[Image: Flickr]
It’s not just Granger Bay that’s looking to reclaim some much-needed real estate from the ocean.
At just over 200 hectares, Monaco is the second-smallest country in the world, next to the Vatican City, but what it lacks in space, it makes up for in exclusivity.
With a population density that’s the highest in the world – 18,681 people per square kilometer – available land is a rare commodity. So, with space running out, Monaco does what Cape Town had to do: reclaim land from the sea.
One example of how the tiny principality is expanding its footprint to meet the growing demand for high-end real estate is The $2.1 billion (R39 billion) Mareterra land reclamation project, which aims to add about 6 hectares to Monaco’s coastline.
If you think the pricetag too steep for 6 hectares, consider this: Some of the luxury homes in Mareterra are fetching over $108,000 (R1.9 million) per square meter. Exclusivity doesn’t come cheap.
As per Robb Report, newly built properties in Monaco “soared to an average price of $39.6 million in 2024, six times the cost of a resale property. But even at these sky-high prices, demand remains strong. Homes in Monaco routinely exceed $43 million, and even a parking spot can cost an eye-watering $430,000”.
On the lower range, a tiny studio apartment will still set you back about $1 million, according to the 2025 Knight Frank Wealth Report. There are no cheap flats in Monaco.
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Monaco has also retained its title as the world’s most expensive luxury rental market. A modest two-bedroom apartment in Monaco can set you back around $30,000 (R550,000) a month, with a 102-square-metre property starting at about $19,350 (R355,000) monthly.
Some might complain about property prices here in Cape Town, but thankfully, we’re not there yet.
[Source: Robb Report]
