During the day tourists swarm the museum-rich 7th arrondissement, Paris’ Upper East Side. But in the evening, CEOs come out to play — and they aren’t shying away from the neighborhoods sky-high home prices.
The 7th is the arrondissement with the highest per-capita income in Paris, according to the Wall Street Journal.
“It’s not just half-a-dozen rich guys,” said Jules Caris, managing director of La Galerie de l’Immobilier, a Left Bank real-estate agency, “but 300 to 400 high earners.”
The median price of an apartment in the 7th was $1,141 a square foot in the third quarter of 2014. That’s down 9 percent from 2012, compared with a 4 percent drop in Paris overall during the same period, according to the Journal.
Nevertheless, homes in the most exclusive corners of the 7th are demanding higher prices than ever. For instance, the Gros-Caillou neighborhood – near the Eiffel Tower – has seen prices surge 28.6 percent in just five years. And in Saint-Thomas-d’Acquin, the 7th’s most expensive address, prices have leapt 34.6 percent. [WSJ] – Christopher Cameron