With two and a half years until delivery, only four apartments are still for sale in Monaco’s future eco-district Mareterra, while the majority of incoming families will be European, it has been revealed.
Guy-Thomas Levy-Soussan, managing director of SAM L’Anse du Portier, was guest speaker at the Junior Economic Chamber of Monaco meeting on Tuesday. As head of the company responsible for the design, development, financing and marketing of Mareterra, he revealed some very interesting facts about Monaco’s new property goldmine, a future district that is being created thanks to an enormous, multi-billion euro land reclamation project.
The properties, which will cradle Monaco’s new coastline, are definitely expansive, with only 140 apartments and 10 villas built on a total area of six hectares. The smallest apartment is 400sqm; the largest villas are over 3,000sqm. The rest of the district will be filled with 800 trees, making it the densest area in terms of greenery in the entire Principality.
The aim, said Guy-Thomas Levy-Soussan, was to accommodate more families who are settling in Monaco, a demographic that has been significantly growing in size over the years. It goes against a 20-year trend where people would buy studios and small apartments in Monaco for the residency status, but live abroad.
Of the 140 apartments on offer at Mareterra, 136 have already sold – a clear indication that demand is incredibly high, despite the matching price tag. Levy-Soussan was reluctant to reveal the exact price per square metre in the new district, however it would have to be somewhere above Fontvielle’s €58,000 per sqm and Monte-Carlo’s €60,0000 per sqm.
Still, it is not a question of money, said Levy-Soussan, when it came to selecting the district’s new residents. There are “no clients from the Middle East, Asia, and few Russians”, he said, and no investors. Prospective residents were put through a rigorous selection process in order to “have the best people for the neighbourhood”.
So, who will be living in Monaco’s most sought-after district? Mostly families from Italy, France, Belgium and Switzerland, he revealed.
Meanwhile, the project is said to be six months ahead of schedule.
Photo by Cassandra Tanti, Monaco Life