Monte Carlo has a new ultra luxury neighborhood by the sea

In the ranking of countries with the highest per capita income, the Principality of Monaco has long occupied one of the top positions. Many entrepreneurs, athletes, and personalities from the entertainment world reside here, often choosing to move due to the favorable and significantly lower taxation compared to other European countries. It is estimated that in Monaco, one in three residents has an income exceeding one million euros. With just over two square kilometers of surface area, a population of 36,000 people, and the highest population density in the world, the Principality of Monaco is also the second smallest state globally after the Vatican. For this reason, about a decade ago, the country announced it would expand its territory with an ambitious project that increased its surface area by 3%: this is Mareterra, a luxurious district extending through a land reclamation project over the sea.

Recently inaugurated, the project was carried out with an investment of 2 billion euros and represents one of the most significant urban interventions in Monaco's recent history. Mareterra includes exclusive residential complexes, along with a substantial portion of public spaces, which feature parks, bike paths, commercial areas, and a promenade along the coast leading to the famous Larvotto Beach. The district's design involved renowned international architects, including Norman Foster, Tadao Ando, Stefano Boeri, and Renzo Piano. The complex comprises over 100 apartments and more than ten villas. While property prices have not been disclosed, estimates suggest values exceeding 100,000 euros per square meter. In a territory where space is limited and housing is among the most expensive in Europe, the Mareterra project focused on large-scale solutions – highly sought after in Monaco’s real estate market. Unsurprisingly, all available apartments and villas were sold before the project’s completion.

The Vision Behind Mareterra

Since 1861, when Monaco ceded 95% of its territory to France in exchange for independence, the country has had to construct increasingly taller buildings or reclaim land from the sea to address space constraints and a growing population. For example, the development projects in the Larvotto and Fontvieille districts carried out between the 1960s and 1970s, already planned the expansion of Monaco's urban areas towards the sea, transforming the country’s coastal landscape. The Fontvieille district was built on a large reclaimed area, including Monaco’s renowned port, the eponymous park, and numerous residential buildings. Similarly, Larvotto saw the creation of a modern seaside district, now known for its exclusivity due to the presence of numerous luxury hotels and apartments. Mareterra marks the eighth such initiative in the country's history.

However, the initiative initially faced criticism for its environmental impact. “We are aware that the most sustainable choice would be not to build at all,” said Céline Caron-Dagioni, Minister of the Environment, during the inauguration event (source). “But the population is growing, and our territory is limited, confined between the mountains and the sea. We have created an exemplary public-private collaboration project that could serve as a model for other countries in similar situations.” The new district is presented as a model of sustainable construction. The buildings were constructed using innovative techniques and eco-friendly materials, while the energy used comes exclusively from renewable sources. The district’s extensive green areas are enriched with approximately 800 trees – mostly pines sourced from Pistoia. Additionally, to promote marine biodiversity, ecological corridors, and artificial reefs were created to encourage marine life to colonize the new coastal area. This focus on sustainability was a cornerstone of the project, aiming to integrate with the surrounding landscape while minimizing environmental impact. The district has been described as an “eco-district” by Prince Albert II of Monaco, who stated: “I wanted this new area to embody the excellence and conviviality that so well define the Principality of Monaco. Mareterra will seamlessly integrate with our coastline and, in a few years, will be seen as a natural extension of our territory.”