By MIRIAM KUEPPER

Published: 15:24 GMT, 5 December 2024 | Updated: 15:28 GMT, 5 December 2024

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Monaco has unveiled the world's most expensive real estate development with $200 million homes and apartments priced at $100,000 per square meter. The opening of the Mareterra development at Anse du Portier in Monaco was celebrated with concerts, fireworks and a drone display on Wednesday.

Monaco has unveiled the world’s most expensive real estate development with $200 million homes and apartments priced at $100,000 per square meter. The opening of the Mareterra development at Anse du Portier in Monaco was celebrated with concerts, fireworks and a drone display on Wednesday.

Mareterra is built on six hectares of land reclaimed from the sea. It includes four villas valued at $200 million each as well as 100 flats reportedly valued at more than $100,000 per square meter. In comparison, the priciest areas in Paris cost about $15,000 per square meter.

Mareterra is built on six hectares of land reclaimed from the sea. It includes four villas valued at $200 million each as well as 100 flats reportedly valued at more than $100,000 per square meter. In comparison, the priciest areas in Paris cost about $15,000 per square meter.

Mareterra is built on six hectares of land reclaimed from the sea. It includes four villas valued at $200 million each as well as 100 flats reportedly valued at more than $100,000 per square meter. In comparison, the priciest areas in Paris cost about $15,000 per square meter.

In Monaco, where the highest proportion of billionaires in the world live, the high prices are still considered extraordinary. But most of the penthouses, townhouses and villas have reportedly been bought already.

In Monaco, where the highest proportion of billionaires in the world live, the high prices are still considered extraordinary. But most of the penthouses, townhouses and villas have reportedly been bought already.

In Monaco, where the highest proportion of billionaires in the world live, the high prices are still considered extraordinary. But most of the penthouses, townhouses and villas have reportedly been bought already.

'It has been a big commercial success,' Guy Thomas Levy-Soussan, administrator of the consortium that built Mareterra at an estimated cost of $2.1billion, told the Times. Prince Albert of Monaco attended the inauguration of the new development and highlighted the environmental credentials of Mareterra.

'It has been a big commercial success,' Guy Thomas Levy-Soussan, administrator of the consortium that built Mareterra at an estimated cost of $2.1billion, told the Times. Prince Albert of Monaco attended the inauguration of the new development and highlighted the environmental credentials of Mareterra.

‘It has been a big commercial success,’ Guy Thomas Levy-Soussan, administrator of the consortium that built Mareterra at an estimated cost of $2.1billion, told the Times. Prince Albert of Monaco attended the inauguration of the new development and highlighted the environmental credentials of Mareterra.

Monaco only has about 39,000 residents living on just 208 hectares, after France grabbed 95 percent of Monaco's land in return for backing its sovereignty in 1861. Estate agents said that this was hardly enough to cover the wealthy people wanting to move to Monaco, who are drawn to the small country due to no income tax and low crime rates. To make space for future residents, officials say they can only either build upwards in the form of skyscrapers or out by expanding into the sea.

Monaco only has about 39,000 residents living on just 208 hectares, after France grabbed 95 percent of Monaco's land in return for backing its sovereignty in 1861. Estate agents said that this was hardly enough to cover the wealthy people wanting to move to Monaco, who are drawn to the small country due to no income tax and low crime rates. To make space for future residents, officials say they can only either build upwards in the form of skyscrapers or out by expanding into the sea.

Monaco only has about 39,000 residents living on just 208 hectares, after France grabbed 95 percent of Monaco’s land in return for backing its sovereignty in 1861. Estate agents said that this was hardly enough to cover the wealthy people wanting to move to Monaco, who are drawn to the small country due to no income tax and low crime rates. To make space for future residents, officials say they can only either build upwards in the form of skyscrapers or out by expanding into the sea.

The country has already expanded about 60 hectares into the Mediterranean over the past century, but officials said Mareterra was an initiative like no other. 'Mareterra is a largely pedestrianized district that encompasses a lushly planted park, an elegant waterfront promenade, a small port, underground parking and both residential and retail offerings,' the advertising brochure states. Promoters have described Mareterra as an 'eco-district' which prioritizes 'a number of measures pertaining to the ecosystem, sustainability and responsible development of the site'.

The country has already expanded about 60 hectares into the Mediterranean over the past century, but officials said Mareterra was an initiative like no other. 'Mareterra is a largely pedestrianized district that encompasses a lushly planted park, an elegant waterfront promenade, a small port, underground parking and both residential and retail offerings,' the advertising brochure states. Promoters have described Mareterra as an 'eco-district' which prioritizes 'a number of measures pertaining to the ecosystem, sustainability and responsible development of the site'.

The country has already expanded about 60 hectares into the Mediterranean over the past century, but officials said Mareterra was an initiative like no other. ‘Mareterra is a largely pedestrianized district that encompasses a lushly planted park, an elegant waterfront promenade, a small port, underground parking and both residential and retail offerings,’ the advertising brochure states. Promoters have described Mareterra as an ‘eco-district’ which prioritizes ‘a number of measures pertaining to the ecosystem, sustainability and responsible development of the site’.

One of these measures is the relocation of a marine plant called posidonia, 500 square meters of which were moved to another part of the sea to avoid its destruction, and a coral reef was protected. But a marine biologist at a university in Nice, Alexandre Meinesz, told Liberation newspaper that the marine biodiversity had been 'massacred'. Prince Albert, whose reign has been tarnished by rumors of marital discord and corruption, did not let the criticism deter him from celebrating the new development.

One of these measures is the relocation of a marine plant called posidonia, 500 square meters of which were moved to another part of the sea to avoid its destruction, and a coral reef was protected. But a marine biologist at a university in Nice, Alexandre Meinesz, told Liberation newspaper that the marine biodiversity had been 'massacred'. Prince Albert, whose reign has been tarnished by rumors of marital discord and corruption, did not let the criticism deter him from celebrating the new development.

One of these measures is the relocation of a marine plant called posidonia, 500 square meters of which were moved to another part of the sea to avoid its destruction, and a coral reef was protected. But a marine biologist at a university in Nice, Alexandre Meinesz, told Liberation newspaper that the marine biodiversity had been ‘massacred’. Prince Albert, whose reign has been tarnished by rumors of marital discord and corruption, did not let the criticism deter him from celebrating the new development.

Also in attendance were his two children and his Zimbabwean-born wife Princess Charlene, who spent almost a year away from Albert in South Africa during 2021, allegedly for health reasons, which sparked rumours that their marriage was on the rocks. Albert was also accused of real-estate corruption by Les Dossiers du Rocher, a website set up anonymously. The accusations were linked to the palace due to hacked emails between Albert's advisers

Also in attendance were his two children and his Zimbabwean-born wife Princess Charlene, who spent almost a year away from Albert in South Africa during 2021, allegedly for health reasons, which sparked rumours that their marriage was on the rocks. Albert was also accused of real-estate corruption by Les Dossiers du Rocher, a website set up anonymously. The accusations were linked to the palace due to hacked emails between Albert's advisers

Also in attendance were his two children and his Zimbabwean-born wife Princess Charlene, who spent almost a year away from Albert in South Africa during 2021, allegedly for health reasons, which sparked rumors that their marriage was on the rocks. Albert was also accused of real-estate corruption by Les Dossiers du Rocher, a website set up anonymously. The accusations were linked to the palace due to hacked emails between Albert’s advisers.

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Monaco unveils the world’s most expensive real estate development

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