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Designed by architectural luminaries such as Renzo Piano, Lord Foster, and Tadao Ando, Mareterra is already sold out, underscoring its appeal to Monaco’s ultra-wealthy residents.
Paris’s priciest areas by comparison, are about US$15,000 per square metre.
Prince Albert has been eager to frame Mareterra as a model of sustainable development. Promoters describe it as a “largely pedestrianised district” with a waterfront promenade, underground parking, and lush green spaces.
Sustainability measures include relocating 500 square metres of posidonia, a protected marine plant, and safeguarding a coral reef. “Mareterra is prioritising ecosystem and sustainability measures,” reads the promotional material.
However, environmentalists are sceptical. Marine biologist Alexandre Meinesz criticised the project, telling the Libération newspaper: “The marine biodiversity has been massacred. It’s an amputation of marine life.”
A Haven for the Ultra-Wealthy
Monaco’s tax-free haven status and low crime rates continue to attract billionaires worldwide, but space remains a luxury in the 208-hectare microstate.
The UK Times reported Mareterra’s completion highlights Monaco’s strategy to expand into the sea to accommodate demand, a trend that has added 60 hectares of reclaimed land over the past century. “The scarcity of land drives these innovations,” says Guy Thomas Levy-Soussan, administrator of the consortium behind Mareterra.
Estate agents report significant interest in the district, with its combination of luxury, exclusivity, and eco-friendly branding appealing to the global elite.
The Mediterranean principality may only have a population of about 39,000 but space is at a premium.
With France having grabbed 95 per cent of its land in return for backing its sovereignty in 1861, the country extends over just 208 hectares
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