One-night stay fee dropped by 700,000 won... Facing a price shock after going to Paris

New Airbnb Listings Increase Ahead of the Olympic Period

This summer, during the Paris Olympics, the average hotel room price in Paris is reported to be around 700,000 KRW per night.

On the 15th (local time), the French daily Le Monde cited statistics from the Paris Tourism Office, reporting that as of early February, the average nightly rate in central Paris during the Olympic period is 522 euros (approximately 740,000 KRW). This marks a sharp drop of about 300,000 KRW from the average of 759 euros (1,080,000 KRW) recorded in September last year. Fr?d?ric Ocar, Deputy Mayor in charge of tourism for Paris, said, "We told hotel operators not to raise prices too much because people would look for alternatives like Airbnb," adding, "The law of supply and demand worked, and prices came down. This is welcome news."

[Image source=Pixabay]

The decrease in hotel prices is also influenced by some rooms initially reserved by sports federations being canceled in January, increasing supply somewhat. Fabienne Ardouin, Vice President of the French Hotel and Restaurant Association (GHR), said, "The more rooms there are, the lower the prices go."

However, compared to the average room rate of 202 euros (about 280,000 KRW) in Paris in July last year, 522 euros is considered excessively high. It is also more expensive than accommodation rates during major events like Fashion Week or the Paris Air Show, which attract large numbers of outside visitors.

In particular, a 3-star hotel in Paris’s 9th arrondissement listed on the accommodation booking platform Booking.com shows a minimum nightly rate of 350 euros (about 500,000 KRW), which is double the usual price. Industry experts recommend contacting hotels directly to make reservations rather than using booking platforms to avoid inflated prices.

In preparation for the Olympic period, there has also been a significant increase in new listings on the shared accommodation platform Airbnb. The Paris Tourism Accommodation Analysis Center reported that as of the end of last year, there were 70,000 listings on Airbnb in Paris, with about 3,000 new listings applying for registration each month since September last year. This trend is expected to continue through this summer.

Hosts who have newly registered their properties on Airbnb have initially set high prices. AirDNA, a short-term rental data analysis company, revealed that the average nightly rate for newly registered accommodations during the Olympic period is 542 euros (about 770,000 KRW). This is about 1.5 times the average nightly rate of 361 euros (about 510,000 KRW) for existing accommodations that have already been booked.