"200 Million Won for One Night at a Paris Hotel"… France Passes Olympic Costs onto Tourists

Accommodation Rates Increased Up to 5 Times Higher Than Usual During Summer Season

With the 2024 Paris Olympics set to open on July 26, reports from foreign media indicate that accommodation prices in central Paris are soaring, reaching up to five times the usual summer rates.

[Photo by 2024 Paris Olympic Organizing Committee official website]

The New York Times (NYT) reported on the 25th (local time) that as the 2024 Paris Olympics will be held along the Seine River, "many hotels and rental apartments in central Paris have raised their usual summer accommodation rates by two to three times, with some increasing up to five times."

For example, a luxury hotel near the Pont Neuf bridge in central Paris typically charged around 300 euros (approximately 430,000 KRW) per night for a double room during summer, but now it is being sold at about five times that price, 1,500 euros (2,170,000 KRW). Additionally, the economy hotel brand 'Ibis Hotel' has set the price for a basic double room including Wi-Fi and breakfast at 400 to 700 euros (approximately 580,000 to 1,010,000 KRW), which is about four times the previous rate of 90 to 200 euros.

The average Airbnb nightly rate during the Olympics has also surpassed 500 euros (approximately 720,000 KRW). Some Paris residents are reportedly planning to rent out their apartments at peak prices through Airbnb or similar platforms during the Olympics and temporarily leave Paris to stay elsewhere.

The increase in accommodation prices in Paris is analyzed to be due to insufficient infrastructure compared to demand. The number of visitors expected during the Olympics is 15 million, while the current number of hotel rooms in Paris is only about 85,000, allowing Paris hotels to enjoy an exceptional surge in demand.

The NYT reported that French consumer groups have criticized the price hikes by businesses, warning of the risk of holding the Olympics at unaffordable prices.

The French government is also reportedly planning to strengthen inspections on hotel and apartment rental fees. Olivia Gr?goire, French Minister of Tourism, told the NYT, "It is important that French and foreign tourists receive value equivalent to the money they spend."

Meanwhile, ahead of the 2024 Paris Olympics, entrance fees to famous French tourist sites such as the Louvre Museum and the Palace of Versailles have been raised consecutively. Since January this year, the Louvre Museum in Paris increased its admission fee from 17 euros (about 24,000 KRW) to 22 euros (about 31,000 KRW), and the Palace of Versailles raised its fee from 19.5 euros (27,000 KRW) to 21 euros (29,000 KRW). Additionally, the Paris city government announced plans to temporarily double subway ticket prices during the Olympics. Some critics have raised concerns that France may be passing various Olympic-related costs onto foreign tourists.