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It has over 100 luxury apartments where every metre costs up to £80,000Credit: AFP
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It also has lavish villas, each costing an eye-watering £200millionCredit: Splash
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Dubbed Mareterra – a play at the Italian words “sea” and “land” – this six-hectare “eco-district” sets new benchmarks in high-end living in Monaco.
It was officially unveiled on Wednesday by Prince Albert II and promises to be a “celebration of Mediterranean spirit”.
Built on reclaimed land, Mareterra expands the state’s territory by three per cent and marks another chapter in its history of building into the sea to accommodate the wealthy.
The development features over 100 luxury apartments and 10 palatial villas, all designed by world-renowned architects like Renzo Piano, Norman Foster, and Tadao Ando.
With villas priced in the hundreds of millions and flats surpassing £8 million for modest sizes, Mareterra’s real estate prices eclipse those of the world’s most exclusive cities.
For comparison, Paris’s most expensive properties average £13,000 per square metre — only a fraction of Mareterra’s jaw-dropping rates.
Located in a microstate where seven in 10 residents are millionaires, Mareterra caters to a global elite drawn by its tax-free status, low crime rates, and exclusivity.
Space is at a premium in the tiny principality, where demand for luxury properties far exceeds supply.
“The scarcity of land drives these innovations,” said Guy Thomas Levy-Soussan, administrator of the development consortium.
Stunning clip shows inside luxurious underwater ‘Sentinel’ ocean home
Billed as largely pedestrianised and powered by renewable energy, the neighbourhood features 1,000 imported trees, solar panels, and underground parking to reduce surface-level congestion.
Marine conservation efforts also included relocating 500 square metres of protected seagrass and establishing artificial habitats for fish.
This £1.5 billion development stands as the epitome of extravagance, offering properties so exclusive that only the wealthiest can afford to call it home.
It comes as a private island with its own golf course has just gone up for sale for an eye-watering £62.5million.
Kaibu Island is part of Fiji’s Lau collection of islands in the South Pacific Ocean.
For the huge sum of money, the buyer would get an 800-acre resort, three villas, an airstrip, an aircraft – and even a golf course.
And now Vladi Private Islands has put it up sale “in time for Christmas”.
It would certainly beat stripy socks.
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The project expanded Monaco’s territory by three per cent, a unique feat in the densely packed principality
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The ultra-lux development was inaugurated on WednesdayCredit: AFP
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In Monaco, demand for luxury properties far exceeds supplyCredit: AFP
The desert island estate agent sells and rents out hundreds of islands, but this one is being marketed as this season’s “Ultimate Package”.
The island is covered in lush green vegetation with pristine white-sand beaches around the perimeter.
Meanwhile, the world’s longest gigayacht is being built for a Swiss billionaire who has commissioned a vessel larger than the Titanic.
Ulyssia is a one-of-a-kind luxury boat that will have gigayacht status thanks to being over 300 feet in length and being one of the largest yachts in the world.
At 1,050 feet in length, the luxury yacht dwarfs famous cruise liners such as the Titanic at 882 feet and the Queen Elizabeth 2 at 964 feet.
It even makes battleships look small with HMS Belfast being 450 feet shorter than Ulyssia.
Ulyssia’s size is not the only striking feature with its unbridled opulence truly setting it apart from other vessels.
Monaco – the playground for the rich
MONACO has earned its reputation as a “playground for the rich” due to its unique combination of luxury, exclusivity, and tax advantages.
Monaco has no income tax for individuals, which is a significant draw for high-net-worth individuals seeking to protect their wealth.
There are also no wealth taxes or capital gains taxes, making it one of the most tax-friendly places in the world.
Monaco boasts some of the most expensive real estate globally.
Properties are luxurious and cater to the ultra-wealthy, offering stunning views of the Mediterranean and unparalleled amenities.
Limited land area and high demand make property ownership in Monaco a status symbol.
Monaco offers an opulent lifestyle, with world-class dining, designer shopping, and five-star services.
Prestigious events like the Monaco Grand Prix and the Monte-Carlo Rolex Masters attract several celebrities, royals, and the global elite.
Monaco is one of the safest places in the world, with a low crime rate and a high police presence – therefore attracting wealthy prospective residents.
The social exclusivity of Monaco also adds to its appeal, as residents belong to a small, elite community.
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Publish date : 2024-12-06 07:53:00
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