Welcome to Monaco
Monaco, the glitzy Mediterranean microstate, is synonymous with opulence. Home to the Monaco Formula 1 Grand Prix, the legendary Monte Carlo Casino, and more multi-million-dollar sports cars than parking spaces, it’s a hub for the ultra-wealthy. Soon, this tiny principality will add a new feather to its illustrious cap: Mareterra, a €2.4 billion real estate project designed to cater to the elite of the elite.
Set to redefine luxury, Mareterra will offer residents exclusive amenities, including a dedicated yacht marina, world-class restaurants, high-end retail outlets, and the largest shared green space in Monaco. It even features a saltwater swimming pool that stretches into the Mediterranean Sea. With prices exceeding €100,000 per square meter, Mareterra makes it abundantly clear: this is not a neighborhood for the faint of financial heart.
Building the Unbuildable
Monaco’s primary challenge has always been space. With just 2 square kilometers of land, the country is the second smallest in the world, following Vatican City. The solution? Reclaim land from the sea. Mareterra is the latest example of Monaco’s ingenuity in this regard.
Reclaiming the Mediterranean
Construction began in 2011 with the formidable task of creating six hectares (15 acres) of new land over the ocean. This required:
- 750,000 tons of sand and a belt of 18 reinforced concrete foundations.
- Advanced eco-friendly methods to minimize aquatic damage and even encourage new underwater habitats.
By 2020, the foundational work was completed, creating a platform for the development of residential spaces, parks, and a yacht marina.
A Masterpiece of Architecture
Mareterra is not just a real estate project; it’s an architectural marvel. The design process involved some of the most celebrated architects in the world, including:
- Stefano Boeri, known for innovative green architecture.
- Sir Norman Foster, a pioneer in sustainable design.
- Renzo Piano, celebrated for his futuristic and functional creations.
Key Features of Mareterra:
- Residences: Five luxury apartment buildings, 10 villas, and four townhouses.
- The “Lorenzo” Building: A 17-story masterpiece featuring just 50 apartments, each with access to a 65-ft saltwater swimming pool.
- Car-Free Neighborhood: In a nod to modern urban design, Mareterra excludes above-ground roads, favoring pedestrian-friendly shared spaces.
- Green Spaces: Central to the development is Princess Gabriella Park, Monaco’s largest public green space, a rarity in this densely packed region.
Monaco: Playground for the Wealthy
A Tax Haven Legacy
Monaco’s history of wealth and exclusivity dates back to the 19th century, when the principality abolished income taxes and invested heavily in tourism and entertainment. Today, Monaco’s tax policies remain unparalleled, offering:
- Zero personal income tax.
- No capital gains tax.
- Favorable property and business taxes.
These policies attract investors from around the globe, but they also contribute to Monaco’s reputation as a tax haven for the ultra-rich.
A History of Land Reclamation
With limited land, Monaco has long looked to the sea for expansion. Earlier projects, such as Fontvieille, transformed an industrial zone into a luxury residential area. Mareterra takes this strategy to new heights (and depths), but at a significantly higher cost due to its intricate underwater foundations.
Mareterra: A Home for the 1% of the 1%
If you’re imagining Mareterra as a bustling neighborhood, think again. Much of its appeal lies in its exclusivity. With only 150 residential spaces, Mareterra caters to individuals with bank accounts most of us can only dream of. And if you’re hoping to buy a home here, having money might not be enough.
Exclusive Buying Process
Prospective buyers must attend a presentation and interview to prove they meet the project’s high moral and social standards. While this sounds admirable, it also enhances Mareterra’s image as an unattainable luxury. Some speculate this exclusivity serves more as a marketing strategy than a genuine vetting process.
Mareterra vs. Other Mega Projects
Mareterra is not the first ambitious real estate project for the ultra-rich. However, it avoids many pitfalls seen in other developments, such as:
- Forest City in Malaysia, a largely abandoned project designed as an investment opportunity but plagued by lack of demand.
- Dubai’s Palm Islands, criticized for environmental damage and poor long-term planning.
Unlike these ventures, Mareterra boasts meticulous planning, world-class design, and a focus on environmental sustainability.
The Future of Monaco
Monaco’s real estate market shows no signs of slowing down. With property values expected to double in just five years, Mareterra represents a sound investment for those who can afford it. However, the principality faces a crossroads:
- Limited Space: After Mareterra and the upcoming Portier Cove, there are few viable areas left for development.
- Expanding into the Sea: Future projects will require even deeper and costlier marine engineering.
For now, Mareterra symbolizes Monaco’s commitment to maintaining its status as the ultimate destination for wealth and exclusivity.
FAQs
1. What is Mareterra?
Mareterra is a €2.4 billion real estate project in Monaco, offering ultra-luxury residences, green spaces, and exclusive amenities like a yacht marina and a saltwater swimming pool.
2. Who can buy property in Mareterra?
Mareterra’s buying process is highly selective, requiring prospective buyers to attend a presentation and interview.
3. How much does property in Mareterra cost?
Prices exceed €100,000 per square meter, making it one of the most expensive real estate developments in the world.
4. What makes Mareterra unique?
Mareterra combines luxury living with sustainability, featuring eco-conscious design, shared green spaces, and innovative marine engineering.
5. What’s next for Monaco real estate?
Monaco’s future developments will likely focus on further land reclamation projects, as the country has nearly exhausted its available land.
