Witnessing the aura of the Olympics in the mystic city of Paris without burning a hole in the pocket sounds like a fairytale. However, recent updates have hinted that one can now plan their Paris trip at a relatively low pocket pinch. The incredibly high cost of hotel rooms had the travelers searching for options and luckily, they got an alternative- Airbnb. Thanks to their zeal for finding a way out, listings on Airbnb have seen a steep rise.
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Such a rise in Airbnb demands has alarmed the hotel owners, who have now cut down on their prices significantly. Although the rates are still higher than the average, fans planning early can have the luxury of landing themselves with a decent stay during the Olympics without going broke.
Hotel prices witness a price drop ahead of the Paris Olympics
Fans trying to get an early booking during September 2023 were in for a shock. They were amused to find out the average cost of accommodation in Greater Paris hovering around an average of €759 per night. Much to their relief, the updated listings portrayed a much better picture as the numbers have come down significantly to €522 in early February.
Speaking about the price drop, the Deputy Mayor of Paris, Frederic Hocquard stated, “We had told hoteliers: ‘Don’t raise prices too much, because people will go elsewhere, especially to Airbnb, or they’ll figure something else out.’ The law of supply and demand has played out, and prices have dropped. It’s a pleasant surprise.” However, this was not the only reason for the recent price drop.
Another major reason touted for the decline in prices is the fact that a large number of rooms have been canceled by several sports federations. These organizations pre-booked a chunk of the beds making availability an issue. Once the cancellation was made, the supply received a major boost, resulting in the per-night cost plummeting downward. Further market research has revealed some exciting news for travelers who are waiting till the last moment to grab a deal.
Last-minute deals to steal the show in the summer
A survey conducted on the occupancy rate during the Olympics by MKG has enough room for excitement. It has been found that the hotels have only filled 62% of their total available rooms in July 2024. Echoing the sentiment reflected on the survey, VP of the GHR Hotelier’s Union, Fabienne Ardouin agreed, “The more availability we have, the more prices come down.”
Another explanation presented by Olivier Petit of In Extenso recalled the 2012 London Olympics. He said that although expensive, the hotels saw a huge drop in prices until the Opening Ceremony. A similar trend is expected to happen in Paris as well. This means that the traveling fans can now wait till the very end and grab some last-minute steals.
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Sampurna Pal