lack of tourists in Paris, owners are leaving Airbnb to return to the traditional real estate market

On the website of this real estate agency in Paris, the ads are there: “A loft on rue de l’Échiquier, in the 10th arrondissement, or Cité d’Hauteville, or a two-room apartment, rue de Passy”, details Frédéric Teboul, associate director of Guy Hoquet agencies. Only accommodations that were previously rented on the Airbnb platform. But due to the Covid-19 epidemic, the borders are closed, foreign tourists absent. The accommodation on the rental platform has great difficulty in finding tenants. So here they are for sale or furnished rental. “It’s not a passagz phenomenon, but a real trend”, assures Frédéric Teboul.

“No income, since the borders are closed and very few tourists, credits pending, and ultimately, difficulty keeping their belongings.”

Frédéric Teboul, associate director of Guy Hoquet agencies in Paris

to franceinfo

A trend that has been emerging since September, according to the professional, with an acceleration for two months: “These are owners who are now renting out their apartment as a classic furnished rental, with leases for one year. And here I can tell you that we have an explosion, we are entering at the rate of 20 new business per month.”

Frédéric Teboul also notes another phenomenon, which has grown over the past two months: “These are owners who, after realizing that the income is not in line with their line of credit, have decided to simply put their real estate up for sale.” Their financial situation has become too strained, they can no longer afford to keep these apartments, explains the real estate agent.

But beyond the health situation and the absence of tourists, there is another explanation for Xavier Demeuzoy. He is a lawyer at the Paris Bar, an expert in the regulation of furnished tourist accommodation: “I defend a lot of owners who are sued by the city for their Airbnb rental, for the simple reason that they rented their second home on Airbnb. In Paris, if you don’t have a commercial space, you don’t You are not allowed to rent your second home on Airbnb. So these people, as soon as they received the summons from the city of Paris, very quickly understood that they were in violation. They decided to regularize their situation either by selling their property, or by leaving for long-term rental. ”

There is also this study commissioned by PAP, carried out last September with 2,348 owners of furnished tourist rentals located in several large French agglomerations, including Paris. This study affirms that one in three owners consider giving up specialized platforms like Airbnb, to return to traditional rental.