Athletes’ village versus media village. Who wins between the village that welcomed the athletes and the one that welcomed more than 1,500 journalists during the Olympic Games? The match is on. Both are located in Seine-Saint-Denis but sales are picking up more quickly for the media village. The athletes’ village, after a sluggish start, experienced a revival.
Of the 770 homes put up for sale, only half are marketed. Last August, of the 88 accommodations marketed by Icade, 52 were reserved, or around 60%. The Dugny media village saw its sales take off much more quickly. It has exceeded the 80% sales threshold. There are only approximately 30 homes left for sale. Sogeprom, the real estate development subsidiary of Société Générale, which is leading the transformation work, plans to deliver 600 other apartments in the first quarter of 2025. How can this gap between the two villages be explained?
A difference of 2000 euros per square meter
Price is one of the determining factors. There is at least a 2,000 euro difference per square meter between the accommodation in the athletes’ village and that in the media village. We are more around 3,600 euros to 4,400 euros per m² on average for accommodation located within the media village and around 6,000 euros for the athletes’ village. “The accommodations offer high quality construction, in terms of architecture, design and outdoor spaces with prices that remain accessible for this location in Seine-Saint-Denis, which attracts a local clientele.», explains to Figaro Eric Groven, president of Sogeprom.
«In addition to the location, we can afford these prices thanks to a VAT reduced to 5.5% (Editor’s note instead of the usual 20%) on the entire district, because it is located in an urban renewal zone.», assures Arnaud Moisan, deputy general director of the Amétis group, Echoes . Of the 146 housing units offered by Sogeprom (from studios to five-room apartments), there remain 25 in stock eligible for 5.5% VAT, which reflects the good marketing dynamic of this program. The athletes’ village also offers reduced VAT but only on a portion and not on the entire lot. For example, a two-room apartment of 41 square meters in Dugny, within the media village, is offered at a price of 185,053 euros (or approximately 4,500 euros per square meter). While on the Mundo program, marketed by Icade, prices start at 334,400 euros for housing sold with 20% VAT.
Faster delivery to the media village
Another key point, location. Certainly, the two villages belong to the same department but Dugny is a green town. The media village is located near the Georges Valbon departmental park. “Local customers are also attracted by the quality of the site, particularly in terms of green spaces, and its public transport services in Greater Paris.“, says Eric Groven. The delivery date of the accommodation also weighs in the balance. The athletes’ village must undergo a more extensive reconversion, with the athletes’ rooms having to be transformed into real family accommodation. A step that will require another year of work. The rooms did not include a kitchen, in particular because the athletes had access to a giant restaurant. The housing in the media village was designed from the outset as family housing and only requires renovation. The work is scheduled to end around the first quarter of 2025.
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