Many Parisian homeowners have put their properties on the short-term rental market for the duration of the Olympics. Prices are well above average. In some cases, they reach three or four times the market price. However, the demand is minimal, report local brokers and add that the owners' plans for high profits are unlikely to be realized.
As the opening of the sports event approaches, some of the owners of luxury properties are reducing the offered rent levels just to attract customers. ""The supply is available, but the demand is not as great as we expected", says Omap Menipi, head of the rental department of the real estate company Engel and Völkers.
A luxury apartment with an area of over 100 sq.m can currently be rented at a price of 10,000 EUR per week. A few months ago, EUR 20,000 was asked for the same property.
As of mid-April, nearly 70% of available four- and five-room properties in Paris were on the market, according to data from short-term rental platform AіrDNA. Their average price per night is 1100 EUR, which is nearly 35% above the market price.
It is possible to observe cancellation of reservations, in case people see a better price offer and decide to prefer it to the one already made.