Get a 7-day free trial and 40% off Blinkist Annual Premium by clicking bit.ly/MegabuildsAug24 or scanning the QR code. What's your opinion about Mareterra? Are the apartments worth the crazy price tag? Thanks a lot for watching and supporting us!💛
I think a lot of the environmental technology is super cool - but if it's not cheap enough to apply on a global scale (and this is definitely way too expensive for that), it won't have any serious impact on climate change.
People who lived on the seashore and had a beautiful view on the sea must have gone crazy when these buildings started to rise between them and the sea...
Happens everywhere in the world. In Prague, if you own an apartment wiith a Castle view, you won the jackpot. If someone builds over that view, the value of your place drops a LOT. There's usually little the owners can do about a development going up within their line of sight. It just happens.
It’s expected to boost Monaco’s real estate market and bring in a lot of wealth. By creating more luxury apartments, offices, and marinas, they’re catering to high-net-worth individuals, which could increase Monaco’s global appeal.
That’s true. The new space could really drive up the value of existing properties too, and with Monaco’s tax-friendly policies, it might become even more of a hotspot for the ultra-rich
Exactly. And from an investment standpoint, there’s potential for real estate appreciation. Some of the investors who get in early on this expansion could see significant returns as property values rise
but isn’t there a downside to all of this? I mean, a project of this scale could have environmental risks, right? Plus, a $2 billion project carries its own financial risks, especially if the demand for these luxury properties doesn’t meet expectations
These projects always look better on paper than they are in real life. It will be interesting to see the longevity of this concept. Many of the new building techniques are simply not durable and will not stand the test of time. What's going on in Florida is a perfect example of how concrete and steel do not get along with sea water and aging. Nicely done video.
These are not the kind of people who underfund their HOAs for decades and then complain about special assessments 30 years later. The condo's in Florida were built low cost (for high rise condos) and then starved for upkeep.
@@dundee1080 It's FloriDUH to anyone who knows the place. Point was salt water and concrete usually have a finite lifespan. As much as they try to isolate salt water intrusion it will always occur when building on what used to be sea water.
Lols. You poor naive fool. These are extremely rich people paying no tax. These apartments are just part of their portfolio, they stay there occasionally if at all for a short holiday every now and again when they're in town. They don't give a sh!t as long as it doesn't go too far below the initial price, which it won't. In fact it will continue to go up in price regardless of sea front views because it's Monaco.
There is a lot of council housing there, also with ocean views. The principality takes good care of natives making sure they don't get priced out of the city. Aside from that I get the impression this is not a place where people actually live.
@@ZoraDelaney Bingo!! Here in the U.S. the Fed government is the biggest check writer - especially to the top Tech companies (AMZ, MSFT, Googs, Space-x, etc.). They wouldn't survive without Uncle Sam's largesse - forget the Banks, ergo the bankers. They wouldn't be able to afford a croissant without the gov's cyclical "do-overs".... and i'm a (former Wall St.) banker, with no greater love for American's stupidity.
Monaco is only good for one thing: avoiding taxes. It is literally one of the ugliest places at Cote d’ Azure. It is crowded with tourists, extremely loud, very polluted traffic nightmare. You just need to step outside of Monaco (either side) and you will find many 100x more beautiful and charming places.
Agreed, just step outside Monaco for a less crowded experience. Property there is mostly equivalent to novelty and for status. Mareterra is beautiful however.
If you want another big project ahead of schedule, there: French Paris-Bordeaux High Speed Line, last leg 340 km. *January 2012* start of project. *July 6, 2015* end of civil engineering works, *ahead of schedule.* (500 heavy works including 24 viaducts, 3 million tonnes of ballast, 1.1 million tonnes of concrete sleepers, 13,000 catenary supports) *July 2, 2017* commissioning, *ahead of schedule* (planned: December 2017). Cost 7.8 billion euros In 2024 you can travel Paris-Bordeaux 550 km in 2h3minutes, 49 euros if booked in advance.
I wonder how far that could be taken? Because 50m deep is already quite something. At some point it sound like it would be easier to put everything on stilts :D
Just a slight correction: The Monaco (Monte Carlo) tennis Masters does NOT take place in Monaco. It takes place in France, right next to Monaco's eastern border with its neighbour. The Club Monte Carlo of Monaco are property owners of the tennis complex - which still lies in France's territory - though.
I was just there last fall and there were some properties that needed upgrading for sure, but I feel badly for those who had seaview properties that now will not.
Overall, awesome. The eco part, tho, might be greenwashing. The cement used for all that concrete is typically a huge CO2 emitter, for example . And this development is so small, in the grand scheme of things, that their eco efforts are immaterial, unless it prompts many other developments to follow suit. Given its extreme pricing, tho, that’s doubtful. So, don’t view it as saving the planet, but rather as an awesome development for the crazy rich.
