The Principality of Monaco has built itself a brand new neighbourhood: Mareterra, a 60000 square meter extension into the Mediterranean Sea. Mareterra, inaugurated on the 4th of December 2024 is said to offer a modern luxury lifestyle, combining innovation, elegance, and most notably, environmental sustainability measures.
The Principality of Monaco
Monaco is internationally recognised by its beautiful Monte Carlo Casino, thrilling annual Formular 1 Grand Prix, appealing tax haven status, and historical Grimaldi Royal family.
Monaco sits on the northern coast of the Mediterranean Sea, along the French Rivera, completely bordered by France, with Nice, France just 15 kilometres east. After the Vatican City, Monaco is the second smallest country in the world, with only 2.02 square kilometres. Despite its small size, the population sits at around 39,000 people, making it one of the most densely populated countries in the world.
Monaco has established itself as a global hub for business, finance, travel and high-end real estate, such as the newly built Mareterra.
Friendly Relations with France
The principality is a sovereign city-state but still benefits from maintaining a close relationship with France. Most notably, France is entirely responsible for Monaco’s defence, since 1918, with the signing of the Treaty of Versailles. There are several bilateral treaties between France and Monaco, as outlined by the Principality of Monaco’s archives, the earliest of which was signed in 1861, and some of the latest being signed in 2005.
Despite this relationship with France, Monaco maintains its sovereignty, with its own government, judiciary system, and monarchy.
The Royal Family
The House of Grimaldi has ruled Monaco for over 700 years now, creating a long monarchical history and tradition in the country. Arguably, the modern era was shaped by Prince Rainier III, who married renowned Hollywood actress Grace Kelly, further raising Monaco’s profile on the world stage.
His successor, Prince Albert II, became the country’s sovereign in 2005 to the present day. His reign has been marked by environmental activism and action. In 2006, the Prince Albert II of Monaco Foundation was created, which works to combat climate change, resource management and biodiversity.
Let’s Talk Money
In regard to currency, despite not being part of the European Union, Monaco still uses the euro as the country’s official currency, thanks to a monetary agreement made with the EU.
Monaco’s GDP per Capita is one of the highest in the world. This has come as a result of its status as a tax haven, encouraging some of the wealthiest people in the world to purchase property and become residents.
According to the World Bank Group, Monaco’s GDP per capita in the last recorded year, 2023, was $256,580 USD.
The graph below visualises a comparison of GDP per capital between Monaco, France, the European Union, the United States, as well as the world average. The GDP for each respective nations/regions has been converted to the USD. Immediately, the substantial difference is clear to see. For a fully interactive version of this graph, please click here.
The Mareterra Project
Mareterra was officially inaugurated by Prince Albert II last year, six months ahead of the scheduled completion date. Financed by private funds and donations, namely from a group of around ten Monegasque families, the project costs over 2 billion euros.
The Mareterra is located along Monaco’s coastline, just behind the Monte Carlo Casino, and before the principality’s previous land expansion, Larvotto. The development further increases Monaco’s total area by 3%. Indeed, the principality has already claimed 400000 square meters from the Mediterranean Sea since the 1950s.
Le Renzo Building
Immediately catching the eye, the centrepiece of the Mareterra project is the Renzo Piano designed building: Le Renzo. The sky-blue apartment building is 62 meters high and 125 meters in length. The building offers 110 luxury apartments, four townhouses, and a selection of high-end retail spaces below it.
The Mareterra, which was executed by Valode et Pistre Architectes, has established new standards in maritime construction. The Principality has proudly prioritised and strongly promotes the cutting-edge engineering, renewable energy efforts, and sustainable design of the Mareterra.
The Most Expensive Home in the World
As reported by the Financial Times, the price of housing in this Mareterra neighbourhood is now the most expensive in the world. The price per square meter has indeed reached 100,000 up to 150,000 euros per square meter.
The graph below shows a comparison of housing prices per square meter between Monaco, France, the European Union, the United States and finally, a world average. The price is given in Euro currency. For a fully interactive version of the graph, please click here.
Mareterra Environmental Efforts
First, in regard to solar energy, 9000 square meters of solar panels have been installed on rooftops, working to generate clean electricity. It is predicted that solar energy will cover about 40% of total energy needs for the commercial and residential spaces.
Geothermal energy has also been put in place for heating and cooling systems. In this way, the Earth’s natural heat can be exploited rather than fossil fuels. These geothermal systems are predicated to significantly lower carbon emissions.
Having been built directly on top of the Mediterranean Sea has enabled the Mareterra to incorporate seawater heath pumps. These kinds of pumps use the thermal energy of the moving sea water below, to then regulate building temperature.
The grounds of the Mareterra itself have incorporated green spaces with native plant species helping to promote biodiversity as well as improved air quality. Additionally, large water basins collect rainwater which is then used for the irrigation of the green spaces.
Looking inside the building itself, the Mareterra has been designed with high every efficiency standards. Energy-saving lights, the most advanced insulation methods, and several other high-tech energy efficient innovations.
Additionally, those who now call Mareterra home, are encouraged to minimise their personal environmental impact by participating in recycling programs.
These environmental efforts have been recognised as an achievement, with the Mareterra being awarded the BREEAM certification (Building Research Establishment Environmental Assessment Method).
The Sea Life Below
A development of this kind, size and international attention does not come without its critics. Many have pointed out the ironic nature of claiming a building is environmentally friendly while being built on top of a sea.
The principality and Mareterra project leaders have reassured the public by affirming that measures were taken to protect the marine ecosystem. This was done by relocating marine and seafloor life to another area, away from the extensive construction site.
The Minister of Public Works, Environment and Urban Planning, Ms Céline Caron-Dagioni, stated that “we are not unaware that the seas are in bad shape”. Unfortunately, this was not seen as the most reassuring phrasing.
The public reaction to the Mareterra has been overwhelmingly negative. Locals and tourists alike are not entirely convinced by the design, as well as the environmental impact. These sentiments are shown in the news report below.
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