Every four years, the Summer Olympic Games stand as one of the most widely broadcast events in the world. This year, for several weeks, France will live and breathe sport, celebrating the very essence of Olympism. Global media will shine a spotlight on Paris, the proud host city of this historic event, as well as on the 73 local communities involved in welcoming athletes and hosting competitions across the Île-de-France region and beyond, from Lille to Marseille, passing through Bordeaux, Nantes, Lyon, and Nice, and even as far as Tahiti for the surfing events.
After a challenging year for the real estate sector in 2023, this global event brings renewed optimism offering the chance to highlight local areas and their appeal, while reigniting market dynamics.
Two Months Before the Event: What’s the Situation?
Foreign buyers seeking exceptional properties
As with previous editions, real estate professionals are seeing renewed interest from affluent international buyers eager to experience the excitement of the Olympic celebrations. While Paris has long captivated investors, the Games are drawing in clients searching for exclusive, high-end residences in the city’s central districts. Beyond the Olympic buzz, many aspire to own a pied-à-terre in the City of Light, inspired by the timeless allure of the French capital.
A sharp surge in rental prices
Whether in Rio 2016 or London 2012, host cities have seen a steep rise in nightly rental rates during the Games. On average, prices increase by around 50% compared to usual levels, a trend already visible this summer in Nantes and Saint-Étienne. In Île-de-France, short-term rental rates for summer 2024 are soaring, doubling on average and sometimes reaching +300% in Paris, Versailles, and Saint-Denis.
Homeowners delaying property sales
Hoping to capitalize on the exceptional rental income potential during the Games, many owners are postponing the sale of their properties until after the competition. As a result, the Paris real estate market is currently in a holding pattern, awaiting the end of this major event.
What to Expect After the Paris 2024 Olympics?
A possible “Olympic effect” on property prices
In past editions, host cities have often experienced a post-Games price boost, averaging +17% in the year following the event (+22% for Tokyo 2021, +24% for London 2012, +14% for Athens 2004). Both homeowners and industry professionals hope to see a similar positive momentum in the aftermath of Paris 2024.
Beneficial real estate developments
With the construction of the Olympic Village in Seine-Saint-Denis and the rollout of major residential, office, and retail projects, this area is set to be one of the biggest winners of the Games. The renewed vitality of these neighborhoods will likely attract new residents and investors. Paris 2024 also acts as a catalyst for broader urban transformations such as the Grand Paris initiative and the development of sustainable infrastructure, particularly in transport.
An uncertain broader context
Despite the anticipated “Olympic effect,” property prices are still expected to decline, particularly in Paris. Once the short-term rental surge fades, many owners may decide to sell their properties in the autumn, creating an oversupply that could further drive prices down.
Additional factors adding to post-Olympic uncertainty include fluctuating mortgage conditions and global geopolitical developments, such as ongoing conflicts in Ukraine and the Middle East, as well as upcoming European and U.S. elections.
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