Breaking News
Investing Pro 0
Donate to earthquake relief efforts in Turkey and Syria Donate

Crowded Monaco reclaims land to build more luxury flats with sea view

Economy Jan 15, 2020 10:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
BOUY
+0.96%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Michel Bernouin

MONACO (Reuters) - Tiny Monaco is set to grow by six hectares under plans to reclaim land from the Mediterranean and build more luxury apartments and posh boutiques with fine sea views.

The second smallest state in the world after the Vatican, Monaco is also home to the world's most expensive property market and the project is intended to relieve some pressure on housing in the principality, which is surrounded by France.

The land reclamation program, due to cost 2 billion euros ($2.23 billion), involves the construction of 60,000 square meters of luxury accommodation, 3,000 square meters of retail space and a new private port. It is due for completion in 2021.

French industrial group Bouygues (PA:BOUY) has built a wall 500 meters (1,640 feet) long out of 17 concrete chambers, pumping out the seawater and using 450,000 cubic meters of sand imported from Sicily to fill in the gap.

The next stage, due to last until October 2020, will involve the stabilization of the ground using a technique known as 'jet grouting' before the building work can begin.

The Monegasque official in charge of overseeing the work, Jean-Luc Nguyen, said construction on such a scale necessarily had an impact on the local animal and plant life but that they had tried to keep it to a minimum.

"Of course, creating a six hectare-platform in the sea means you have to remove some of the natural habitat, so you have to accept that. What we tried to do is create within the new infrastructure ways for the flora and fauna to return as quickly as possible," he told Reuters in December.

According to global real estate company Savills, Monaco remained the most expensive property market in the world in 2018. Average residential prices increased by 18 percent to 48,800 euros per square meter, 10 percent higher than Hong Kong and 96 percent higher than New York.

Crowded Monaco reclaims land to build more luxury flats with sea view
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email