EDITOR'S COMMENT
The eyes of the world will be on France and Paris for the next few weeks as the city hosts the 2024 Summer Olympics [and the Paralympics]. The Games are the pinnacle of sport, bringing together elite athletes in one place to compete for medals and cement their places in history. However, as sports fans are eager to settle down and watch historic medal-winning moments, there are plenty of concerns around the Games' impact on incoming tourist levels and on the city's short-term rental industry.
The location of the Games in Paris is somewhat ironic after the city was awarded the rights to host the 2024 Olympics + Paralympics back in 2017. Since then, Airbnb has partnered with the International Olympic & Paralympic Committees until at least 2028, meaning that its logo will be displayed across the venues, guests will be able to take part in Experiences with some athletes, and the platform can promote its 'Become a Host' programme to encourage Parisian homeowners to list their properties and earn revenue. This puts Paris Mayor Anne Hidalgo in a predicament, given that she has previously called for a referendum on Airbnb's operations in the capital, and further tax and pricing regulations are on the way across France.
There are also concerns over the amount of supply yet to be booked. After Airbnb CEO Brian Chesky called for Parisians to list on the platform, it led to a surge in supply in property supply in an already saturated market, which has led to a dip in average occupancy rates during the Games and skyrocketing prices in the city centre, which only deterred tourists.
Pre-event anxiety is far from uncommon, as seen by previous Olympics and World Cups, but the hope is that the sporting drama will now take centre stage and the Games will leave a positive and sustainable legacy for Paris and its bustling tourism industry.
A big thank you to Marie Pistinier [SPLM], Vasilije Budimlija [OptiRental], Raphael Oren [GuestReady / RentalReady] and Key Data for contributing to this piece, which can be viewed here. If you enjoyed this content, make sure to also check out our first video explainer piece on the potential holiday rental ban in Barcelona - watch it now at this link.
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