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What has happened? According to a study by Deloitte commissioned by Airbnb and published in April 2023, rental prices in the Île-de-France region (Paris) will increase by 85% during the 2024 Olympic Games. And tourists are ready to pay the price.
Details. According to the Paris Tourism Office, 11.3 million travelers are expected to visit France for the Olympic Games 2024.
Quote. “More than half a million visitors are expected to stay at an Airbnb for the duration of the Olympic and Paralympic Games,” says Emmanuel Marill, director of Airbnb France.
Numbers. According to research by Deloitte, Airbnb's total economic impact on France during the Olympic Games is expected to exceed €1 billion, including revenue from hosts, profits for the hospitality industry and local businesses, as well as indirect effects on various sectors of the economy. In addition, €70 million in tax revenue are expected to be returned to municipalities and tax authorities.
Problems. Major French cities such as Marseille, Bordeaux and especially Paris often blame platforms like Airbnb for exacerbating housing shortages and increasing the costs of rentals for locals.
France has already imposed a limit of 120 days per year for short-term rental properties. But some municipalities are choosing to regulate further. Brittany’s Saint-Malo, for example, France’s 2019 champion of short-term rentals, has imposed strict neighborhood quotas.
In June, French Finance Minister Bruno Le Maire announced that the ministry was working to close tax loopholes that benefit short-term rental companies like Airbnb. The ministry does not yet know if the reform will be included in the 2024 budget, a change that would likely affect Airbnb's economic outlook for the Olympics.
Source: France 24
Photo by Marloes Hilckmann on Unsplash
