancies certainly believe this will occur. Business development manager Roman Carel assessed the impact of Euro star by saying: "It's going to possibly increase commuting between the two cities and definitely impact the investment decision of a certain category of people."
This certain category, he suggested, would include bankers traveling between the capitals on a weekly basis, plus their wives who could enjoy shopping in Paris and their children who could be educated at a "more or less cheaper" price.
Even if this did not benefit Paris, it would probably do so in the hinterland around the city, where country houses would be the focus of second home buying. Beyond this, he added, there was the potential to hop on a second train in Paris and head for Lyon or Marseille.
However, Mr Carel stated, the chances were that the romantic and fashionable attractions of Paris would win the day.
He named the sixth, sixteenth and fourth arondissmnets in the city as the most popular, but suggested another location as the best bet: "Generally speaking, in terms of places where you still have investment opportunities in terms of price, people tend to go in the eighteenth, in Montmartre, where they shot Amelie Poulain."
The film Amelie had a similar effect on the district as Notting Hill did on the London suburb of that name, Mr Carel noted, making this now a popular place for investors.
Euro star itself is certainly on the up. A press release by the company revealed that in the third quarter of this year there had been a 3.6 per cent rise in passengers, to a total of 2.23 million. It may come as no surprise to see more and more of those heading through the Channel Tunnel doing so with property investment on their mind.About AuthorJim Barnaby is a real estate investment broker and successful property investment adviser delivering research and selected UK and overseas property investment solutions with experience in spanish properties, french property investment, German property, Cyprus holiday homes, Property in Cape Verde, German property investment, cape verde property buy to let property
Source: ArticleTrader.com
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