A Classic City Reinvented
Ah, Paree. The architecture, the museums, the galleries, the property investment opportunities. With Europe's highest density of cultural attractions, it's no surprise that the French capital consistently ranks as Europe's number one cultural destination. A sense of sophisticated heritage lingers on almost every street corner, and as of the latest PATRIZIA index, Paris remains at the top of the list.
Paris is in the midst of a transformation. What started over a decade ago as the ambitious vision for a Métropole du Grand Paris – Greater Paris Metropolis – is now materializing. This initiative represents the most significant urban renewal since the 19th century when Baron Haussmann's iconic boulevards, squares, and parks shaped the Paris we know today.
The primary goal is to better connect the densely populated centre – the most crowded area in Europe – with its surrounding suburbs, creating a more liveable and sustainable city. The centrepiece of this transformation is the Grand Paris Express, Europe's largest transport project, which will significantly extend the metro network into Paris' suburbs, including areas like La Défense, Gennevilliers and Saint-Denis.
These neighbourhoods, particularly Saint-Denis, have seen extensive regeneration, especially in the lead up to the 2024 Olympics. Meanwhile, the Seine underwent cleanup efforts to make it swimmable, and the 54-hectare area around the Eiffel Tower is slated to become a vast green space, making it more accessible to pedestrians and reducing the dominance of vehicles.
Mayor Anne Hidalgo, a strong advocate for social inclusion, innovation, and environmental protection, continues to steer these efforts. Her vision is to create a cleaner, more modern, and walkable city – while ensuring Paris retains its cultural charm. "Paris will still be Paris," she affirms, "but it will evolve in harmony with the needs of our time."
Paris today is healthier and more liveable and serves as a model for other cities envisioning their future. Diane Hoskins, Global Chair of the Urban Land Institute, notes, "Paris has redefined what's possible for urban living, with improvements in mobility, air quality, public spaces, and housing. The city's commitment to affordable housing—25 per cent of all housing—and reducing carbon emissions by 40 per cent in the last decade sets a new standard for urban sustainability."
Furthermore, the city's collaboration with its communities and residents has made the dream of a walkable, cyclable, climate-resilient, and equitable Paris a reality.
The success of the Paris Olympic Games demonstrated the strength and power of France at its best. France gave the world the spectacle of a warm, well-organised, creative country that knows how to promote its champions and rejoice in the successes of all. And staging the Olympic Games in the heart of Paris has also enabled to showcase its monuments, sites, river and infrastructure.
Paris stands as a powerhouse in Europe's commercial property market, driven by its diverse economic foundation that spans from robust industrial sectors to cutting-edge tech enterprises. With more than 55 million square meters of office space and numerous thriving business districts, the Paris region has solidified its position as Europe's premier office market. Additionally, its unparalleled appeal as a tourist destination reinforces its dominance in the global luxury retail and hospitality sectors.
Jerome Delaunay, Head of Asset Management South West Europe, PATRIZIA
PATRIZIA City Snapshot
2
Paris’s Market Fundamentals Ranking
A mere 2.2 million citizens live within Paris’s city limits. However, the population of the Paris region is estimated to be around 12.2 million. This compares with the 65 million who live in France as a whole. Like many major cities, a high cost of living means Paris’s old-age-dependency ratio is low (11.6%), according to the National Institute of Statistics and Economic Studies (Insee).
Interesting City Facts
