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Although spin foams arose as quantizations of the length metric degrees of freedom, the quantum configuration space is rather based on areas as more fundamental variables. This is also highlighted by the semi-classical limit of four-dimensional spin foam models, which is described by the Area Regge action. Despite its central importance to spin foams the dynamics encoded by the Area Regge action is only poorly understood, in particular in the continuum limit. We perform here a systematic investigation of the dynamics defined by the Area Regge action on a regular centrally subdivided hypercubical lattice. This choice of lattice avoids many problems of the non-subdivided hypercubical lattice, for which the Area Regge action is singular. The regularity of the lattice allows to extract the continuum limit and its corrections, order by order in the lattice constant. We show that, contrary to widespread expectations which arose from the so-called flatness problem of spin foams, the continuum limit of the Area Regge action does describe to leading order the same graviton dynamics as general relativity. The next-to-leading order correction to the effective action for the length metric is of second order in the lattice constant, and is given by a quadratic term in the Weyl curvature tensor. This correction can be understood to originate from an underlying dynamics of area metrics. This suggests that the continuum limit of spin foam dynamics does lead to massless gravitons, and that the leading order quantum corrections can be understood to emerge from a generalization of the configuration space from length to area metrics.