One of the smallest but richest nations in the world is gaining more ground by expanding into the sea.
At just over 2km squared, but with 38,000 inhabitants, Monaco is the most densely populated country in the world, and close to being full thanks to its mountainous centre.
And, with its mix of casinos, luxury marinas and tax haven status the ultra rich are still flocking there, so it needs space to accommodate them.
But, sitting between France and Italy, its only room for manoeuvre is into the northern coast of the Mediterranean.
A new £2bn construction project will develop more than 100 apartments, four town houses and 10 villas.
All of the new luxury homes were bought off plan before construction got going.
The brand new Mareterra district will also have a super yacht marina, seawater swimming pool, parks and natural landscapes.
Construction is well underway with completion hoped by early next year. The area is now projected to be the “world’s most expensive real estate”.
The project has been underway for many years, first being announced in 2013 and authorised two years later.
Construction started in 2018. To make the sea developable, the seabed was “hemmed” with a giant metal skirt, and saltwater was pumped out.
The six-hectare area was then filled with limestone, and Italian sand was sprayed on top, to create a constructible foundation.
Prince Albert II Of Monaco said on the scheme’s website: “I wanted this new area to embody the excellence and conviviality which distinguish the Principality of Monaco so well. Mareterra will integrate perfectly with our shoreline, and in a few years will be seen as a natural extension of our territory.”
Caroline Olds, a British Monaco-based estate agent said that more than half of her agency’s clients are British.
She said: “It’s like living in a sunny London.
“London has long been attractive for families with large fortunes, but with the non-dom changes many will leave.”
No new buyers will be able to purchase at Mareterra as the high net worth individuals were approved by the project developers and were involved in the design of their new homes.
Monacco began to attract the super rich after 1861 when its Prince Charles III sold off 90 per cent of its land to the French for four million gold francs and complete independence.
It then used the money to develop luxury coastal resorts with gambling which was banned in France.
Over the years these developed into luxury marinas and casinos that attracted the world’s super rich.