Monaco's $2 billion eco-district sparks debate over luxury development priorities
- Prince Albert II of Monaco, accompanied by his family, inaugurated a new luxury eco-district called Mareterra on December 3, 2024.
- Properties in Mareterra are estimated to cost approximately £82,842.50 (€100,000) per square meter, nearly double Monaco's average.
- The opening reflects Monaco's commitment to luxury and sustainability while showcasing the royal family's strong public presence.
In Monaco, the royal family made a rare joint appearance on December 3, 2024, during the inauguration of Mareterra, a significant new luxury eco-district. The event was attended by Prince Albert II, his wife Princess Charlene, and their nine-year-old twins, Princess Gabriella and Prince Jacques. This new development represents an investment of $2 billion and is part of Monaco's ongoing effort to enhance its real estate offerings. While specific housing prices have not been disclosed, estimates by real estate group Knight Frank suggest properties could cost around £82,842.50 (€100,000) per square meter, which is nearly double the average price in Monaco. Prince Albert expressed his vision for Mareterra as a reflection of Monaco's excellence and conviviality, stating its design integrates seamlessly with the shoreline and serves as a natural extension of the territory. The inauguration came shortly after the royal family shared their annual Christmas card, showcasing them in festive attire next to a beautifully decorated Christmas tree, highlighting a joyful familial moment amidst their public engagements. This event marks an important addition to Monaco's landscape, emphasizing both luxury and sustainability in response to contemporary environmental concerns.