Rental prices during the period of the Olympic Games, from July 26 to August 11, it melts like snow in the sun. Since February, they have fallen by 31%. This is the fourth consecutive month that the barometer readings of Lycaon Immobilier, a start-up that processes real estate data (Airbnb, Abritel, Booking, PAP…) The Parisian notice a massive drop in prices. In some districts, the drop is drastic: -21% in the 10th arrondissement in the space of just one month, -19% in the 14th, -17% in the 6th and -16% in the 11th.
“We note (editor’s note in the 6th, 8th, 10th, 11th and 14th arrondissements) a reduction of 15 to 21% in just thirty days while in the rest of Paris, half of the arrondissements suffered a reduction of prices from 10 to 14%.“, notes Stéphane Daumillare, its president, at the Parisian. Even in the districts spared so far such as the 1st and 16th, a drop in prices of 5% and 4% was recorded.
This fall does not seem to cool the owners who continue to rent their property during this period. The number of ads on platforms like Airbnb, Booking, etc. continues to explode: + 36% in the 13th arrondissement and + 14% throughout the capital. But these ads did not find takers. Travelers with deeper wallets already booked their accommodation when prices were higher and supplies more limited. Those who have not yet made a reservation for this period are waiting. Consult the plethora of existing ads and expect ads with more attractive prices. “There have never been so many properties rented on the platforms in the 1st, 2nd, 3rd, 9th and 10th arrondissements. In the 3rd, the record is 3.58%. of the park offered for short-term rental. Never seen“, assures Stéphane Daumillare.
The number of properties available for short-term rental in the capital represents 1% of the properties offered for rent. Normally, we are around 0.25% or even 0.60% during exceptional events. In Île-de-France, prices also fall but to a lesser extent: -3% in Nanterre, in Hauts-de-Seine (92), -7% in Saint-Ouen, in Seine-Saint-Denis (93). and -5% in Saint-Denis. And luxury rentals follow the same trend. In the Barnes real estate network, we admit to having received 200 rental orders for high-end prime residences for the Olympic period. But for the moment, the brand has only 10 firm reservations and about twenty files currently under discussion. “There are many requests for information, but very little concrete action at the moment, explains Benjamin Brjost, in charge of seasonal rentals for the brand. Also, on the price side, we have chosen positions like London where prices are usually multiplied by three. And I think we might have to go down to 2.5″. We are therefore far from frenzy, but all is not lost. Keeping the analogy with London, it seems that the British capital had a boom in requests 50 days before the start of the Games. So let’s wait until June 6 to see if the situation changes.