--- title: "Monaco's Incredible Neighbourhood Made from NOTHING" description: "Welcome to Monaco, home of Monaco F1-Grand Prix, the world renowned Monte Carlo Casino, and more multi-million dollar sports cars than there are available parking spaces. Monaco will also soon be home to Mareterra, a new multi-billion dollar real estate project intended on being so exclusive as to make even run-of-the-mill millionaires jealous. Mareterra is, in other words, intended for the 1% of the 1%; so if you can count the zeroes in your bank account without a toothpick, best look somewhere else.\n\nThe new Mareterra neighbourhood is expected to officially start opening its public spaces later this year, and its limited residential spaces next year in 2025, offering also a dedicated yacht marina, various luxury restaurants and retail outlets, the largest shared green spaces in all of the Monaco principality, and if you're rich enough, access to a vast salt water swimming pool that extends out into the Mediterranean Ocean. All rather lovely, and at an anticipated cost of above 100,000 euros per square meter, all those billionaire buyers certainly won't have to worry about mingling with any riffraff. Or will they?\n\nMonaco offers the most expensive real estate on earth, and like some other locations we've covered on Megaprojects, such as the now mostly abandoned Forest City, Mareterra is partially intended as a large scale investment opportunity, rather than an actual residential neighbourhood. But unlike Forest City, Mareterra intends on pulling in hundreds of millions if not billions, and attracting that sort of investment is no small feat. The project is, therefore, overseen by a star studded cast of some of the most sought after architects in the world, and coming in at an estimated cost of 2.4 billion euros, is set to break records as far as real estate investment is concerned. But, just because it's attracting big money, it doesn't mean that all that money is above board, or at least that not all of it isn't coming from unsavoury characters. Allegedly, of course.\n\nPlus, most fascinating of all, the entirety of the project, including the majestic new parks, is being built on land that Monaco didn't even have in the first place. As it turns out Monaco ran out of viable land long ago, and the only place left for construction is directly out over the ocean.\n\n## Mareterra – By Billionaires For Billionaires\n\nAfter some initial trouble with finances, construction of Mareterra officially kicked off in 2011, and, a rather startling declaration as far as Monaco is concerned, it was marketed as a project that would have very few spatial restrictions. The proposal put forward was a new neighbourhood intended for the most elite residents in Monaco and the world, though in this case much of the decision-making was in the hands of the initial buyers.\n\nThe proposal was backed by 5 of the most prestigious families in Monaco as well as the royal family, and early adopters were given the freedom to bring in any architect they desired. So Mareterra was designed and financed by the first wave of buyers, and by extension those involved in the design process were a who's who of the most sought after architects in the world. The star-studded names include Stefano Boeri, Tadao Ando, Sir Norman Foster and the much lauded Renzo Piano. These names may not mean much to you if you're unfamiliar with the world of billionaire architecture, but rest assured these are the people responsible for such unique landmarks as the Musée d'Art Contemporain in Bordeaux.\n\nNow, given that the entirety of Mareterra exists over the Mediterranean, the initial focus of the project was on \"claiming land back from the ocean.\" This in itself was an enormously complicated task, requiring around 750,000 tonnes of sand and a belt of 18 reinforced concrete foundations. Once completed, the new surface created an additional 6 hectares (15 acres) of buildable space, and while that may not seem like much, every square meter of Monaco is priceless; something we'll get to later.\n\nAs far as reclaiming land from the ocean is concerned, respect must go to the developers. Similar projects elsewhere in the world have given little consideration to nature conservation, but reports say that in building Mareterra efforts went above and beyond in not only minimising aquatic damage, but in encouraging the reestablishment of new underwater habitats.\n\nThe initial foundations were completed in 2020 with the final result being a new sliver of land that extended between the existing Port Hercules and Grimaldi Forum. Focus then turned to developing the residences, including 5 apartment buildings, 10 villas and 4 townhouses. Interestingly, there are no above-ground roads leading to any of the structures, with the intention being that Mareterra remain an entirely car free neighbourhood. A progressive notion you'll probably agree, though there's a good chance that the exclusion of roads was out of necessity more than anything else; something else we'll be getting into.