M
onaco has unveiled its most expensive real estate development, Mareterra, with homes and apartments priced at $100,000 per square meter. The opening of this six-hectare sea-reclaimed land was celebrated with concerts, fireworks, and a drone display. Four villas valued at $200 million each and 100 flats worth over $100,000 per square meter are part of the development.

    In comparison to Paris' priciest areas, which cost around $15,000 per square meter, Monaco's high prices are extraordinary. However, most of the penthouses, townhouses, and villas have reportedly been sold already, making it a commercial success. The estimated construction cost was $2.1 billion.

    Prince Albert II attended the inauguration, highlighting Mareterra's environmental credentials. The development includes a pedestrianised district with a park, waterfront promenade, small port, underground parking, and residential and retail offerings. Promoters describe Mareterra as an 'eco-district' prioritising ecosystem sustainability and responsible development.

    However, marine biologist Alexandre Meinesz claims that the construction has "massacred" marine biodiversity. The relocation of a 500-square-meter marine plant called posidonia was done to avoid its destruction, but some question the environmental impact.

    The inauguration also drew attention away from Prince Albert's personal issues, including marital discord and corruption allegations. His wife, Princess Charlene, and their children attended the event alongside him.