Monaco set to expand into the sea!
Monaco is one of the most densely populated countries in the world, and, because of its tax haven status, it is largely millionaires and billionaires that make up the 32,000 inhabitants of its glamorous two square kilometres.
Situated between Nice and Menton, on the French Riviera, it is just 15 minutes away from the Italian border, and, with the airport close by and good train links, it is well located for both business and pleasure.
Many Formula One drivers, such as Lewis Hamilton and Jenson Button, not only take part in the thrilling Grand Prix here each year, but also are residents – as are many famous faces, including Dame Shirley Bassey, Sir Roger Moore and Ringo Starr.
With its stunning coasting, vibrant nightlife, low crime rate, high quality shopping and world class hotels and restaurants, Monaco is the epitome of luxurious living – but there is one thing that always limits the country’s expansion: its size.
As buildings have to be demolished before new ones can be constructed in Monaco, Prince Albert II, the reigning monarch and head of state, is planning to expand Monaco by reclaiming land which is currently part of the Mediterranean Sea.
Following discussions, which started in 2008, Monaco intends build a six-hectare peninsula into the Mediterranean, which will increase Monaco’s territory by around 3%.
The prince told local newspaper Monaco Matin that after studying many different proposals, the extension would be located between Portier and the Grimaldi Forum. He also added that the buildings would not be too high and that there would be green spaces included in the plans. The cost of the project has been modestly estimated at €1 billion, but it is felt by many that the final figure will be far higher.
Monaco is no stranger to land reclamation. Back in the 1960s the Larvotto beach district, now the second largest of Monaco’s ten wards, had around one-third of its territory reclaimed from the sea. Fontvieille was part of Monaco’s previous reclamation scheme in the 1980s and now accommodates over 3,000 people.
The exact plans remain to be seen – as Prince Albert II has invited bids to be submitted that include luxury apartments, shops and offices – but with Monégasque property so much in demand, once available, new commercial and residential investment opportunities will not be on the market for long.
Located in the Larvotto area, this four-bedroom apartment (HH-4888149) has just been renovated in a contemporary style. Light and airy, and with a cellar and parking space, this spacious property is a good investment prospect at €6,600,000.
With a view of the port and the Rock of Monaco, this spacious apartment (HH-5447411) has been beautifully designed and decorated. Having been completely renovated it would make a wonderful prime residence or second home away from home and is very attractively priced at €3,450,000.
