The principality of Monaco is the second smallest country in the world and so space has always been at an absolute premium. Things have gotten so tight that a €2 billion project has started to reclaim land from the sea in order for the next wave of luxury homes to be built.
15 acres to be added to Monaco’s current 485
Monaco’s latest land reclamation project—Portier Cove—will include the construction of an eco-neighborhood primarily consisting of housing (60,000 m²) with “public facilities, an extension to the Grimaldi Forum, a public car park, a marina with pedestrian wharves, a landscaped park, a seafront promenade, and a shaded, planted walkway running the length of the Japanese Garden.”
A mammoth marine infrastructure
Bouygues Travaux Publics has been contracted to build the foundations for Monaco’s offshore extension that started in Spring 2017. This vast infrastructure will first be built in the port at Marseille—suitable for such a project, being a large, deep seaport—and once complete, transported east to Monaco. The process of constructing these incredible foundations—as well as the dredging operation and transporting sand from northern Sicily—will take about 40 months to complete.
The project will take 10 years to complete
It’s estimated that this mammoth build will take around 10 years to complete, in line with the forecast of the projected population growth of the principality over this time. Already, nearly 35 in every 100 Monaco residents are millionaires, with monégasques making up a small percentage. With new luxury homes in the works, this statistic will only grow over the next decade, that’s for sure.