Monaco grows - into the Mediterranean

The independent city-state of Monaco covers an area of just 200 hectares. In order to grow further and erect more buildings, the principality needs to gain land - because building sites are in short supply, and almost every spot on the rocks on which the city was built is already in use.

Gigantic construction project for land expansion

Three years ago, Prince Albert II, who has been in office since 2005, approved the construction of a land extension that will extend into the Mediterranean Sea and provide new space for the construction of additional buildings. The mega project is being carried out by the construction company Bouygues Construction. In this way, the so-called "Manhattan on the Mediterranean" will gain an additional six hectares - which will cost Monaco a lot: In total, the project is expected to swallow up two billion euros. This is not the first project to give Monaco more land: The principality has already gained 40 hectares through various construction measures.

Major effort in favor of luxury apartments

In order to build the new luxury district of Anse du Portier, 18 concrete caissons have to be anchored in the water to form the basis for the foundation. Since marine protected areas lie off the coast of Monaco, environmental regulations must be observed, which Prince Albert apparently insists on strictly. Among other things, 145 mussel species have already had to be relocated for this purpose, as "Euronews" reported.

The new buildings of the billion-dollar project are to be completed by 2024 or 2025. Six- to ten-story buildings will offer luxury apartments, stores and office space in the future. However, the new structures could probably limit the view of the Mediterranean Sea to the existing ocean-view properties in this area in the future. Prices for properties in the mega-project could be as high as 100,000 euros per square meter - because Monaco is considered the most expensive place in the world when it comes to residential property. For a one-room apartment, for example, a sum of 1.5 million euros must be calculated in, according to the "Tagesspiegel".

Place of the super-rich

With 38,000 inhabitants per square kilometer, the princely state has the highest population density. At the same time, about half of the total population can call themselves millionaires. The reason: many celebrities live in Monaco. This circumstance drove up real estate prices by almost 200 percent within ten years. And since Monaco is considered a safe real estate haven, quite a few super-rich people are investing there in the severely limited number of Monegasque luxury properties, according to the "Tagesspiegel". The new construction project on the water could improve the scarce housing situation.