Quick question: What do you do when someone has less spaceA quick question: When someone has less space, what do you do? You create more. This is exactly what Monaco did—Meet Mareterra, Monaco’s newest eco-district. This six-acre land reclamation project has transformed Monaco’s coastline, increased the principality’s total land area by around 3%, and was built for 2 billion euros.
However, it is important to understand Monaco’s unique context before delving into the specifics of the Mareterra project. A symbol of luxury, usually romanticized in Instagram reels, movies, or daydreams.
Monaco : A Luxury Heaven
The Place where Ferraris outnumber bicycles, where supermarkets are fancier than jewelry shops, where your neighbor is a billionaire, a prince, or both. A location where luxury is not one of the lifestyles but the only lifestyle. And such a place is called Monaco, situated in a picturesque corner of the French Riviera. It is the second smallest state in the world, occupying a mere 2.2 square kilometers, yet one of the richest countries in the world.
Monaco is French, but how independent is it?
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Monaco is very close to France and, in many aspects, closely associated with it, but it is a sovereign state with sovereignty granted to it by the treaty with France in 1861. It is a constitutional monarchy governed by Prince Albert II, wherein the royal family heads its laws, regulations, and political system. However, France manages its foreign policy and defense to a large extent.
The Economic Power of Monaco
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Monaco has established its identity as a tax paradise and a playground for super-rich people. With a population of only about 39 thousand, its residents enjoy the world’s highest GDP per capita. While France’s GDP per capita is $44,460, the US average is $81,695, the European Union GDP is $40,825, and the world average is $12,138, Monaco’s GDP per capita stands at $240,862, almost 6 times more than France’s GDP.
The Price Of Paradise
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Monaco’s real estate market is even more astonishing and hard to imagine. Even a small studio in Monaco can surpass the value of a royal mansion in the world’s most prestigious cities. To put this into perspective:
In Monaco, however, the average price skyrockets to $51,418 per square meter—nearly 10 times the U.S. average.
The average property price in France is $6,740 per square meter,
In the United States, it is $5,222 per square meter, and the European Union and world average are $6500 and $2300 per square meter respectively.
Monaco’s Bold Attempt at Eco-Luxury
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The project followed 10 years of construction and was inaugurated in December 2024. It has been designed by world-renowned architects Renzo Piano and Lord Norman Foster and boasts 120 luxury apartments, ten villas along the waterfront, and almost three hectares of parkland, and it is valued at $100,000 per square meter, making it one of the world’s costliest neighborhoods.
Sustainability or Public Relations Hype?
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Mareterra is marketed as an eco-district featuring 5,000 m² of solar panels, a geothermal energy system, an electric-only mobility policy aimed at lowering environmental impact, and a rainwater recovery system.
Efforts were made to protect marine life during land reclamation, including the relocation of delicate species such as Posidonia seagrass and noble pen shells.
Mareterra offers promenades and parks, is pedestrian-focused, and combines modern architecture with nature.
But it makes one wonder whether a development that has drained Mediterranean seafloors and altered the coast can be termed sustainable.
Eco-Friendly or Just Eco-Fancy?
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There is a debate going on among people about the sustainability of Mareterra. Actually, on paper, Mareterra is like a sustainability marvel. However, some economists are not ready to accept this. Marine biologist Alexandre Meinesz says that “this artificialization has caused a lot of damage to biodiversity, and in a way, we have killed marine life.”
On the other hand, the question arises whether the continent is being presented as a green development that will cater exclusively to the world’s richest people, many of whom can build their islands, have private jets and yachts, and produce more carbon emissions in a year than most people can make in their entire lives.
The Conclusion
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Mareterra is indeed a very good example of engineering and innovation, and along with it, Monaco has given a push to its urban development. And yes, this project has solar panels, geothermal energy, and green space, but it is built on reclaimed land; it is disturbing the marine ecosystem. This may set a new standard in luxury, but it cannot be a green revolution.
Prince of Monaco, Albert ll, said Mareterra is the final expansion into the sea, but history taught us something: where there is money, there is no limit.
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