The plan will extend the coastline a further 15 acres into the Meditarrenanen by 2025. However, the BBC2 documentary ‘Monaco: Playground Of The Rich’ saw Jean Luc Nguyen, director of public works reveal some of the new properties, will be in the price range of: “Ten buyers in the entire world.” The head of state, Prince Albert II said of the project: “We did a quick projection of our future needs in terms of private housing.
“It became clear that where the land extension is happening now, is the only place on our waterfront that could accommodate such an extension.
“We have a lot of demand for water-view apartments, so this answers that need but creates a public space area everyone can enjoy.”
According to Savills, Monaco is the most expensive property market in the world.
Mr Nguyen added: “I don’t know the price, usually we use the ratio per square meter.
Monaco is the most densely populated soverign state in tthe world
Prince Albert II and Princess Charlene
“But when you reach this kind of product, there are only ten buyers in the entire world who will be able to afford it, maybe more than €100million (£90.3million) for one villa.”
Monaco is believed to have a population of around 38,300.
This is fit into an area of 1.2 square kilometres.
Monaco also leads the world in GDP per capita.
The new development is set to be built near the Casino de Monte Carlo
The Principality’s figure is $ 185,741(£148,387.56).
The land reclamation project is expected to cost £1.5billion.
The new neighbourhood will be situated near the iconic Casino de Monte Carlo.
It is expected 70 of the new apartments will be placed on the market.
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Inside the casino in 2000
Port de Hercules
The remaining 50 will remain with developers.
In 2018, Nancy Heslin, former editor of Monaco Life told the Financial Times: “The property that exists is not suitable for young Monégasques.
“They can’t afford to rent and they certainly can’t afford to buy.
“Supplying affordable housing has become the main priority of the new governing council elected in February”.
The average price of a home sold in Monaco back in 2017 was €4.5m (£4.1m).
The 1998 Monaco Formula One race
Up to 1,000 residents will be housed in the new Portier Cove district.
Additional public spaces will be part of the development.
These include a hill, park, a seafront promenade and a marina.