\n\nThe space that would otherwise have gone to roads instead went into immaculate shared spaces such as the central Place Princesse Gabriella Park, the Le Petit Portier, a marina able to house 15 yachts, as well as the scenic Promenade Prince Jacques.\n\nThe crowning jewel of Mareterra, meanwhile, is without a doubt Le Renzo, a landmark building reserved for those willing to fork out a little extra. Covering 126 meters of ground and rising 71 meters into the air, the 17 storey, ultra-luxury building houses just 50 apartments. However, those that buy in Le Renzo are granted access to an amenity apparently designed to make nearby neighbours envious; an additional 20 meter (65 foot) by 16 meter (54 foot) saltwater swimming pool.\n\nNow, if you were checking your bank account to ensure you have a spare $40 million lying around; I'm afraid we have some bad news. Even if you do have the money, you may still not be allowed to buy depending on your background. It turns out that as full of billionaires as Monaco is, the country also has a less than desirable reputation as being a safe haven for some of the most high profile, shady individuals not currently behind bars. Or at least, there is heavy speculation in that regard. Whether the speculation is true or not we obviously can't say for sure, but Monaco is often referred to by another name, and it's not a very flattering one…\n\n## A Sunny Place For Shady People\n\nIf you're a fan of the F1-Grand Prix you're probably familiar with some of Monaco's picturesque beauty. Or, you're perhaps at least familiar with the demanding hairpin turn where Ayrton Senna crashed in 1988, handing victory to rival Alain Prost. Or, if you're not an F1 fan perhaps you're more familiar with the Monte Carlo Casino, the one famous for having endless rows of million dollar sports cars parked outside. Not familiar with either of those? Well, then you perhaps know Monaco as the tax haven country that offers extremely beneficial policies for those looking to either stash money away from prying eyes, or those looking to flaunt a degree of wealth that is difficult to even comprehend.\n\nThere is, as it turns out, more to Monaco than just excessive luxury, and a look at the history of the region paints an interesting tell-tale picture. Monaco has had a long and rather complicated relationship with neighbouring France, and much of what the country is today is a direct result of that relationship.\n\nThe short version is that Monaco has been a part of France, or has been ruled over by France for various historical eras, but the Monaco royal family was always pushing to gain and keep independence. Independence was eventually achieved through the Treaty Of Turin in 1860, but that agreement required that the towns of Mentone and Roccabruna be handed over. The two towns, incidentally, represented about 95% of Monaco at that time, so what remains today is just a fraction of what it once was.\n\nFaced with very limited space and a need to make ends meet, the Monaco royal family decided to focus primarily on tourism, specifically gambling. This gave rise to the world renowned Monte Carlo Casino in 1863, as well as a number of other luxury entertainment venues that followed soon after. Taxes earned from the casinos went straight back into infrastructure and further development, helping the area slowly establish itself as amongst the most desirable upper-class holiday destinations in the world. It was also, not by coincidence, in 1869 that Monaco famously stopped taxing the income of local residents; a consolation for the tiny country now being littered with casinos.\n\nFurther political complications racked Monaco during World War 2, until in 1949 Prince Rainier III ascended to the throne following the death of Prince Louis II. It was the rule of Prince Rainier that turned Monaco into what it is today, with a further heavy pivoting into tourism, entertainment and attracting international big spenders. 1950 saw the Monaco Grand Prix circuit included in the World Championship of Drivers for the first time, further solidifying the region's reputation as a playground for the wealthy.\n\nBut, of course, it wasn't just entertainment that Prince Rainier leaned into; it was also the implementation of extremely beneficial tax policies. We already mentioned the complete absence of personal income tax, but add to this also the absence of capital gain tax, a lack of wealth tax, zero dividend tax, as well as favourable property and business taxes. There are various conditions relating to these policies, but the bottom line is that if you're looking to invest large sums of money, specifically in real estate, Monaco is your best bet.