Paris, May 13 (IANS/DPA): In the run-up to the Olympic Games in Paris this summer, hotels drastically increased their room prices and many residents hoped to make a killing by renting out their private flats.

Two and a half months before the start of the Games, however, many hotels and private landlords are still waiting for bookings and prices are beginning to fall noticeably.

While the average price for an overnight stay in a hotel was €699 ($755) several months ago, it has now fallen to €411, the Paris Tourist Office said on Monday.

By comparison, the average price in July 2023 was €202 and €161 in August.

According to the tourist office, the combined occupancy rate for hotels and private accommodation during the Olympic Games is currently between 56.3 per cent and 75.9 per cent, compared to 58.4 per cent in July 2019.

It is clear that even people who are only now considering a visit to the Olympic Games can still find plenty of accommodation available - and at rates significantly lower than those charged just a few months ago.

Franck Delvaux, president of the Hotel and Catering Association (UMIH) in the greater Paris area, told France 3 that it was to be expected that hotel occupancy rates would remain within the normal range and that room prices would fall.

Delvaux said any foreign tourists who were not interested in the Olympic Games would not come to Paris this summer. And many of the expected Olympic spectators are French, who can often find accommodation in the Paris region through relatives or acquaintances or commute to Paris for a day themselves.