Written by Staff Writer
20 Mar, 2018 | 6:46 pm
The second smallest country in the world, Monaco has begun a project worth of $2.3 billion to extend the natural coastline by 15 more acres into the Mediterranean sea.
The project is due to be completed in the year 2025 creating a new district in Monaco which is already given the name as Portier Cove. This newly planned district will be developed into an area of 1,000 residents which are scheduled to be built in luxury apartments and villas. The city plan includes a hill and landscaped park, a seafront promenade and a marina as well. The Portier Cove is predicted to be one of the most expensive city by the year 2025.
The Government of Monaco is overseeing the project, however, the private investors who are handling the construction cost will profit from the sale of real estate in future. According to the director of the government’s urban extension project, private groups’ revenue is predicted to exceed $4.1 billion from the project.
The Knight Frank 2017 Wealth Report states that for $1 million, only 183 square feet can be bought from Portier Cove compared to 280 square feet that can be bought from New York by the year 2025. Monaco, the house to a large number of millionaires, is the most expensive place to buy property, the report indicates.
Since the early 19th century Monaco has enlarged its landscape by adding another 100 acres and it covers up to 20% of the total land of Monaco. One in three people of Monaco are millionaires and the estimated number of millionaires by 2026 would be 16,100.
The total population of Monaco is 38,000 and only 10,000 are recorded as locals and rest of the residents are said to be rich foreign population.
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