Paris accommodation prices to skyrocket ahead of Olympic Games

Paris accommodation prices to skyrocket ahead of Olympic Games
Credit: Yann Caradec / Wikimedia Commons

Although the 2024 Paris Olympic and Paralympic Games are still a year away, property owners are already planning to hike up prices ahead of the festivities.

Overnight stays in the French capital are predicted to increase by 80%, as shown in a study cited by Franceinfo. Some rental companies and Airbnb hosts say they will charge as much as triple the current price, RTBF.

The 2024 Olympic Games are expected to draw millions of spectators to the city. Even more people will be able to watch the opening ceremony on 26 July next year as it will take place on the Seine and be visible from the street.

With a fleet of 30,000 volunteers, the French government has taken extreme measures to find housing for them and other staff. Over 3,000 students living in state-sponsored, affordable dorms will be evacuated for the summer of 2024 to make room for Olympic personnel.

The umbrella organisation of student organisation for the Île-de-France region (the COEF) reported that students were told they could keep their housing if they volunteered at the Olympics, but were offered no other guarantee of relocation.

€25,000 per week

Parisians plan to take advantage of the massive inflow of people. One in five residents of the Île-de-France region is expected to put their property up on a rental platform for the first time next summer. One host told RBTF that he is considering putting up his main residence on Airbnb next summer for up to €700 per night.

Luxury rental prices will also increase for the world's biggest sporting event and two thirds of high-end hotel rooms in the city have already been booked up for July and August 2024, RTBF reports.

Luxury rentals are popular with Olympic delegations, who may have to spend upwards of €25,000 per week for a three-room apartment in the city centre.

Caption translation: Transferring unhoused people before the 2024 Olympic Games: what do those affected think? "My whole life is in Paris. Alright, I don't have a roof over my head, but my social services and requests for housing are here."

In response to the accommodation crunch, the French government is planning to move unhoused people out of the city ahead of the Games and is asking regional towns to set up "temporary accommodation facilities" for them, reports Le Monde.

Paris has limited regulations regarding platform rentals and authorities are unlikely to intervene on the sharp price rise. Owners cannot rent out their principal residence on Airbnb for more than 120 days a year, but there is no price cap on the rentals.

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"Paris cannot regulate the price of tourist rentals, " Deputy Mayor for Housing, Ian Brossat told FranceTV last week.

Brossat said that the city is focusing on placing restrictions on neighbourhoods affected by over-tourism.  "We are going to completely prohibit the creation of new tourist accommodation in a number of areas, such as Le Marais or Montmartre."

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