Who owns the Champs-Elysées, the historic Parisian artery stretching nearly two kilometers between Place de la Concorde and the Arc de Triomphe, renowned worldwide for its harmonious lines and high-end boutiques?

Public land registry files reveal that Qatar, or more precisely, Qatari families or investment funds, own more than 390 meters of the 1.3-kilometer avenue. This accounts for over 20% of what is often referred to as "the world's most beautiful avenue." Bilateral agreements signed in the 1990s between France and Qatar spurred this strategy of massive investment. The agreement granted the country and its citizens unusual tax advantages, including exemptions from property capital gains and investment income taxes.

The Gulf emirate, whose embassy faces the Arc de Triomphe, has acquired some of the most iconic buildings on the Avenue des Champs-Elysées. Among them is the Streamline Moderne Art Deco-style building, formerly the Virgin Megastore, at number 52, purchased in 2012 by the sovereign wealth fund Qatar Investment Authority from the Groupama insurance company for over €500 million. Today, the building houses Galeries Lafayette and Monoprix. Another is number 103-111, which was bought by Qatar's sovereign wealth fund from HSBC for €440 million in 2010. Its future tenant? Louis Vuitton, for a mysterious project – a hotel was once rumored – which will launch after lengthy renovations. Currently, the building is hidden behind a giant metallic trunk bearing the brand's logo.

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