\n\nAs shrewd as the policies were, and still are, at bringing in massive real estate investment, however, there is a pretty obvious problem; Monaco gave up 95% of its space. The country is, in fact, the second smallest in the world after Vatican City, with just 2 square kilometres available for development. What we have then is a rather unfortunate conundrum; how do you keep coming up with new real estate investment opportunities when space is exactly what your country doesn't have?\n\nThe truth is that apart from being the \"sunny place for shady people,\" which we'll get to, Monaco has another rather undesirable reputation; being the most densely packed region in the world. There are a staggering 18,750 inhabitants per square kilometre, significantly more than New York City which comes in at just 11,313. Monaco is so desperate for space that, despite what you may have seen in glitzy marketing material, high rise buildings are squeezed in quite literally wherever they'll fit.\n\nBut, not to worry, Monaco found a rather bold solution, even if it's temporary. Developers, supported by the royal family, set out on a relentless quest to expand out over the ocean, a process that's been on-going since at least the 1950s. Fontvieille, for example, was previously an undesirable industrial zone, but thanks to the initiative created by the late Prince Rainier III, the area was renovated and expanded out over salt water. That region today is home to around 4,000 upper-class residents, which is, by the way, about 12% of the entire population of Monaco. Fontvieille, like many other parts of Monaco, also has a reputation for being extremely densely populated.\n\nBut going back to Mareterra, let's talk more about those money attracting tax policies. You may be wondering if Mareterra is simply going to land up as a neighbourhood of allegedly shady individuals, all simply taking advantage of favourable policies as a means to consolidate millions. Well, as it turns out developers are aware of Monaco's reputation, and so are taking steps to try and keep out unwanted elements. Plus, there's a good chance that most of the multi-million dollar residences will remain empty anyway, even after being purchased.\n\n## Keeping Out The Riffraff\n\nAs far as keeping out shady individuals is concerned, Edward de Mallet Morgan gave a surprisingly candid interview in 2023. Morgan runs Knight Frank, a French real estate firm that has been overseeing sales in Mareterra, and he was quick to assure that the new area won't be a neighbourhood of shifty billionaires. He didn't use those exact words, but this is a case of reading between the lines.\n\nMorgan stressed that investors in Mareterra, like banker and friend to the royal family Guy Thomas Levy-Soussan and home grown billionaire Patrice Pastor, have personally cherry-picked each and every buyer. Morgan emphasised that there are no middlemen, no real estate agents and no means for Mareterra residential areas to be remotely purchased. If a buyer wants to invest in the new properties, that person is required to attend a one hour presentation and interview. In this way, Morgan declared, Mareterra will exist as a neighbourhood of diverse, morally sound individuals. All good and well then, right? Well, perhaps not.\n\nThis interview process sounds good in principle, but there is speculation that it might actually be nothing more than an attempt to make Mareterra seem even more prestigious and unattainable. As anyone that dabbles in psychology will tell you, things made to seem unattainable are all the more attractive, especially when it comes to those used to getting whatever they want. A similar tactic was used in the initial development of Las Vegas, and if you don't understand what we mean, ask yourself why anyone would want to buy property that is literally in the middle of the desert. The bottom line is that Monaco is a tax haven above all else, and most of the country likely sits as empty as Mareterra will once it finally opens.\n\nYes, not surprisingly, it's speculated that most of the living space in the new neighbourhood will remain empty on a permanent basis. One anonymous buyer explained that he'll be allowing his cleaning and maintenance staff to live on the second floor of his new apartment; when asked why, he elaborated that he'll never use the apartment anyway, so the staff may as well enjoy the views. Assumedly, once his investment appreciates to an amount he likes, he'll be selling the apartment without ever actually setting foot inside.\n\nMorgan, meanwhile, also spoke at length about why he thinks Monaco has been, overall, such a success. He admitted that the area has become unabashedly synonymous with outrageous wealth, and that in this day and age there aren't that many places where such an image is socially acceptable. Regions where wealth flaunting is acceptable include the Middle East, specifically the Persian Gulf, and Monaco; both tax havens.