According to industry experts, luxury real estate prices are soaring in the run-up to the Olympic Games, with supply on the rise but demand still tentative. Bookings are expected to accelerate in the coming weeks, with the most sought-after properties fetching prices up to 3.5 times the usual rate.
The enthusiasm surrounding the Olympic Games is also reflected in the luxury real estate market. Experts interviewed by AFP noted an increase in supply, but a demand that is still in gestation.
Prices are rising across a wide range of property categories, with rates of up to 200,000 euros per week for 600-square-meter properties.
Richard Tzipine, Managing Director of Barnes, a network of high-end real estate agencies, notes that there was an initial wave of bookings in December, but this quickly dried up.
“Today, reservations are still rare. We’re expecting them to pick up over the next few weeks. It seems to be in line with what London experienced twelve years ago, with bookings starting relatively late”, he continues.
For the executive, demand will take off “in the next two months”.
Selective supply for soaring prices
On the supply side, wealthy homeowners have turned to agencies such as Barnes, hoping to score “exceptional deals”. However, the agency is deliberately limiting its offer to maintain a quality service, carefully selecting around 200 mandates for high-quality properties.
These include “large, magnificent three-bedroom apartments of at least 150 square meters (with a few exceptions), private mansions, houses…”, explains Richard Tzipine.
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Featured photo : © Daniel Féau
