The prospect of settling in Paris and its surrounding Île de France region this summer presents a formidable challenge. The unprecedented influx of visitors for the Olympic and Paralympic Games underscores the pressing need for lodging options.

Consequently, Parisian landlords have capitalised on the surge in demand, driving rental prices skyward. For stays spanning 4 to 7 days during the summer season, the average nightly rate now hovers around 1,021 euros, as per Le Parisien-Lycaon Immo monthly barometer, which aggregates data from major platforms like Airbnb, Abritel, Booking.com, and PAP. In the luxury segment, weekly rates have skyrocketed to 112,000 euros. Despite the exorbitant costs, property owners anticipate securing tenants for approximately 30 nights during this period. This trend extends to peripheral districts such as Montreuil and temporary arrangements like shared flats.

The post-olympics implications on real estate

Similarly, numerous Parisian property owners are deferring sales until after the conclusion of the games. A study published by Masteo, a specialized turnkey real estate firm, released in September 2023 revealed their anticipation of a surge in real estate value catalysed by the event. Experts envisage a surge of 10 percent to 15% following the games.

The so-called "Olympic Effect" has left its mark on every host city. Following the 2021 Games in Tokyo, property prices surged by 22%, while London witnessed a 24% increase post-2012 Olympics, and Athens experienced a 14% rise after hosting in 2004. According to Lloyd’s Bank, the average spike amounts to approximately 17%, with London standing out with a remarkable 61% surge over a decade (although the increase cannot be all attributed to the Olympic effects, with other factors such as specific policies and foreign investments driving the market).

Tailored accommodation solutions for all

Consequently, incoming assignees bound for Paris in the ensuing months are grappling with a dire housing shortage. For those unable to defer their arrival or expand their relocation budget, we advise reallocating funds from other expenses or considering residences farther from the city center while being flexible with their preferences.

However, caution must be exercised regarding subletting, as it is prohibited in France. Authorities caution prospective tenants and landlords against engaging in unlawful subletting practices. AGS Paris offers compliant housing solutions, leveraging its expertise and extensive real estate network to expedite the search process.

The AGS team stands ready to devise tailored strategies to mitigate inconveniences for assignees bound for Paris during the Olympics, addressing housing, schooling, and immigration concerns with precision and efficiency.

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