\n\nFreedom to flaunt wealth may indeed be a part of the appeal, but Morgan was just as forthcoming about confirming why most are investing. That anonymous person letting his staff live on the second floor can expect his property to appreciate in value by as much as 100% in just 5 years, and the value will very likely continue to increase exponentially even beyond that. Indeed, why not let the staff enjoy the view as you earn $40+ million in 5 years, tax free.\n\nAs far as future Monaco real estate is concerned, the tiny country is now officially at a crossroads. An additional two dozen new homes are expected once the upcoming l'Esplanade des Pêcheurs on Quai Rainier opens, but that project more or less marks the end of immediately available development space. The only option beyond Quai Rainier is Le Rocher, the inhospitable rocky outcrop on which the royal palace perches. But development of Le Rocher has been deemed too expensive for the moment, meaning that Monaco really can only continue to expand into the ocean at a rapidly increasing cost; the deeper the seabed, the more expensive the development.\n\nLooking back now on Mareterra, you might wonder why the space wasn't more densely packed. Surely there would have been more money had the area been crammed with high-rises rather than parks. Well, considering how densely packed virtually all the rest of the country is and how rare parks are in general, the parks in Mareterra likely aren't just to look pretty; they're probably more meant as a declaration that those living in the neighbourhood are so wealthy as to afford open space; one of the rarest resources in Monaco. In other words; in Mareterra the 150 living spaces are so elite that the owners can afford to simply sacrifice land to such luxuries as trees and grass. Trees and grass that are, apparently, worth dramatically upwards of 100,000 euros per square meter.\n\n## Key Takeaways\n\n- Mareterra, a new Monaco neighborhood, is an ultra-exclusive, multi-billion dollar real estate project built on reclaimed ocean land.\n- The project features luxurious amenities, including a yacht marina, restaurants, retail outlets, and expansive green spaces.\n- Monaco's limited space and favorable tax policies drive high-end real estate investments, with Mareterra aiming to attract billionaires.\n- Developers are implementing strict vetting processes to maintain Mareterra's exclusivity and reputation, despite Monaco's history as a tax haven.\n- Most of Mareterra's residences are expected to remain empty, serving primarily as investment properties.\n\n## Frequently Asked Questions\n\n### What is Mareterra?\n\nMareterra is a new multi-billion dollar real estate project in Monaco, intended to be an exclusive neighborhood for the wealthiest individuals.\n\n### When will Mareterra start opening its public spaces?\n\nMareterra is expected to officially start opening its public spaces later in 2024.\n\n### What amenities will Mareterra offer?\n\nMareterra will offer a dedicated yacht marina, various luxury restaurants and retail outlets, the largest shared green spaces in Monaco, and a vast saltwater swimming pool extending into the Mediterranean Ocean.\n\n### How much will it cost to buy property in Mareterra?\n\nThe anticipated cost of property in Mareterra is above 100,000 euros per square meter.\n\n### Who are the architects involved in the Mareterra project?\n\nThe architects involved in Mareterra include Stefano Boeri, Tadao Ando, Sir Norman Foster, and Renzo Piano.\n\n### How was the land for Mareterra created?\n\nThe land for Mareterra was created by reclaiming it from the ocean, using around 750,000 tonnes of sand and a belt of 18 reinforced concrete foundations.\n\n### What is the significance of the Le Renzo building in Mareterra?\n\nLe Renzo is a landmark building in Mareterra that houses 50 ultra-luxury apartments and includes a private saltwater swimming pool accessible only to its residents.\n\n### Why is Monaco known as a 'sunny place for shady people'?\n\nMonaco is known for its extremely beneficial tax policies and has a reputation as a safe haven for high-profile, shady individuals, although this is heavily speculated.\n\n### How does Monaco attract real estate investment?\n\nMonaco attracts real estate investment through its favorable tax policies, including the absence of personal income tax, capital gain tax, wealth tax, and dividend tax.\n\n### What measures are being taken to ensure the integrity of buyers in Mareterra?\n\nDevelopers are personally cherry-picking each buyer through a one-hour presentation and interview process to ensure the neighborhood remains exclusive and free from unwanted elements.\n\n## Sources\n\n- [Original MegaProjects video: Monaco's Incredible Neighbourhood Made from NOTHING](https://www.youtube.com/watch?v=QR4i6jTJFSQ)\n- [Hero image source](https://upload.wikimedia.org/wikipedia/commons/9/9b/Mareterra_2023.jpg) by David from Washington, DC / openverse, by.