Accommodation prices in Paris during this summer’s Olympic Games have fallen due to the sheer number of rentals and hotel rooms on offer, according to experts.
A study by insurance comparison site Réassurez-moi in April found prices of overnight stays near the Olympic sites have plummeted in recent months.
One year before the Olympics, the average price of a night in Paris and its suburbs was €1,023. Nine months later the average was €436, a drop of 57%, reported TF1.
Réassurez-moi checked the price of house and apartment rentals for a family of four during the two-week period of the Games – July 26 to August 11.
Oversupply
The main reason prices have slumped is simple – supply is by far outstripping demand.
Some 145,000 homes have been listed on Airbnb compared to 65,000 in the summer of 2023, according to Le Monde.
Many potential visitors have also yet to book their accommodation, preferring to wait and see if prices dip even more the closer it gets to the Olympics.
Many of the expected visitors to Paris are French people, who may not need to book accommodation.
“Among the 16 million visitors expected, many are French who will be staying with friends or family,” Joffrey Ichbia, co-founder of concierge service Checkmyguest, told Le Monde.
Ad
Half of French visitors have yet to reserve their accommodation according to estimates by FranceInfo.
It is not only apartment rentals which have not yet been snapped up.
Hotel occupancy rates were around 65-70% at the end of May, leaving plenty of options for those who have yet to book.
