Monaco built a new $2.3bn district in the sea and F1 star Max Verstappen moved in

Monaco has unveiled a new $2.3 billion district called Mareterra, which opened in 2024 and expanded the principality's size by 3 percent. The development features luxury residences, including apartments and villas, as well as commercial spaces and a marina. Max Verstappen, a prominent F1 driver, has moved into this new area and highlighted it to his fellow racers during an event in Monaco.

The Mareterra project was initiated by Prince Albert II in 2013, with construction starting in 2017 after seabed preparations. Property prices in Mareterra are exceptionally high, with listings starting at $75.3 million and the most expensive sale reaching $546 million. The area is home to many F1 drivers, reflecting the sport's strong ties to Monaco.