\n\n## Related Coverage" url: https://megaprojects.pub/article/monaco-incredible-neighbourhood-made-from-nothing.md canonical: https://megaprojects.pub/article/monaco-incredible-neighbourhood-made-from-nothing datePublished: 2024-12-11 dateModified: 2026-07-28 author: - name: Simon Whistler url: https://megaprojects.pub/author/simon-whistler publisher: MegaProjects image: "https://media.megaprojects.pub/cdn-cgi/image/width=600,height=338,fit=cover,quality=80,format=auto/articles/QR4i6jTJFSQ/hero.jpg" type: NewsArticle contentHash: 23bf89c1326cbe747a2396c98eadda2dc9c78859566e4dc0479f70eca207fd4d tokens: 4894 summaryUrl: https://megaprojects.pub/article/monaco-incredible-neighbourhood-made-from-nothing.md.summary.md --- Welcome to Monaco, home of Monaco F1-Grand Prix, the world renowned Monte Carlo Casino, and more multi-million dollar sports cars than there are available parking spaces. Monaco will also soon be home to Mareterra, a new multi-billion dollar real estate project intended on being so exclusive as to make even run-of-the-mill millionaires jealous. Mareterra is, in other words, intended for the 1% of the 1%; so if you can count the zeroes in your bank account without a toothpick, best look somewhere else. The new Mareterra neighbourhood is expected to officially start opening its public spaces later this year, and its limited residential spaces next year in 2025, offering also a dedicated yacht marina, various luxury restaurants and retail outlets, the largest shared green spaces in all of the Monaco principality, and if you're rich enough, access to a vast salt water swimming pool that extends out into the Mediterranean Ocean. All rather lovely, and at an anticipated cost of above 100,000 euros per square meter, all those billionaire buyers certainly won't have to worry about mingling with any riffraff. Or will they? Monaco offers the most expensive real estate on earth, and like some other locations we've covered on Megaprojects, such as the now mostly abandoned Forest City, Mareterra is partially intended as a large scale investment opportunity, rather than an actual residential neighbourhood. But unlike Forest City, Mareterra intends on pulling in hundreds of millions if not billions, and attracting that sort of investment is no small feat. The project is, therefore, overseen by a star studded cast of some of the most sought after architects in the world, and coming in at an estimated cost of 2.4 billion euros, is set to break records as far as real estate investment is concerned. But, just because it's attracting big money, it doesn't mean that all that money is above board, or at least that not all of it isn't coming from unsavoury characters. Allegedly, of course. Plus, most fascinating of all, the entirety of the project, including the majestic new parks, is being built on land that Monaco didn't even have in the first place. As it turns out Monaco ran out of viable land long ago, and the only place left for construction is directly out over the ocean. ## Mareterra – By Billionaires For Billionaires After some initial trouble with finances, construction of Mareterra officially kicked off in 2011, and, a rather startling declaration as far as Monaco is concerned, it was marketed as a project that would have very few spatial restrictions. The proposal put forward was a new neighbourhood intended for the most elite residents in Monaco and the world, though in this case much of the decision-making was in the hands of the initial buyers. The proposal was backed by 5 of the most prestigious families in Monaco as well as the royal family, and early adopters were given the freedom to bring in any architect they desired. So Mareterra was designed and financed by the first wave of buyers, and by extension those involved in the design process were a who's who of the most sought after architects in the world. The star-studded names include Stefano Boeri, Tadao Ando, Sir Norman Foster and the much lauded Renzo Piano. These names may not mean much to you if you're unfamiliar with the world of billionaire architecture, but rest assured these are the people responsible for such unique landmarks as the Musée d'Art Contemporain in Bordeaux. Now, given that the entirety of Mareterra exists over the Mediterranean, the initial focus of the project was on "claiming land back from the ocean." This in itself was an enormously complicated task, requiring around 750,000 tonnes of sand and a belt of 18 reinforced concrete foundations. Once completed, the new surface created an additional 6 hectares (15 acres) of buildable space, and while that may not seem like much, every square meter of Monaco is priceless; something we'll get to later. As far as reclaiming land from the ocean is concerned, respect must go to the developers. Similar projects elsewhere in the world have given little consideration to nature conservation, but reports say that in building Mareterra efforts went above and beyond in not only minimising aquatic damage, but in encouraging the reestablishment of new underwater habitats. The initial foundations were completed in 2020 with the final result being a new sliver of land that extended between the existing Port Hercules and Grimaldi