A five-story apartment in Monaco has reached a historic price of $550 million, positioning Mareterra as the most expensive residential area in the world. The property was purchased by Ukrainian billionaire Rinat Akhmetov and is located in the Le Renzo tower, designed by architect Renzo Piano.
The transaction, carried out in 2021, was revealed in April 2026. The price paid by Akhmetov equates to approximately $219,000 per square meter, nearly double what Ken Griffin paid in 2019 for his penthouse in Manhattan, and more than triple the average price in Monaco itself, which is around $66,700 per square meter. This average is almost double that of Hong Kong, which ranks second in terms of real estate value.
Mareterra was developed over the sea with an investment of $2.3 billion. The project, which took 11 years to plan and build, required expertise in manipulating the marine environment. Transfers of marine species and removal of contaminated material were conducted prior to construction, which included the creation of 18 enormous concrete structures in Marseille, each 26 meters high and weighing 11,000 tons, that were transported by sea to Monaco and placed on an underwater base.
The completion of the work was achieved in December 2024, six months ahead of schedule. All 130 luxury units were sold prior to the opening, generating over $6.6 billion, allowing for the repayment of $1.2 billion in debt and allocating more than $1.8 billion to the State, resulting in a net profit of $3 billion for investors.
The main private investor in the project is Patrice Pastor, whose family has been involved in real estate since 1880 and owns about 15% of properties in Monaco. The developer received support from Prince Albert II from the early stages of the project.
Less than two years after completion, some properties have returned to the market at higher prices. An apartment of 522 square meters in Le Renzo is being offered for $73 million, approximately $140,000 per square meter, a price that doubles that of the most exclusive areas in Dubai. Meanwhile, monthly rents exceed $130,000.
Seafront properties are valued even higher, with estimates placing coastal residences at prices that could exceed $290 million. Some agents indicate that certain properties could reach up to $350 million. According to Sufia Kiekbaeva, an agent at Magrey & Sons Monaco, there is notable interest in these exclusive residences.
Monaco remains a magnet for wealth, hosting 29 billionaires with a combined net worth of $167 billion. This ratio is the highest in the world, considering its population of just 38,857 residents. Among Akhmetov’s neighbors are chemical magnate James Ratcliffe and Formula 1 drivers Max Verstappen and Charles Leclerc. The combination of attractions offered by Monaco, such as its coastlines, favorable tax regime, and high level of security (one police officer for every 70 residents), continues to solidify its privileged status.
Source: www.infobae.com
