Olympic madness. The prices of stays in Paris are pretty wild

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According to the website Statista, which specializes in data collection, the average price for one night in Paris was the highest in June 2023 – 355 euros (about nine thousand crowns). In August, it fell to 212 euros (5,360 crowns) and rose again to 336 euros (8,500 crowns) in September. In the first month of 2024, it was at 221 euros (5,600 crowns) and in March at 243 euros (6,140 crowns). Both hotels and Airbnb are included in this statistic.

As reported by the American newspaper The New York Times (NYT), a number of hotels and rental apartments have doubled or tripled their usual summer prices. Someone even increased them to five times.

For example, a double room in the more luxurious Hotel Ducs de Bourgogne normally costs around 300 euros (about 7,600 crowns). At the end of January, however, it cost around 1,500 euros (roughly 38,000), according to the NYT. However, in the second half of March, its price in the period from July 27 to 28 reached “only” 21,000 Czech crowns. Two weeks before, however, the price is half.

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Economy

An averagely equipped Ibis hotel usually costs from 90 to 200 euros (2274 crowns to 5053 crowns). But in January of this year, according to the NYT, it cost from 400 to 700 euros (10,108 to 17,689 crowns). The price of Ibis hotels at the end of March in the period from July 27 to 28 ranges from 8.5 to 12 thousand crowns. Similar to the aforementioned more luxurious hotel, the price two weeks earlier ranges from three to five thousand.

However, the NYT points out that this is a craze well in advance of the Games. When the Olympics are approaching, we can expect some prices to drop. Because people will start to realize that the games are coming, so they would rather rent the property for a smaller amount than have an empty apartment. At the same time, hotels will free up more rooms for sale, which could potentially reduce the price in the entire city and its surroundings if the offer is higher.

Impact on the real estate market

Citing a report by real estate platform SeLonger, Politico said the upcoming Paris Olympics have a significant impact on the rental market overall. Many landlords will put their apartments and houses on Airbnb or similar services and then not put the empty properties on the market again, preferring to profit from them through short-term rentals, even if they previously provided them for rent.

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Europe

SeLonger said that over the past three years, the number of real estate offers in Paris has fallen by 74 percent and nationally by 36 percent, a trend attributed not only to the Olympics, but also to rent controls and high interest rates that are limiting investment.

Discussion of Parisians

The newspaper Le Monde reported that a large number of Parisians will leave their homes in the summer. He also went to the streets of the Paris suburb of Stade de France, where he asked local residents about the situation regarding real estate and the Olympic Games.

Some have said they welcome the Olympics as a windfall, but others see the two-week sports holiday as hell and renting out their property as a way out.

“It will pay for our vacation,” said one of the panelists. “I plan to use it to pay for a new boiler,” said another.

However, the French paper reported that many of those who choose to rent out their apartment on Airbnb hate the service for the rest of the year, and when asked why one night in their property costs as much as it does, they say that they I was told that this is the normal price.

The Olympic Games in Paris will be held this year from July 26 to August 11. Up to 16 million people are expected to visit the French capital.

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The article is in Czech

Tags: Olympic madness prices stays Paris pretty wild

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