The incredible £1.5bn mega-project to expand one European country into the sea

This new project will enlarge the country by claiming land from the Mediterranean sea, which will hopefully deal with the country's housing problems.

05:00, Sun, Sep 15, 2024

View from the Rock of Monaco of the Grand Prix race track, city skyline, mountains and harbor filled with luxury yachts in Monte Carlo, Monaco.

Monaco is the world's richest nation (Image: Getty)

Sitting between France and Italy on the northern coast of the Mediterranean lies one of the richest nations in the world. The tiny country of Monaco is adored by the elite, and is inhabited by just 38,000 people.

Although the nation does not have a lot of residents, it is still the most densely populated sovereign state, as it has an area of just 2.08km squared. To deal with the population and housing crisis, the government have announced a new £1.5bn plan - and it actually makes a lot of sense.

Monaco cannot expand on land - as it is sandwiched between Italy and France, so the only feasible solution is to instead expand outwards into the sea.

This new project will enlarge the country by claiming land from the Mediterranean sea, which will hopefully deal with the country's housing problems.

Rear view of man looking at Port Hercules harbour from above, Monaco

The Grand Prix is hosted in the luxury country (Image: Getty)

The brand new Mareterra district is hoped to be finished later this year. The region will have a yacht marina, a seawater swimming pool, parks and 130 apartments in towers, reports The Telegraph.

The project has been in the works for 6 years now, with construction first beginning in 2018. To make the sea inhabitable, the seabed was 'hemmed' with a giant metal skirt, and saltwater was pumped out.

The area was then filled with limestone, and Italian sand was sprayed on top. The area is now projected to be the 'world's most expensive real estate'.

Caroline Olds, who is a British Monaco-based estate agent said that more than half of her agency's clients are British. “It’s like living in a sunny London,” she told the Telegraph.

“London has long been attractive for families with large fortunes, but with the non-dom changes many will leave." She believes that “lower interest rates and sexy new buildings” in the area will bring more prospective buyers to Monaco in 2025, when the expansion project will be completed.

“Not just British but international folk currently based in London from all over the world,” she continued.

“Buyers in Monaco are at a stage where they have enough money and need to safeguard it. Monaco is not a huge income-generating city like London, where people spend huge salaries and bonuses with wild abandon.”