Monaco, a renowned tax haven and playground for the wealthy, has just expanded its landmass by 3%, thanks to the ambitious Mareterra project. With a population of just 39,000, nearly 70% of Monaco’s residents are millionaires, making it one of the most affluent places on Earth. However, space in the micro state is limited, with the entire area being smaller than New York’s Central Park. The new development adds nearly 15 acres to Monaco’s territory, creating a luxury district that combines environmental sustainability with world-class design.
Mareterra, a €2 billion ($2.1 billion) project inaugurated by Prince Albert II, is a stunning example of land reclamation, built into the Mediterranean Sea. The Eco-district features a marina, seaside promenade, and high-end residences, including over 100 apartments and 10 exclusive villas. The project was meticulously planned with an emphasis on sustainability, planting 1,000 trees from Tuscany and incorporating green spaces like parks and cycle paths for public use. High-profile architects, including Norman Foster and Tadao Ando, designed the district’s striking structures, with renowned architect Renzo Piano lending his name to the development’s centerpiece, Le Renzo.
While the prices for properties in Mareterra remain undisclosed, experts estimate that they will reach around 100,000 euros per square meter, nearly double Monaco’s average property price. The development was privately funded, though Monaco’s government benefits from a 20% tax on property sales, contributing to the state’s finances. Additionally, the Grimaldi Forum conference center was expanded as part of the project, further enhancing Monaco’s global appeal.
The expansion comes with a careful focus on minimizing environmental impact. Previous land reclamation projects in Monaco, such as the Larvotto and Fontvieille districts, raised concerns about the damage to marine ecosystems, including the protection of 60 species of coral. The Mareterra developers have addressed these concerns by consulting marine experts and creating new habitats, including artificial seagrass beds for fish. Additionally, the district will rely heavily on renewable energy, with 80% of heating and cooling powered by sustainable sources, including more than 1.2 acres of solar panels.
As Monaco continues to grow and innovate, Mareterra serves as a model of how luxury and sustainability can coexist in one of the world’s most exclusive locations
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