French mortgage news – French property rates helped by Sarkozy’s 35bn Euro plan
President Sarkozy’s plan to redevelop Paris could help French property rates as the plans aim to help boost the economy and kick start the property market. Set to start in 2012, the 35bn euro investment to make a ‘Greater Paris’ is aimed at regenerating France’s capital and improving transport links between Paris and the rest of France.
In a speech made while launching an exhibition of ten architects visions for a “Grand Paris”, Sarkozy said the recession can only be beaten by “grand projects” which his ten year project certainly seems to be. Hoping to create 1,000,000 jobs in the Paris area and building more than 70,000 homes a year, the plan aims to create a single, polycentric, dynamic and greener “Paris for the 21st century” to rival England’s plans for a greater London.
Paris’s poor transport links and political and economic barriers between its centre and suburbs have been blamed for the deprivation and alienation that fuelled the 2005 suburban riots. British architect Richard Rogers says he knows “of no other large city in which the heart is so detached from the limbs”.
Transport links to help French property rates
Plans to extend current metro underground services and add a 140km line around the centre are therefore hoped to reconnect the city with its surrounding area and ease congestion-clogged and inefficient transport links.
International travel is also set to be boosted. Plans for a new high speed train service to be created between Roissy airport and the centre of Paris as well as other faster links between Charles de Gaulle airport and the city centre are hoped to encourage tourism and business travel. Rail links between the capital and the rest of Europe are also to be improved with new rail services between Paris and Le Havre in northern France.
New tourist attractions are also planned with ideas for new monuments to rival the Eiffel tower and the Arc de Triomphe to be placed outside of the city centre to help boost Paris’ suburbs and make for a larger and more dynamic capital.
French property rates likely to soar around Paris
This rejuvenation scheme is therefore likely to encourage foreign interest in France with better transport links making access to the capital from other parts of France and the rest of Europe easier and quicker. The French property market will certainly benefit from this redevelopment work and will likely cause house prices around the Paris area to soar once the plans are complete.
If you are interested in gaining a French mortgage in Paris or any other part of France then Conti can help you. Call the Conti advisors today for help and advice on French property rates.
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