Monaco Starts a €2 billion Project to Build More Luxury Housing

Those interested in buying or renting luxury real estate in Monaco have exciting opportunities on the horizon, with the recent commencement of a €2 billion project of land reclamation from the sea. The Portier Cove development will create a peninsula with 15 acres of new land for luxury apartments and green public spaces.

luxury property for sale in Monaco

Photo credit: Bouygues Construction

The need for more real estate in Monaco

With a current surface area of a mere 485 acres, the Monegasque Principality suffers a deficit of land for housing development, thereby creating significant barriers in the cost and availability of Monaco luxury real estate. The lack of real estate has not only forced prices to record heights, with the world’s most expensive apartment offered for sale in Monaco for €300 million, but also deters new residents from moving to Monaco, thereby stifling natural growth.

This offshore extension project will add a much-needed 15 acres (six hectares) of territory to Monaco, creating room for several luxury apartment blocks, villas, retail space, and a small yacht marina, and numerous public spaces including a one hectare public park, an underground car park, a Japanese garden and a seafront promenade. There is also the possibility of a floating organic garden complex for residents, using the Bio Moses eco-project model.

A long history of land reclamation in Monaco

Prince Albert II has approved the urban extension project, carrying on the important work of his father, Prince Rainier III, known as the ‘builder prince’, who reclaimed nearly 100 acres of land from the sea during his reign. Prince Albert has said that ‘the future of Montecarlo is in the sea’, and the Portier Cove development is the literal embodiment of that vision, creating Monaco luxury real estate for future generations. The crown is not funding the private project, and will rather benefit from a payment for the concession, as well as ownership of new public land.

The process of taking land from the sea

The land reclamation project, undertaken by construction firm Bouygues Travaux Publics, will ground 26m-high reinforced concrete cubes to protect the project from the sea, with the enclosed water then drained and replaced with rocks and with sand imported from Sicily.

There are several Monegasque companies involved in the creation of the new eco-neighbourhood, including J.B. Pastor & Fils and local architects Valode & Pistre, Alexandre Giraldi. The famous Genoese architect Renzo Piano, responsible for the iconic Shard of London, will design a signature building at the marina entrance, one which will be roofed in solar panels that can power 40% of the new neighbourhood’s needs.

Environmental considerations

Despite some concerns over damage to the seabed and local marine life, the project is taking extreme measures to limit the environmental impact, including relocating marine flora and fauna and creating 3D-printed artificial coral reefs designed to attract new life. Prince Albert II, a ruler well-known for his environmental principles, has stated that this project will be an eco-showcase for the world to follow, and the resulting neighbourhood will meet numerous ecological certifications, including HQE Aménagement, BREEAM and Clean Ports. An earlier, larger project was rejected by the prince in 2008 due to concerns including potential environmental damage.

Looking to the future

The new Portier Cove will not only ease the demand for Monaco luxury real estate, but create new living space for the citizens and future generations of Monaco, while respecting the natural environment. The project is estimated to take 10 years to complete, and here at La Costa Properties Monaco, we can’t wait to see the end result!

The view from above:

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