I was in Monaco today. I would not say the entire land is filled with luxury buildings. Lots of space where you can tear down old crappy buildings and build new ones
we stayed at the fairmont for a few days last may and never knew that the renzo and all the construction was placed on concrete blocks until now...impressive
„It will reduce Monaco‘s green house gases by 7%.“ Forgetting, this super interesting project needs a huge amount of ressources to build - for little people to live there.
@@whateverreally1347 I am Not stupid I know it's on a hill but I'm talking about the ones that are closest to the water also the buildings are pretty tall that there building in the new development so it could block some views on the lower floors of the buildings
@@Gardwin-BXhe's referring to your lack of knowledge that Monaco is in the Mediterranean sea, no ocean. You are ignorant in geography, proved that twice with your comment and reply.
Call me a cynic, but if the richest country on earth says "eco-friendly" and "sustainable", I don't believe a word after that. It's all just about the money.
Only rich people can afford to build eco-friendly because it increases building costs a lot. We who are poor or average only care about what is cheaper despite of what we are emitting. In fact, these eco friendly shits are pushed by these people who are the only ones that can afford it. Ask an indian or someone from South America to buy an 30.000 electric car which is going to last only 150k km or to start using gas and they will think you're mad.
Never in my life i thought i would hear that a construction project is AHEAD of schedule. Like i thought being ON schedule was near impossible but ahead?
Good video, can u make a video about Belgrade or Serbia, we have a lot of projects under construction. Belgrade Waterfront, High Speed Railway, EXPO 2027 Belgrade and National Stadium, Belgrade Metro, Hotel Ritz Carlton, Green Line Project, Trump Towers, Kompernikus Towers etc...
This is extremely similar to how Boston was made, just on a much smaller scale. Unlike the Netherland's reclaimed land, this type of construction is, more accurately, "made land." As it is physically added on to the seabed instead of simply *being* the seabed.
Yes! In Buenos Aires there was a ‘similar’ expansion thing decades ago, except it was basically done by dumping building debris into the river lol nowadays there’s a luxury district with skyscrapers and a natural reserve in that man made island. Tbh there wasn’t really a need to create more land, since it’s not like the city has a lack of space, but they just needed to build a new harbor, plus somewhere to dump debris.
We know someone who is in real estate in Monaco. He told us that he lives in Cap d 'Ail - right at the Monaco border, but "in France". His exact words were, "A nicer community, nicer business people, much nicer neighbors and a much more welcoming environment". The development featured in this film is a joke. Albert and Caroline "invited" people to buy properties there. "The wealthiest of the wealthiest" in Monaco all live in different districts.Albert, Caroline and the developers intentionally wanted to bring....all of those people...."Into one neighborhood". It is simply the most "gauche" of efforts at the worst form of class distinction you can find. Imagine, current property owners will spend $ 100,000 a square foot for a 4,000 square foot town house. That is $ 40 million for a two bedroom "apartment". What a joke. And you had better believe that this development is paid for and owned by Albert and his family. "They" are "in it" for themselves. Do not ever forget that. :)
It may be a joke, but they are laughing all the way to the bank. My friend's ex mother in-law's property in Malibu just sold for north of $100 million. Other friends' parents' houses are now $30~40+ million. Our old house is north of $6 mil now. There is so much money out there that it's mind-boggling. One client's house was bought ($30+ mil over 20 years ago) so he could use it 2 weekends a year. It's a party and we aren't invited.
Sirius, kurz vor meinem Geburtstag dachte ich, dass mein einziger Wunsch eine kurze Agario-Episode von ihr wäre, weil ihre Materialien mich und viele andere Menschen glücklich machen und mir ein Gefühl von Nostalgie vermitteln könnten. Love for everything u made for people, and for unforgettable moments
I've been in Monaco like six weeks ago and it looks really impressive! The only downside of it is that you can't really see the sea anymore from the fairmont hairpin and f1 tunnel.
@@JohnsinA-z7z because it isnt. Luxury is just a way to say they consume more ressources than most people are able to afford in the planet. And it's not a surprise to say there's not enough ressources in the planet to sustain the luxury life if everyone had that lifestyle.
But but there are trees on the artist's impression! That means it's green! Also, the name is "sea" and "earth" in Italian! That means it's ecological or something! If only we would build multimillion apartments everywhere on earth, right?
@@hotman_pt_ China building cheap bridges that fall over is more wasteful. Sustainability in this context is referring to environmental impact at the time of excavation and beyond. Rarely does a project relocate habitat. I’d also argue that most luxury homes are passed down to family which voids the need to build again. The idea that “if everyone lived in luxury….” Firstly; everyone (mostly) does live in luxury. You’re referring to the 1% of the 1%…which to extrapolate onto everyone, especially in a video about a place that has a population of 36k is just ridiculous.
