Monaco, the world’s smallest and wealthiest country, is expanding into the sea with a new $2 billion neighborhood called Mareterra.
The development, which costs $2 billion, is being funded by nine wealthy families, six of whom are from European countries outside of Monaco. The project directors have the power to approve new residents, making the neighborhood extremely exclusive.
Due to its reputation as a luxury tourist destination and high demand for high-end real estate, Monaco has run out of space. The need for expansion arises from Monaco’s history, which saw it lose 90% of its land to France in the late 1800s, forcing the country to reinvent itself as a tax haven and luxury destination. Despite its small size and population density, Monaco continues to attract the world’s wealthiest individuals, leading to a high demand for property and a need to build more luxury real estate.
The flagship architectural piece of the project is Le Renzo, a luxurious residential building designed by Renzo Piano, which is meant to blend Monaco’s past and present. Le Renzo is designed to look like a giant sailing boat and will be heated and cooled by seawater using a thermal loop system.