Monaco’s Luxe Expansion: A Glimpse into Mareterra

Over the past decade, property values in Monaco have surged by 40%, drawing in affluent newcomers eager to claim a piece of this exclusive locale. The world’s most densely populated country, home to figures like Sir Lewis Hamilton and Dame Shirley Bassey, continually demands the pinnacle of luxury. To meet this demand, Monaco has embarked on a project of approximately $2 billion to reclaim land from the Mediterranean Sea, expanding its territory by 3%, equivalent to adding another Devon-sized county to the British coastline.

This ambitious project, the nearly completed Mareterra district, will feature a yacht marina, seawater swimming pool, parks, and 130 apartments in architecturally stunning towers by renowned designers like Renzo Piano. The development, ahead of schedule, is set to be delivered later this year. Construction began in 2018 with 18 concrete caissons shipped from Marseille, followed by the creation of an enclosed 15-acre seabed using a metal skirt and limestone aggregate from Provence, topped with Italian sand to craft the world’s priciest real estate.

Prince Albert II, an environmental advocate, ensured the project was ecologically sensitive, enlisting experts to replant marine vegetation and relocate rare sea life. This land reclamation continues a tradition started by Prince Albert’s father, Rainier III, who significantly expanded Monaco’s landmass and reshaped its iconic Formula One circuit.

Today, Larvotto Beach and Fontvieille, areas developed under Rainier III, remain glamorous with beachside bars and high-end shopping. The Fontvieille helipad offers quick helicopter rides to Nice, while Monaco’s luxurious lifestyle is balanced with eco-friendly public transport options, including electric boats, e-bikes, and shared electric cars.

Mareterra’s design, spearheaded by landscape architect Michel Desvigne, prioritizes public accessibility with features like cycle lanes, rooftop solar panels, and rainwater recycling. The district includes a new public piazza showcasing a restored Alexander Calder sculpture, making Monaco’s seafront a pedestrian paradise.

The new development seamlessly integrates with existing landmarks, enhancing the principality’s appeal. British buyers constitute a significant portion of the market, attracted by favorable conditions compared to London’s changing tax landscape. Among these new developments are Bay House, featuring two 25-storey towers with state-of-the-art apartments and villas, and One Monte Carlo, offering luxurious rental penthouses.

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