Forum. Focus then turned to developing the residences, including 5 apartment buildings, 10 villas and 4 townhouses. Interestingly, there are no above-ground roads leading to any of the structures, with the intention being that Mareterra remain an entirely car free neighbourhood. A progressive notion you'll probably agree, though there's a good chance that the exclusion of roads was out of necessity more than anything else; something else we'll be getting into. The space that would otherwise have gone to roads instead went into immaculate shared spaces such as the central Place Princesse Gabriella Park, the Le Petit Portier, a marina able to house 15 yachts, as well as the scenic Promenade Prince Jacques. The crowning jewel of Mareterra, meanwhile, is without a doubt Le Renzo, a landmark building reserved for those willing to fork out a little extra. Covering 126 meters of ground and rising 71 meters into the air, the 17 storey, ultra-luxury building houses just 50 apartments. However, those that buy in Le Renzo are granted access to an amenity apparently designed to make nearby neighbours envious; an additional 20 meter (65 foot) by 16 meter (54 foot) saltwater swimming pool. Now, if you were checking your bank account to ensure you have a spare $40 million lying around; I'm afraid we have some bad news. Even if you do have the money, you may still not be allowed to buy depending on your background. It turns out that as full of billionaires as Monaco is, the country also has a less than desirable reputation as being a safe haven for some of the most high profile, shady individuals not currently behind bars. Or at least, there is heavy speculation in that regard. Whether the speculation is true or not we obviously can't say for sure, but Monaco is often referred to by another name, and it's not a very flattering one… ## A Sunny Place For Shady People If you're a fan of the F1-Grand Prix you're probably familiar with some of Monaco's picturesque beauty. Or, you're perhaps at least familiar with the demanding hairpin turn where Ayrton Senna crashed in 1988, handing victory to rival Alain Prost. Or, if you're not an F1 fan perhaps you're more familiar with the Monte Carlo Casino, the one famous for having endless rows of million dollar sports cars parked outside. Not familiar with either of those? Well, then you perhaps know Monaco as the tax haven country that offers extremely beneficial policies for those looking to either stash money away from prying eyes, or those looking to flaunt a degree of wealth that is difficult to even comprehend. There is, as it turns out, more to Monaco than just excessive luxury, and a look at the history of the region paints an interesting tell-tale picture. Monaco has had a long and rather complicated relationship with neighbouring France, and much of what the country is today is a direct result of that relationship. The short version is that Monaco has been a part of France, or has been ruled over by France for various historical eras, but the Monaco royal family was always pushing to gain and keep independence. Independence was eventually achieved through the Treaty Of Turin in 1860, but that agreement required that the towns of Mentone and Roccabruna be handed over. The two towns, incidentally, represented about 95% of Monaco at that time, so what remains today is just a fraction of what it once was. Faced with very limited space and a need to make ends meet, the Monaco royal family decided to focus primarily on tourism, specifically gambling. This gave rise to the world renowned Monte Carlo Casino in 1863, as well as a number of other luxury entertainment venues that followed soon after. Taxes earned from the casinos went straight back into infrastructure and further development, helping the area slowly establish itself as amongst the most desirable upper-class holiday destinations in the world. It was also, not by coincidence, in 1869 that Monaco famously stopped taxing the income of local residents; a consolation for the tiny country now being littered with casinos. Further political complications racked Monaco during World War 2, until in 1949 Prince Rainier III ascended to the throne following the death of Prince Louis II. It was the rule of Prince Rainier that turned Monaco into what it is today, with a further heavy pivoting into tourism, entertainment and attracting international big spenders. 