Mareterra: Monaco Inaugurates Ultra-Luxury Seaside District

Completed six months ahead of schedule, the Mareterra district, built on six hectares reclaimed from the sea, was inaugurated on Wednesday by the princely family. This marks the conclusion of an extraordinary €2 billion project and the delivery of a real estate program that rivals even Dubai.

European Dubai?

Dubbed the “European Dubai” by the French newspaper Libération, the Mareterra complex was officially opened on Wednesday, December 4th. Built on six hectares reclaimed from the sea, this project is extraordinary in every way — its scale, technical challenges, modernist architecture, and of course, its colossal cost of €2 billion. The project has propelled real estate prices into the stratosphere, with reports of costs reaching an astounding €120,000 per square meter, setting a new global record for Monaco, already known for its exorbitant real estate prices.

A Bold Vision by Prince Albert II

Initiated in 2015 and envisioned as a symbol of audacity and modernity by Prince Albert II, Mareterra expands Monaco’s territory by 3%, increasing it from 200 to 206 hectares. Designed to address the local housing pressure, the project includes 120 luxury apartments, 10 exceptional villas, and public infrastructure such as parking, green spaces, and promenades. The apartments are generously sized (over 400 m²), while the villas are on a grand scale, reaching 1,500 m² or more.

The architecture was entrusted to the renowned Italian architect Renzo Piano, famed for iconic works such as the Centre Georges Pompidou in Paris and The Shard in London.

Technical and Environmental Challenges

The construction rivals major Saudi and Dubai projects. All buildings rest on 18 massive concrete caissons, reinforced by piles 45 meters deep. The project presented significant technical, environmental, and seismic challenges. The seaside construction also required relocating 500 m² of Posidonia seagrass meadows, sparking controversy despite efforts to replant the seagrass.

A Commercial Success

Backed by the company Anse du Portier, comprising about ten powerful Monegasque families like Pastor, Brianti, and Casiraghi, the project is already a commercial success. Most of the villas and apartments were sold before completion.

Looking Ahead

Mareterra is currently Monaco’s largest real estate project, employing up to 3,500 workers in its final weeks. However, Monaco is already embarking on its next challenge: the Brasca Project, a new metro system connecting Eze and the heart of the Principality. The public call for tenders was launched in October and includes the design, construction, financing, operation, and maintenance of a transport system between Eze, La Turbie (in the Alpes-Maritimes), and Monaco’s Rocher. This €1 billion project aims to improve accessibility to the Rocher.