Letter From Paris: The Olympic Renaissance of the Champs-Elysées – The Property Chronicle
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Letter From Paris: The Olympic Renaissance of the Champs-Elysées

Investor's Notebook

There is a mythical dimension to the avenue des Champs-Elysées (“The Elysian Fields”) known, proudly, by French people as la plus belle avenue du monde. This August, two Greek myths, Olympism and Elysium unite, briefly, in Paris. According to the International Olympic Committee Charter, “Olympism” is “a philosophy of life, exalting and combining in a balanced whole the qualities of body, will and mind” whilst Elysium has “beautiful fields of light and air where the favoured of Zeus maintain perfect happiness”. With less than four months until the 2024 Jeux Olympiques (JO), public and private stakeholders are now applying finishing touches to the mythical Champs-Elysées showcase.

The foundations of the avenue’s claim to world-class beauty are its perfect proportions. The length, breadth and slope create a grand architectural vista, bookended by the iconic Arc de Triomphe and Place de la Concorde. Officially designated in 2012 as a ZTI or “Zone Touristique Internationale”, the shops of the Champs-Elysées are permitted to stay open both seven days a week and late in the evenings, creating a huge pedestrian footfall, particularly on the even-numbered “sunny side”. Few Parisians, however, currently choose to visit “Les Champs”, unless it is to celebrate or to protest. Excluding those locals who work nearby, international visitors might make up 90% of the avenue’s daily footfall – which can peak at over half a million people at weekends.

Between the many pedestrians on the footpaths, some 3,000 motor vehicles an hour cruise up and down the centre of the avenue. Ten lanes of stop/start traffic create both noise and pollution. The air on the boulevard périphérique is currently cleaner than the Elysian Fields of Paris. The automobile has been a definite feature of the Champs-Elysées. Once, all major French motoring brands displayed their best products in prominent showrooms but now only L’Atelier Renault remains. In the green revolution of Paris Mayor Anne Hidalgo, the days of the ten-lane urban highway are also numbered.






Investor's Notebook

About Andy Watson

Andy Watson

Andy Watson is a Partner at Europa Capital, based in Paris. He is also the author of A Thousand Days in Berlin – Tales of Property Pioneering (2017).

Articles by Andy Watson

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