1950 saw the Monaco Grand Prix circuit included in the World Championship of Drivers for the first time, further solidifying the region's reputation as a playground for the wealthy. But, of course, it wasn't just entertainment that Prince Rainier leaned into; it was also the implementation of extremely beneficial tax policies. We already mentioned the complete absence of personal income tax, but add to this also the absence of capital gain tax, a lack of wealth tax, zero dividend tax, as well as favourable property and business taxes. There are various conditions relating to these policies, but the bottom line is that if you're looking to invest large sums of money, specifically in real estate, Monaco is your best bet. As shrewd as the policies were, and still are, at bringing in massive real estate investment, however, there is a pretty obvious problem; Monaco gave up 95% of its space. The country is, in fact, the second smallest in the world after Vatican City, with just 2 square kilometres available for development. What we have then is a rather unfortunate conundrum; how do you keep coming up with new real estate investment opportunities when space is exactly what your country doesn't have? The truth is that apart from being the "sunny place for shady people," which we'll get to, Monaco has another rather undesirable reputation; being the most densely packed region in the world. There are a staggering 18,750 inhabitants per square kilometre, significantly more than New York City which comes in at just 11,313. Monaco is so desperate for space that, despite what you may have seen in glitzy marketing material, high rise buildings are squeezed in quite literally wherever they'll fit. But, not to worry, Monaco found a rather bold solution, even if it's temporary. Developers, supported by the royal family, set out on a relentless quest to expand out over the ocean, a process that's been on-going since at least the 1950s. Fontvieille, for example, was previously an undesirable industrial zone, but thanks to the initiative created by the late Prince Rainier III, the area was renovated and expanded out over salt water. That region today is home to around 4,000 upper-class residents, which is, by the way, about 12% of the entire population of Monaco. Fontvieille, like many other parts of Monaco, also has a reputation for being extremely densely populated. But going back to Mareterra, let's talk more about those money attracting tax policies. You may be wondering if Mareterra is simply going to land up as a neighbourhood of allegedly shady individuals, all simply taking advantage of favourable policies as a means to consolidate millions. Well, as it turns out developers are aware of Monaco's reputation, and so are taking steps to try and keep out unwanted elements. Plus, there's a good chance that most of the multi-million dollar residences will remain empty anyway, even after being purchased. ## Keeping Out The Riffraff As far as keeping out shady individuals is concerned, Edward de Mallet Morgan gave a surprisingly candid interview in 2023. Morgan runs Knight Frank, a French real estate firm that has been overseeing sales in Mareterra, and he was quick to assure that the new area won't be a neighbourhood of shifty billionaires. He didn't use those exact words, but this is a case of reading between the lines. Morgan stressed that investors in Mareterra, like banker and friend to the royal family Guy Thomas Levy-Soussan and home grown billionaire Patrice Pastor, have personally cherry-picked each and every buyer. Morgan emphasised that there are no middlemen, no real estate agents and no means for Mareterra residential areas to be remotely purchased. If a buyer wants to invest in the new properties, that person is required to attend a one hour presentation and interview. In this way, Morgan declared, Mareterra will exist as a neighbourhood of diverse, morally sound individuals. All good and well then, right? Well, perhaps not. This interview process sounds good in principle, but there is speculation that it might actually be nothing more than an attempt to make Mareterra seem even more prestigious and unattainable. As anyone that dabbles in psychology will tell you, things made to seem unattainable are all the more attractive, especially when it comes to those used to getting whatever they want. A similar tactic was used in the initial development of Las Vegas, and if you don't understand what we mean, ask yourself why anyone would want to buy property that is literally in the middle of the desert. The bottom line is that Monaco is a tax haven above all else, and most of the country likely sits as empty as Mareterra will once it finally opens. Yes, not surprisingly, it's speculated that most of the living space in the new neighbourhood will remain empty on a permanent basis. One anonymous buyer explained that he'll be allowing his cleaning and maintenance staff to live on the second floor of his new apartment; when asked why, he elaborated that he'll never use the apartment anyway, so the staff may as well enjoy the views. Assumedly, once his investment appreciates to an amount he likes, he'll be selling the apartment without ever actually setting foot inside. Morgan, meanwhile, also spoke at length about why he thinks Monaco has been, overall, such a success. He admitted that the area has become unabashedly synonymous with outrageous wealth, and that in this day and age there aren't that many places where such an image is socially acceptable. Regions where wealth flaunting is acceptable