Monaco, the world-renowned playground for the ultra-wealthy, is solidifying its status as a luxury real estate haven with the launch of its €2 billion ($2.1 billion) Mareterra land reclamation project. The ambitious development, which adds 15 acres to the principality’s coastline, is helping to meet the growing demand for prime residential properties in one of the world’s most exclusive markets.
Monaco, a tiny microstate on the French Riviera covering just 510 acres, is the second-smallest country globally, with land becoming increasingly precious due to its high population density—18,681 people per square kilometer. To overcome spatial constraints, Monaco has turned to land reclamation from the sea, and the Mareterra project is a prime example of this innovative solution.
The new development is a symbol of Monaco’s ambition to expand while maintaining its reputation for exclusivity and luxury. The project is being overseen by renowned architects Renzo Piano and Sir Norman Foster, and it promises to set new records in the high-end property market. Some luxury homes in Mareterra are commanding over €100,000 ($108,000) per square meter, more than double the average price of resales in the region.
Monaco’s appeal extends beyond just real estate. The principality’s unique no-tax status—there are no income, capital gains, or wealth taxes—continues to attract the world’s wealthiest individuals. Combined with its perfect Mediterranean climate, political stability, world-class healthcare, and high levels of privacy and security, Monaco remains an irresistible destination for ultra-high-net-worth individuals (UHNWIs).
However, the price tag for living in Monaco is steep. In 2024, newly built properties reached an average price of €36.4 million ($39.6 million)—six times the price of a resale property. Demand remains robust even at these astronomical prices, with homes often exceeding €40 million ($43.5 million), and even parking spots in the principality commanding €395,000 ($430,000).
Monaco’s real estate market has also maintained its position as the most expensive luxury rental market in the world. A modest two-bedroom apartment in Monaco can rent for about $30,000 a month, while a 1,100-square-foot property starts at $19,350 per month.
As Monaco’s property market continues to set new records, the trend is clear: exclusivity, luxury, and the demand for high-end living are driving prices higher. In 2024 alone, properties over €10 million ($10.8 million) saw a 10.6 percent increase, with more than half of newly built units selling for over €20 million ($22 million). Seven residences even crossed the $100 million mark, further cementing Monaco’s status as the ultimate destination for luxury real estate.
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