Monaco's Expansion: Mareterra

Introduction

• Monaco is the richest country in the world but has a space issue.
• Entire country smaller than Central Park.
• $2 billion expansion project into the sea: Mareterra.
• Designed by world-renowned architects with sustainable construction techniques.

Historical Context

1800s Overview

• Monaco was larger historically before the Franco-Monégasque Treaty in 1861.
• Prince Charles III sold 90% of land to France for 4 million gold francs, gaining independence.

Transformation into Luxury Destination

• With the funds, Monaco transformed into a luxury tourist destination.
• Focus on glamorous resorts and gambling, attracting Europe’s elite.
• Development of casinos, luxury hotels, and marinas.
• Host of exclusive events like the Monaco Grand Prix, Yacht Show, and Monte-Carlo Masters.
• Lenient tax system: No personal income or capital gains tax.
• Resulted in Monaco becoming the richest country per capita.

Current Situation

• Monaco is densely populated with over 36,000 residents.
• Property prices among the highest globally; average price: €50,000 per m².
• Need for more luxury real estate to attract high-net-worth individuals.

Land Reclamation History

• Monaco has reclaimed land for over a century.
• Previous projects include Fontvieille in the 1970s, reclaiming 22 hectares.

Mareterra Overview

• Mareterra: A new neighborhood of 6 hectares.
• Combines luxury with sustainable construction principles.
• Foundations designed to promote biodiversity.

Construction Details

• 520 m² of sea grass preserved; 12 cleaning operations for protected species.
• Construction involved 1.5 million tonnes of gravel and precision engineering.
• 18 concrete caissons, each weighing 10,000 tonnes, used in construction.

Eco-Design Features

• Caissons provide homes for marine life; multi-textured walls for algae growth.
• Mareterra designed as an eco-village, focusing on nature.
• Nearly half the neighborhood will be green space with parks and promenades.

Architecture and Residential Features

• Over 100 apartments, 4 townhouses, and 10 villas planned.
• Flagship building "Le Renzo" designed by Renzo Piano.
• Focus on blending luxury with ecological goals; apartments heated/cooled by seawater.
• Thalasso-thermal loop expected to reduce greenhouse emissions by 7%.

Market Status

• All properties sold out before completion; resale prices at €100,000/m².
• Luxury prices: smallest apartments at $37 million, villas up to €300 million.

Funding and Business Interests

• Funded by 9 wealthy families, 3 from Monaco, 6 European.
• Exclusivity with personal approval for new residents.

Conclusion

• Mareterra meets Monaco’s need for land and luxury real estate market demands.
• Raises questions about ecological responsibility versus business interests.
• Cements Monaco's status as a luxury pinnacle.