Mareterra’s Contribution to Monaco; Economic Impact and sustainability

Portier Cove, Monaco

Mareterra, Monaco’s ambitious new eco-neighbourhood, represents a significant milestone in the Principality’s urban development. This innovative project not only enhances the luxury real estate market but also serves as a model for sustainability and biodiversity, making it a crucial contributor to Monaco’s economic and environmental goals.

Economic Impact

With an investment of approximately €2.4 billion, it is one of Europe’s largest real estate projects, showcasing Monaco’s ability to attract substantial private investment. The development includes 120 luxury residences, which have set new benchmarks in real estate pricing, reaching as high as €100,000 per square meter. This pricing reflects not only the exclusivity of the properties but also the high demand among ultra-wealthy buyers, many of whom are drawn to Monaco for its favourable fiscal environment, safety, and luxurious lifestyle.

The project has already generated significant revenue for the Monegasque state, with most properties sold even before their official inauguration on 4^th December 2024. This rapid sales success underscores Mareterra’s appeal and its role in bolstering the local economy. The influx of high-net-worth individuals contributes to various sectors, including luxury retail, hospitality, and services, thereby enhancing employment opportunities and economic growth within the principality.

Furthermore, Mareterra is expected to attract a new demographic of residents who are looking for more than just a prestigious address; they seek a community that offers personalized services and high-quality living standards, akin to those found in major global cities like Dubai or Singapore.This shift not only diversifies the local economy but also strengthens Monaco’s reputation as a premier destination for affluent individuals.

Sustainability Initiatives

Mareterra is designed with sustainability at its core, aligning with Monaco’s commitment to environmental stewardship. The project adheres to High Environmental Quality (HQE) standards, incorporating numerous eco-friendly features:

Renewable Energy: The development includes solar panels covering 9,000 square meters and heat pumps that significantly reduce energy consumption. These innovations contribute to lowering the district’s overall carbon footprint
Water Management: Rainwater recovery systems are implemented throughout Mareterra to promote efficient water use and management, reflecting a commitment to sustainable resource practices.
Biodiversity Enhancement: The design integrates nearly 1,000 Mediterranean trees along its 500-meter promenade, creating green corridors that support local wildlife and enhance urban biodiversity. This approach not only beautifies the area but also fosters ecological balance within the urban environment

Community Engagement and Cultural Transformations

Beyond its economic and environmental benefits, Mareterra is poised to transform the social and cultural landscape of Monaco. The project encourages community interaction through thoughtfully designed public spaces that promote leisure and social engagement. These areas are intended to foster a sense of belonging among residents while providing venues for cultural activities and events.

Mareterra’s emphasis on creating a vibrant community aligns with Monaco’s vision of modern urban living—one that respects its historical context while embracing innovation. As such, it serves as a blueprint for future developments within the principality and beyond.

This ambitious land reclamation project has increased the surface area of the Principality by almost 3%, adding around 6 hectares of land. This extension project has not only increased the available land for development but has also enhanced the quality of life in the area. Following its completion, there is now more pedestrian-friendly outdoor space for residents to enjoy, along with a variety of new shops and restaurants.

In summary, Mareterra stands as a transformative force in Monaco, contributing significantly to both its economy and its environmental goals. By attracting high-net-worth individuals and fostering sustainable practices, this innovative district not only enhances the luxury real estate market but also sets new standards for urban development in harmony with nature. As Mareterra continues to evolve, it will undoubtedly play a crucial role in shaping Monaco’s future as a leader in sustainable luxury living.