The world’s most expensive real estate development can be found in Monaco, with homes priced at $200 million and apartments listed at $100,000 per square meter. The development, Mareterra, was unveiled at L’Anse du Portier in Monaco and celebrated with concerts, fireworks, and a drone display this past Wednesday. 

Mareterra was designed by notable architects Renzo Piano, Lord Foster, and Tadao Ando, aiming to meet the rising demand for real estate in the area and appeal to Monaco’s ultra-wealthy residents. 

The development’s completion showcases Monaco’s strategy to expand into the sea to accommodate the high demand for real estate. This strategy has seen an additional 60 hectares of reclaimed land over the past century, with the administrator of the consortium that built Mareterra for an estimated cost of $2.1 billion, Guy Thomas Levy-Soussan, stating, “The scarcity of land drives these innovations.”

Reclaiming six hectares of land from the sea, Mateterra includes four villas valued at $200 million each and 100 apartments valued at $100,000 per square meter. To highlight how expensive this development is, in comparison, one of the priciest areas in Paris has a price tag of roughly $15,000 per square meter.

While Monaco has the largest percentage of billionaires in the world calling it home, the prices are still considered extraordinary. However, many of the townhouses, penthouses, and apartments have reportedly been sold already. 

Levy-Soussan expressed that Mareterra “has been a big commercial success.”

Up and Out to Sea

After France took 95 percent of Monaco’s land in return for backing its sovereignty in 1861, today, Monaco only has around 39,000 residents living among its 208 hectares. Unfortunately, according to real estate agents, this is simply not enough land to cover the percentage of super-rich people wanting to move to Monaco, drawn to the small country because of no income tax and low crime rates. 

With little wiggle room to sprawl out and future residents waiting for space, officials stated that development can only either go upwards in the form of skyscrapers or out by expanding into the sea. While the country has already been reclaiming land from the sea, Mareterra was a distinctly different initiative.

Mareterra has been described as an “eco-district,” as it prioritized “a number of measures pertaining to the ecosystem, sustainability, and responsible development of the site,” according to promoters. 

One of these environmentally friendly measures is the relocation of a marine plant called Posidonia oceanica, which had 500 of its square meters moved to another part of the sea to avoid its destruction and protect the coral reef. 

However, a marine biologist at a university in Nice, Alexandre Meinesz, stated that the marine biodiversity had been “massacred” as a result. 

Where the Billionaires Go

Monaco is the reigning champion among the world’s most expensive real estate markets, followed closely by Hong Kong and Singapore. Known as an oasis of luxury real estate, this beautiful city-state on the Mediterranean has real estate prices that soar to extraordinary new heights. This demand for luxury properties in Monaco stems from wealthy international buyers looking for a second home or new investment opportunities, which drives prices higher. Monaco’s tax haven, cosmopolitan lifestyle, and access to top-tier leisure facilities, such as casinos, luxury yachts, and exclusive events, have also contributed to the country being a sought-after destination by some of the wealthiest people around the world. 

An Appearance from the Prince

Prince Albert of Monaco was also in attendance at the unveiling of the new development and highlighted Mareterra’s environmental measures. With Prince Albert were his two children and his Zimbabwean-born wife, Princess Charlene, who spent almost a year away in South Africa in 2021, reportedly for health reasons, but whose time away sparked rumors that Prince Albert and her marriage was on the rocks. 

While such rumors may have tarnished his reign, Prince Albert did not let criticism deter him from celebrating the new development.