France: urban ‘mega-project’ begins

One of France’s oldest cities is on the verge of undergoing a major transformation…

One of the world's largest urban renewal projects is about to begin in the historic city of Marseille, which is great news for a city that has fallen behind the rest of the country in the property investment stakes.

Due for completion in 2012, the Euro Mediterranean Project should Change all this as it revamps the city's image and hopefully boosts its popularity with developers and investors alike.

In total, 310 hectares of land are being reworked, with development being centred on a zone between the city Centre, the port and the TGV train station. This scheme has been declared an "Operation d'Interet National", singling it out as being of interest to the whole country and giving it special legal status.

Isabelle Viatte French estate agent Emile Garcin, commented: “Although the scheme still has another four years to run, real estate investors are already being lured to the city, which boasts the prospect of a high return on property.

"Marseilles has changed. It has a new, more seductive identity and many people now want to come and live here. The demand for exceptional properties between €2 million and €5 million is so strong that I can't find enough luxury homes with sea views, gardens or terraces to satisfy it."