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According to Les Echos, blame Johny Foreigner, mostly the new billionaire superclass build over the past couple of years:

A cela, il faut ajouter une autre spécificité. Le marché parisien est fortement animé par une clientèle étrangère à haut pouvoir d'achat, prête à débourser de petites fortunes pour s'offrir un pied-à-terre dans le triangle d'or, le Marais, l'île Saint-Louis, le Champ-de-Mars ou encore le Luxembourg...
[...]
Si la crise financière les affecte, elle ne remet pas en cause leur désir de pied-à-terre à Paris. On assiste même à un phénomène nouveau : les collectionneurs d'appartements. Autrement dit, des milliardaires qui s'offrent un pied-à-terre à Londres, à New York, à Tokyo ou ailleurs. Dans les beaux quartiers, " ce sont surtout les acquéreurs russes, du Golfe et des pays émergents qui font monter les enchères ", indique Charles-Marie Jottras

To this, you'd need to add yet another peculiarity. The Parisian market is strongly animated by a foreign customer base with high purchasing power, ready to spend small fortunes to get themselves a pied-a-terre in the golden triangle, the Marais, Ile Saint-Louis, Champ-de-Mars or Luxembourg...
[...]
Even they are affected by the financial crisis, it doesn't make them reconsider their desire for a pied-a-terre in Paris. We are even witnessing the rise of a new trend: apartment collectors. i.e. billionaires who indulge themselves with a pied-a-terre in London, New York, Tokyo or elsewhere. In the upscale neighborhoods, "the bids are pushed higher mostly by aspiring buyers from Russia, the Gulf states and emerging countries" , says Charles-Marie Jottras

I should really learn how to make dual-language quotes...

Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.

by Bernard on Sat Apr 5th, 2008 at 05:17:11 PM EST
Do you use Firefox?

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Sat Apr 5th, 2008 at 05:23:21 PM EST
[ Parent ]
Actually, I do.

Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.
by Bernard on Sat Apr 5th, 2008 at 05:27:13 PM EST
[ Parent ]
Then TribExt is for you.

Download ET's own Firefox add-on: TribExt

Do you browse the web on Firefox? Then you can download TribExt, a nifty little add-on, written by ET user someone, to navigate around European Tribune easier. It can also be used on Booman Tribune and Daily Kos.


When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
by Migeru (migeru at eurotrib dot com) on Sun Apr 6th, 2008 at 05:15:11 AM EST
[ Parent ]
...and the best feature of TribExt is the bilingual column editor.

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Sun Apr 6th, 2008 at 05:39:20 AM EST
[ Parent ]

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