New affordable housing in the Paris Olympic Village
France will host the Olympic Games in the summer of 2024. The country has carefully prepared for the event, building facilities for accommodation and competitions. Once the Games are over, the authorities have announced that the Olympic Village will become affordable housing for citizens.
It is worth noting that the first Olympic Village appeared in Paris more than 100 years ago. At that time, the organisers tried to put all the participants in one place to facilitate communication. However, the housing was as basic as possible and dismantled at the end of the Games. In 2024, the concept and approach have changed dramatically. France approached the event’s organisation most practically and sustainably possible.
The design of the village initially had a view of its future use. All the sites were built to convert them into affordable housing. Work to convert the facilities began immediately after the Paralympic Games. This includes:
– the redevelopment of 82 of the village’s facilities into office space;
– offices will make a comfortable place for 6,000 employees to work;
– part of the buildings will become flats for 6 thousand people to live in.
The construction of the Olympic Village served two important purposes. On the one hand, it provided comfortable accommodation for athletes and staff. On the other hand, constructing these facilities will help solve the housing crisis in Paris.
Affordable property market problems
The French property market prices have been rising steadily for a long time. This has made local property less affordable for buyers. Rising interest rates and inflation have aggravated the situation by increasing the cost of property. The problem is particularly acute in the capital, where supply is limited. As a result, the number of homes available for sale and rent has fallen significantly. In addition, the demand for property continues to grow. For example, about 76 people can claim to rent a small apartment in a remote area of Paris.
The choice of the site for the Olympic Village was with a view to its future use. It should help revitalise unpopular areas of the capital. We are talking about the suburbs to the north of Paris. The village is at the crossroads of three of them:
1. Saint-Denis, historically home to the working class, is famous for its high crime rate.
2. Saint-Quinn, which has actively developed in recent years, is another area with similar problems.
3. Ile Saint-Denis is a suburb with good development potential.
Notably, the largest number of new affordable homes is in Ile-Saint-Denis. Of all the buildings constructed for the village, 48% will be for housing.
There is no precise timeframe for the delivery of these sites, but regeneration work is already underway.