If there’s one truism about Monaco’s property market, you’ll need pockets as deep as the sea it’s perched above.
At just 22.8 square kilometres, Monaco is the second-smallest sovereign state in the world after the Vatican City.
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Its famed beauty and Mediterranean lifestyle is enjoyed by 38,000 residents, who live in some of the most expensive property on the planet, proportionately speaking.
Couple this with a unique combination of tax advantages, security, and luxury amenities, Monaco has become a playground for the world’s ultra-rich, who often contest every square foot of land fiercely when it comes to market.
So, in theory, what would happen if there was more space? Would the price of luxury property be tempered as demand is somewhat fulfilled? Or would it create a new race for ownership among the richest that causes prices to spike?
Well, as we’re finding out with the Mareterra Monaco project, a dazzling €2 billion land reclamation programme extending Monaco into the Mediterranean, it’s setting a new benchmark for ultra-prime living – and the prices that define it.
With the completion of Mareterra, Monaco has added six hectares of land, and introduced 110 apartments and 10 villas designed by a roster of star architects. The result: a surge of ultra-luxury inventory that has electrified the market and attracted an elite global clientele.
The numbers are nothing short of astonishing. Newly built residences in Mareterra are achieving prices exceeding €9,300 per square foot ($10,988 per sq ft) – more than double the average resale price across the principality.
The average sale price for new builds soared to €36.4 million in 2024, a figure that dwarfs the €6 million average for resale properties. Some of the most coveted units have fetched north of €100 million each, underscoring the insatiable appetite for exclusivity among ultra-high-net-worth individuals (UHNWIs).
Naturally, the launch of Mareterra has triggered an astronomical 260% jump in new-build sales in 2024, compared to the previous year. Total residential transactions hit a record €5.86 billion in 2024, with €2.6 billion recorded in the first quarter of 2025 alone.
What sets Monaco apart is its chronic land scarcity. With no room to expand except into the sea, every new project is a global event. Mareterra’s blend of architectural pedigree, world-class amenities, and environmental innovation has set a new standard for luxury.
And now property within the project is commanding new premiums over older luxury stock.
The average price per square foot across Monaco reached €5,301 per sq ft/€51,967 per sqm in 2025, but in ultra-prime districts like Monte-Carlo and Larvotto, prices are now regularly surpassing €100,000 ($110,000) per sqm.
Demand from UHNWIs shows no sign of abating, with the new supply being rapidly absorbed. As Mareterra’s final units are snapped up, the principality remains the ultimate address for those seeking the rarest of real estate trophies.
In Monaco, scarcity is the ultimate luxury – and the market is responding accordingly.
