Monaco is to add land to its terrain not by war with France but by a sea grab.
The principality is to embark on a large project which will build an additional six hectares onto the existing seafront.
Space, even for the very wealthiest, is at a premium in the small, independent city-state right on the Med’s famed Riviera. The building project will not only give a bit more legroom but also an opportunity for newcomers to snap up the luxury apartments to be constructed there.
Monaco is already one of the most densely populated areas of the world. Some 38,000 people are forced to share just a smidgen more than 2 square kilometres.
For more than a century, Monaco has performed a number of land reclamation works from the sea in order to expand the nation and further develop the economy.
The independent city-state is not alone in deploying this technique. Large parts of the Netherlands have been reclaimed, as have parts of Dublin, Helsinki, Barcelona and Venice.
Moreover, the Fontvieille area of Monaco was constructed between the 1970s and 1990s almost entirely on artificially reclaimed land. It is home to apartments, offices, shops and hotels.
The latest initiative will introduce several apartment blocks, a park measuring one hectare, facilities for the public, more marina space and seafront promenade.
Estimated cost of the project is in the region of €1 billion.
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