include the Middle East, specifically the Persian Gulf, and Monaco; both tax havens. Freedom to flaunt wealth may indeed be a part of the appeal, but Morgan was just as forthcoming about confirming why most are investing. That anonymous person letting his staff live on the second floor can expect his property to appreciate in value by as much as 100% in just 5 years, and the value will very likely continue to increase exponentially even beyond that. Indeed, why not let the staff enjoy the view as you earn $40+ million in 5 years, tax free. As far as future Monaco real estate is concerned, the tiny country is now officially at a crossroads. An additional two dozen new homes are expected once the upcoming l'Esplanade des Pêcheurs on Quai Rainier opens, but that project more or less marks the end of immediately available development space. The only option beyond Quai Rainier is Le Rocher, the inhospitable rocky outcrop on which the royal palace perches. But development of Le Rocher has been deemed too expensive for the moment, meaning that Monaco really can only continue to expand into the ocean at a rapidly increasing cost; the deeper the seabed, the more expensive the development. Looking back now on Mareterra, you might wonder why the space wasn't more densely packed. Surely there would have been more money had the area been crammed with high-rises rather than parks. Well, considering how densely packed virtually all the rest of the country is and how rare parks are in general, the parks in Mareterra likely aren't just to look pretty; they're probably more meant as a declaration that those living in the neighbourhood are so wealthy as to afford open space; one of the rarest resources in Monaco. In other words; in Mareterra the 150 living spaces are so elite that the owners can afford to simply sacrifice land to such luxuries as trees and grass. Trees and grass that are, apparently, worth dramatically upwards of 100,000 euros per square meter. ## Key Takeaways - Mareterra, a new Monaco neighborhood, is an ultra-exclusive, multi-billion dollar real estate project built on reclaimed ocean land. - The project features luxurious amenities, including a yacht marina, restaurants, retail outlets, and expansive green spaces. - Monaco's limited space and favorable tax policies drive high-end real estate investments, with Mareterra aiming to attract billionaires. - Developers are implementing strict vetting processes to maintain Mareterra's exclusivity and reputation, despite Monaco's history as a tax haven. - Most of Mareterra's residences are expected to remain empty, serving primarily as investment properties. ## Frequently Asked Questions ### What is Mareterra? Mareterra is a new multi-billion dollar real estate project in Monaco, intended to be an exclusive neighborhood for the wealthiest individuals. ### When will Mareterra start opening its public spaces? Mareterra is expected to officially start opening its public spaces later in 2024. ### What amenities will Mareterra offer? Mareterra will offer a dedicated yacht marina, various luxury restaurants and retail outlets, the largest shared green spaces in Monaco, and a vast saltwater swimming pool extending into the Mediterranean Ocean. ### How much will it cost to buy property in Mareterra? The anticipated cost of property in Mareterra is above 100,000 euros per square meter. ### Who are the architects involved in the Mareterra project? The architects involved in Mareterra include Stefano Boeri, Tadao Ando, Sir Norman Foster, and Renzo Piano. ### How was the land for Mareterra created? The land for Mareterra was created by reclaiming it from the ocean, using around 750,000 tonnes of sand and a belt of 18 reinforced concrete foundations. ### What is the significance of the Le Renzo building in Mareterra? Le Renzo is a landmark building in Mareterra that houses 50 ultra-luxury apartments and includes a private saltwater swimming pool accessible only to its residents. ### Why is Monaco known as a 'sunny place for shady people'? Monaco is known for its extremely beneficial tax policies and has a reputation as a safe haven for high-profile, shady individuals, although this is heavily speculated. ### How does Monaco attract real estate investment? Monaco attracts real estate investment through its favorable tax policies, including the absence of personal income tax, capital gain tax, wealth tax, and dividend tax. ### What measures are being taken to ensure the integrity of buyers in Mareterra? Developers are personally cherry-picking each buyer through a one-hour presentation and interview process to ensure the neighborhood remains exclusive and free from unwanted elements. ## Sources - [Original MegaProjects video: Monaco's Incredible Neighbourhood Made from NOTHING](https://www.youtube.com/watch?v=QR4i6jTJFSQ) - [Hero image source](https://upload.wikimedia.org/wikipedia/commons/9/9b/Mareterra_2023.jpg) by David from Washington, DC / openverse, by. ## Related Coverage