Monaco's Sea-Based Solution to Millionaire Overpopulation: A €2 Billion Gamble?

Monaco's Millionaire Overpopulation: A €2 Billion Solution Raises Environmental Concerns The tiny principality of Monaco, known for its tax haven status and luxurious lifestyle, is grappling with a unique challenge: a surplus of millionaires. This has led to a housing shortage, prompting the construction of Mareterra, a €2 billion luxury development built on reclaimed land in the Mediterranean Sea. The project, inaugurated in December 2024, added 6 hectares (3%) to Monaco's landmass. However, environmentalists are questioning the project's sustainability, raising concerns about its impact on the marine ecosystem. "The project is a real paradigm shift in construction," says an advisor to the BBC, highlighting Mareterra's sustainable features such as solar panels and electric vehicle charging stations. However, critics point out that none of the new housing is reserved for Monaco's approximately 10,000 native residents, who are entitled to social housing. The high cost of living in Mareterra, with prices starting at €100,000 per square meter, further exacerbates the housing crisis for locals. A recent French academic study, cited by the government, suggests that the project's efforts to promote marine biodiversity are effective, with vital sea plants thriving around the development's underwater structures. This offers a glimmer of hope that the environmental concerns might be mitigated. The long-term effects of Mareterra on the Monaco's ecosystem and social fabric remain to be seen.