Serviced apartment prices in France and Germany have seen a spike linked to their hosting of major sporting events this summer, according to data from specialist agency SilverDoor.
Average daily rates (ADRs) for apartments in Paris, which hosts the Olympic Games starting on 26 July, have increased by 30 to 70 per cent year-on-year during this period, said SilverDoor. Although it added that hotel rates in the city have increased by 200 per cent on a year ago.
Cities in Germany, which is currently hosting the UEFA Euro 2024 football tournament, have also seen higher rates for serviced apartments in June with average prices across the country up by 14 per cent compared with the same period in 2023.
The capital Berlin has seen an even higher rise in apartment prices – up by 34 per cent year-on-year to £167.85 per day in June, while rates in Dortmund have shot up by 23 per cent to £85.71 per day.
Chris Lyon, head of client services at SilverDoor, said: “Navigating business travel and MICE programmes during major events requires strategic planning, flexibility and local knowledge.
“Plan ahead to secure the best rates and accommodation as early as possible, particularly if managing accommodation for a large group.
“Access to local knowledge is also vital. The Paris 2024 Olympics will see security zones established around each venue. Access will be restricted to individuals with a special QR code, issued to ticket holders or residents of the designated areas.”