An Update on Monaco’s Land Reclamation Project

Monaco is one of the most desirable places in the world to find a property, but its small size limits options. With 40,000 people entering the Principality to work each day, space has become even more difficult to find. The ambitious Monaco real estate project to reclaim land from the sea is the latest ambitious initiative designed to add more land to the Principality. The L’Anse Portier (or Portier Cove in English) project will develop 15 acres of land in the Mediterranean to create luxury homes for up to 1,000 residents. It’s a hugely anticipated outcome for property investors and Monaco real estate agencies alike.

LCPM Monaco Real Estate Agency Anse du Portier
Preparatory work on the project began in 2017 and now five million tons of natural material is in process of being transported and used to fill in the lower 30 metres of the sea. The French construction company “Bouygues Travaux Publics” is managing the project on the eastern edge of Monaco and has announced 2025 as the deadline. Some of the luxury homes dubbed the “Formula One of flats,” will be designed by London’s Shard architect Renzo Piano. The apartments are likely to be priced over £75,000 per square metre, outpricing the most expensive properties in London and New York.

Portier Cove is a €2.3 billion project, which includes a new marina, a seafront promenade, and a landscaped park. Monaco’s government is overseeing the project, but it has the backing of private financiers. The first phase of the work cost €1 billion and the completion phase will start in 2020 costing the same amount.

Monaco’s First Eco Quarter

The new Portier Cove district has been designed with ecology as a priority. It has Prince Albert II’s backing after reassurance that it will cause minimal damage to the environment – a tall order considering the scale of work required. It is being designed by the architectural firm Valode & Pistre, who are giving the development a curved shape to retain the marine currents that oxygenate the sea. Despite protected plant species being relocated to nearby marine reserves, Bouygues is installing a wide variety of artificial habitats to compensate for the inevitable damage to natural habitats. A team of independent experts has also been engaged to rigorously monitor water quality.

Green spaces will be prioritised and over 1000 trees will be planted in the new urban development. Around 40% of its energy supply will come from the sun and sea. This integration of technology, innovation and ecology fits with Monaco’s image as an international key player and trailblazer in urban planning. It is hoped that Monaco’s land reclamation project will become a benchmark for eco-conscious expansion and an example for other nations to follow.

For more information on luxury properties for sale and rent, please contact La Costa Properties Monaco.

Image: Valode & Pistre

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