Monaco, the glamorous Mediterranean principality known for its luxury and exclusivity, is undertaking a staggering $2 billion (£1.6bn) megaproject to expand its territory into the sea. The ambitious land reclamation initiative, named Mareterra, is set to redefine the tiny European country’s coastline, adding six hectares (14.8 acres) of prime real estate to the already densely populated city-state.
With its limited landmass of just 2.1 square kilometres, Monaco has long faced challenges in accommodating its ever-growing population of billionaires, business moguls, and high-net-worth individuals. To combat this, the government has turned to the sea, employing cutting-edge engineering and environmental sustainability measures to create a brand-new district.
Mareterra, meaning “Sea and Land,” will feature luxurious apartments, townhouses, and waterfront villas, alongside a marina, lush green spaces, and pedestrian-friendly promenades.
The development aims to seamlessly integrate into Monaco’s iconic landscape while maintaining a commitment to sustainability. Measures such as artificial reefs, eco-friendly construction techniques, and marine conservation initiatives have been put in place to protect the local ecosystem.
Construction for the project began in 2016, with completion expected by this year.
The ambitious expansion is a testament to Monaco’s ability to adapt and innovate despite its geographical constraints, ensuring it remains one of the world’s most desirable addresses for the ultra-wealthy.
As one of the most expensive real estate markets on the planet, property in Monaco is already in high demand, and Mareterra is expected to attract elite buyers looking for an exclusive waterfront lifestyle in the heart of the Riviera.
With its blend of luxury, sustainability, and modern urban planning, the project is set to cement Monaco’s status as a pioneering force in land reclamation and urban expansion.