Opinion – Claudio Bernardes: The incredible 2 billion euro real estate project in Monaco

Monaco, the second smallest country in the world, is undertaking one of the biggest and most ambitious real estate developments in Europe.

Portier Cove, currently called Mareterra, is a project conceived on a 60,000 square meter plot of land reclaimed from the sea.

More than 20 million cubic meters of Sicilian sand were imported to create this space, while expert scientists work alongside the construction team to protect the delicate marine ecosystem. Scientists track 70 underwater devices monitoring the impact of the works on the maritime environment.

The layout of the project by the sea was designed to follow the contours of the existing coastline, in such a way that the marine currents would not be disturbed. The topography of the new site is designed to echo the rest of the landscape. A hill is planned in the northwest section, and the elevated area will have a public park in the center.

Valued at €2 billion, this project, scheduled to be completed in 2025, will create an area with extremely luxurious residences, gardens and public spaces, designed to accommodate around 3,000 inhabitants, and intends to be the first eco-district in the Principality.

Stormwater treatment systems, e-bike stations, solar energy panels and heat pumps will ensure that energy consumption is in line with the Principality’s goal of being completely carbon neutral by 2050. Together, the sun and the sea will provide 40% of the energy needs of the new district.

A process that captures calories at sea with pumping stations will be used. These calories will then be transferred to the heat pumps. The heating and cooling of the buildings, which will have seven underground floors, will be controlled 20 meters below sea level.

The development will also have a public park of 10 thousand square meters, with several walkways, both along the coast and along the district, which will link with the existing areas of the Principality.

As part of the complex, buildings that offer offices and commercial spaces will also be erected, as well as an extension of the Grimaldi Forum (convention center).

The project will integrate with the existing coastline of the Principality, both aesthetically and environmentally. The landscape architecture was designed as a continuation of the existing relief, most recently updated in the 1950s.

From the beginning, every element of Portier Cove was designed with the utmost concern to limit interventions in the environment. From site assessment and preparation, to construction methods and sustainable energy and utilities supply practices for the new buildings, every aspect has been carefully considered to achieve a sustainable and environmentally balanced method for a project of this scale.

The huge construction cost of the project is due in part to the remarkable engineering work. In addition to the complex aspects related to landfill at sea, technically, there are challenges such as working in a confined space and close to a fully operational port. Building the project from the sea replaced a typical land-based construction site with a floating factory.

Villas, houses and apartments designed by Valode & Pistre and Pritzker Prize-winning architect Renzo Piano will be built to meet the demand for luxury properties in Monaco. The residences on offer will be the most modern and luxurious available on the Riviera.

These exclusive properties are expected to cost around €100,000.00 per m², which is almost double the average price of prime properties in Monaco, which cost approximately €54,846.00 per square meter.

The total cost of the project is financed by private investors, who believe in the return on their investment due to the international appeal, the Principality’s glamorous history, and favorable tax laws.

Monaco is a highly attractive location for high-income individuals across the world and is therefore suitable for implementing projects of this type.