It is home to Tehran's most expensive real estate, averaging at $1,442 per square feet comparable to Beverly Hills, California. It is also home to the clubhouses of the Russia, Turkey, Germany, Denmark, Switzerland, Belgium, Iceland, Cuba and Finland embassies.

Elahiyeh is an upper class district in Northern Tehran, actually a part of Shemiran. Before Shemiran was officially incorporated into the city of Tehran, the area consisted of expensive residences and gardens used as summer homes for wealthy residents of Tehran. Today however residential towers and upscale penthouses have replaced them for good and few of those gardens have actually escaped development.

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