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Called Mareterra or Le Portier, the megaproject transforms the map of Monaco with a luxury island created from scratch in just five years, designed for billionaires and Formula 1 drivers seeking the ultimate tax refuge in Europe.
The Principality of Monaco has just completed one of the most expensive and ambitious ventures in Europe: Mareterra, also known as Le Portier, an entirely new neighborhood built over the Mediterranean Sea.
The construction of the artificial island, which began in 2018 and was officially inaugurated at the end of 2024, cost about US$ 2 billion and promises to redefine the standard of luxury and sustainability on the coast of Monte Carlo.
Located next to the tunnel that is part of the traditional Monaco Formula 1 Grand Prix, the new district combines high-end apartments and penthouses with 200 charging stations for electric vehicles, 800 trees, and an environmentally planned infrastructure.
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From An Empty Sea To A Millionaire Island
In 2018, the site where Mareterra stands today was just a blue stripe on the map, a stretch of ocean practically empty, where two vessels with cranes worked discreetly on dredging operations. A few years later, the same spot transformed into an elite address.
The works officially began in July 2019, when the “first brick was laid,” and the neighborhood was delivered in record time, an impressive feat for a country that measures just 2.1 km², smaller than Central Park in New York.
The project was named Mareterra (“land of the sea,” in free translation) as it is a territory entirely reclaimed from the ocean, expanding the total area of the Principality by about 6 hectares.
Why Build An Island?
The explanation lies in the very nature of Monaco. The microstate is a tax haven with no income tax for residents, which has attracted millionaires and celebrities for decades, especially from the automotive world. Names like Fernando Alonso, Lewis Hamilton, and the Monegasque Charles Leclerc have permanent residences there, and as a result, space has become scarce.
Monaco is the second smallest country in the world, only behind Vatican City, and there is virtually no land available. Thus, to continue attracting billionaires, the government decided to literally create new land.
“Mareterra is a response to the lack of physical space. Luxury in Monaco is the territory itself,” explained an urban planner associated with the project.
Pre-Sales And Guaranteed Profits
Despite the billion-dollar investment, the government and the private investors involved should not have to wait long to see returns. A large portion of the properties was sold while still on paper, years before construction was completed, with prices ranging from US$ 40,000 to US$ 100,000 per square meter, figures worthy of the most expensive real estate market on the planet.
Residential developments in Mareterra include penthouses with direct views of the F1 circuit, private marinas, and exclusive pedestrian walkways.
A Luxury Project With A Sustainable Discourse
In addition to serving as a showcase for the global elite, the new neighborhood also focuses on environmental sustainability and electric mobility. The 200 charging stations were distributed among garages and public roads, and the project includes systems for reusing seawater and technologies to reduce carbon emissions during construction.
About 800 trees and thousands of native plants were planted, and natural acoustic barriers and green spaces were created to reduce ambient temperature, a distinguishing feature amidst the concrete and glass of Monaco’s skyscrapers.
The Last Plot Of Monaco
The location of Mareterra was determined with surgical precision. The chosen space is next to the entrance of the Monaco GP tunnel, a strategic area, but also the only viable one: the other possible point would be Port Hercules, where the most luxurious yachts in the world are anchored.
Since relocating these boats would be unthinkable, the option was to expand the country by the sea, an engineering feat that makes Monaco the first European microstate to physically grow in the 21st century.
From Emptiness To Absolute Luxury
Comparative images between August 2018 and February 2025 are impressive. Where there was once only sea, now stands a complete neighborhood, with streets, marinas, squares, and buildings designed by renowned architects.
For many, Mareterra symbolizes the very essence of Monaco: a country that defies physical limits in the name of luxury, innovation, and capital.
“In Monaco, even the sea has become a real estate opportunity,” summarized a European market analyst.
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