Paris City Hall has revealed major plans for the 17th arrondissement in the northwest of the city, particularly the Batignolles-Epinettes section. While the Rome, Villiers, and Monceau quarters have long attracted well-to-do families, it's the blue-collar section to the north that's likely to see the most appreciation in the next five years, according to analysts.
Formerly a solid industrial sector with factories and workshops, Batignolles is primed to get a massive facelift. The first phase of a major new park is already finished, and other projects in the seven-hectare site include the covering over of the freight train lines and the construction of a new school, crèche, offices, shops, and houses as well as improving links with the centre of Paris.
Delivery is expected in 2010, but prices are already starting to rise in Batignolles and the surrounding districts.
'Paris has always been considered a long-term, low risk investment but a shortage of reasonably priced property has put many investors off,' said James Riddington, who has set up a new agency aimed at finding the next hot spots for investors in the city.
With more than 80 million tourists attracted to the City every year the rental sector can only grow, he believes. 'I predict good growth in the numbers of visitors seeking apartments to rent. And whatever happens globally, Paris, like London, will hold its value,' he added.
Another district predicted to rise in value is the area around the Canal St. Martin in the 10th arrondissement, southeast of the Gare de l'Est. Improvements to Boulevard Magenta have made access by bus and car easier, and the cycle paths along the canal are popular.
Appreciation has grown 100% over the past five years and roads like the Rue des Vinaigriers and its immediate surroundings are now regarded as chic with repainted facades, design agencies and boutiques replacing the kebab bars and dilapidated buildings.