Luxury real estate is also getting in tune with the Olympics

“There was a first small burst of reservations in mid-December which stopped quite quickly,” says Richard Tzipine, managing director of Barnes, a network of luxury real estate agencies.

“Today reservations are still rare. We expect this to start in the coming weeks, it seems to align with what London experienced twelve years ago, reservations which start relatively late,” continues the manager. He thinks demand will take off “in the next two months”.

On the offer side, like on Airbnb where many Parisians have rented their apartments at often high prices, the wealthiest have turned to Barnes, thinking "they can do exceptional deals", says Richard Tzipine.

“We refuse apartments every week which are very good but we wish to limit ourselves in order to be able to offer a very high level of service”, by selecting approximately 200 mandates which concern “large apartments, with three bedrooms, magnificent, 150 meters square at least (with a few exceptions), private mansions, houses...", he explains.

“These are the main residences of people who say they are going to settle in their second home for two summer months. They know that there will be a very strong selection for the clientele who will come to settle in and a vigilance in all respects (on the part of the mandated agency) to preserve the apartment in its integrity", he assures.

A price 2,5 to 3,5 times higher

In the luxury category of the Airbnb site, some properties are for rent during the Games period, from July 26 to August 11, with a large disparity in price: a 120 square meter next to the Pantheon for 1.200 euros per night while a 235 meter square avenue Montaigne displays the stratospheric price of 11.800 euros per night.

“We sell a little more expensively during the Olympics”, at a rate “2,5 times” higher, admits Raphaël Lorin, co-founder of Archides, an agency which manages high-end aparthotels: “Compared to the last year, on a 100 basis, we sold at 240. But the three weeks before (the Olympic Games), we sold at 80,” he explains.

According to Richard Tzipine, “overall on average, we have the feeling” that market prices are rising to “3,5 times the usual rental price”. “We try to limit ourselves to 3 times, since we start from already high prices.”

On the customer side, "it's relatively similar to the usual clientele, almost 80% of whom come from the United Kingdom and the United States", according to Archides, but their stay "is slightly longer than usual".

“We have reservations from parents of athletes who come very proudly to support their offspring,” continues the co-founder of this agency which has 130 locations in Paris, two thirds of which are in historic or listed monuments.

According to Barnes, the budget of this luxury clientele is around 40.000 euros per week.

“Only a property at the right price can be rented. The owners certainly decide the price, but we must not go overboard,” explains Max Aniort, co-founder of the luxury house rental group Le Collectionist interviewed by Le Figaro.

To justify their prices, luxury real estate specialists also highlight their service: “we offer 5-star services: a concierge, a 24-hour hotline, the organization of events – for example a birthday in a nice place -, priority access to rather elitist restaurants, a possible babysitter, a possible driver" or even travel assistance, "which are complicated at this time...", lists Richard Tzipine.

Illustrative image of the article via Depositphotos.com.