I'm curious. How would service industry employees afford to live anywhere EVEN close to Monaco? If it's the traffic nightmare all have spoken of..what would that daily commute look like? Here in the states..I believe Vail Colorado ski resorts employees commute a minimum of 40 miles each way from their "affordable" housing. Similar situations in major California hubs. I'm on board that property owners are getting EFFD out of their "formerly" A)WATERFRONT property and 2) Property values. It can't be "Well they're all rich they can just move somewhere else"..they moved to Monaco and paid for WATERFRONT..not the back of a building. I don't see how anyone commenting here wouldn't be beyond pissed if it happened to them??
A lot of employees come in by train from Italy. Personally, I've never found the traffic to be any worse than many other places. And parking in Monaco is very cheap.
Meanwhile here in New Zealand we spent $NZD33 million per kilometer on a cycle track between Wellington and Petone (Total $NZD320 million, or $USD192 million) approximately 10 kilometers long and 5 meters wide. It has two islands built for penguins and sea life a small reef and no one will live on it. Can't it is about half the expected cost of one of the new houses on Monaco development and we were complaining about the expense????
Anything to avoid paying taxes, as ambitious and to prove that things can really be done if we wanted to, it’s absolutely disgusting the lengths the rich will go just to avoid paying taxes !
Best thing about paid promotion is the new RU-vid Premium feature to skip it, well most have done that unofficially before that feature is a thing anyhow
great insight & info - it was actually Aristotle Onassis in 1953 who started to build the reputation of Monte Carlo with his money & influence - then in 1967 Rainier III & the municipality screwed him over, Onassis left & never returned = Monaco's rulers, once pirates overthrowing power, always pirates.
That's exactly what I was thinking the whole time. And not to mention it's being done by rich people. So that just confirms the fake nonsense of climate change even further
It's a bizarre world in which the richest country produces almost nothing for the world and has residents who have high incomes based almost entirely on goods and services produced elsewhere. The country may make some money from providing some services to tourists but the bast majority of the income of its residents must be coming from economic activity occurring elsewhere. An example showing that attracting vast numbers of tourists is not enough to make a community rich is Niagara Falls. Niagara Falls is one of the world's most popular tourist destinations and has casinos and hotels and a variety of businesses catering to tourists plus it produces a significant amount of electric power but the residents of Niagara Falls are not particularly rich.
@geofflepper Actually, a very large portion of the income here is derived from the Casino. The F1, the Monaco yacht show, and various other events during the 'season' also bring in a lot of income. Also SBM (Société des bains de mer de Monaco), owns casinos, 4 hotels (one of which is the Hotel de Paris), night clubs, restaurants, bars, beach clubs spas, golf clubs and a property portfolio. It's worth mentioning as well that there ia almost a zero crime rate here, and is spotlessly clean.
@@leenverkade In the 1960's the French came close to shutting Monaco down and blockaded it at one point. France would not sell land to them at any price and I doubt Monaco would even bother asking.
What do you want to buy?? You do know that people live there 😄 I mean in some areas, I have Monaco on the right side and France on the left side of the road. That was particularly funny during covid, when in Monaco we had to wear masks outside while in France you didn't. Got caught on the wrong side of the street without the mask - EUR 250 fine. No seriously, to expand, we can only grow towards the sea. Some Apartment Towers are already partially in France.
I kept expecting you to address the issues with people that already lived with ocean views that might now be losing those. I would think that must have been a gigantic problem for the Developers
agreed it would be nice to see how all the neighborhoods behind are affected. Although he did mention that Le Renzo is on tilt to not obstruct the waterfront vieww
There’s a lot more to it than that. No fccr for one otherwise no one would love there. There’s no shortage of stagnant places with low taxes. Italy lump sum, Greece lump sum, Portugal NHR, Spain Beckingham, UK NonDom, Paraguay, Uruguay, Philippines territorial tax, Malaysia territorial tax, you get the point. Yes you also have a point.
Amazing feat if engineering. However, it would have been nice to see more traditional architecture and less green spaces. They could have planted gardens on the roofs of buildings with a few green spaces scattered about. It would have been a more efficient use of space. I look forward to whatever else Monaco decides to build. Maybe they will double from their current size one day.
I wouldn't live there if I was given 10 billion dollars. Let us face the truth about Monaco, it is a new Babylon, a centre for greed, debauchery and excess. There is no hope in excess and greed. "What does it benefit a man if he gains the world yet looses his soul." Mark 8:35.
Next time they tell you rich people got where they are because they worked hard and are smart, point out these families that are making *billions* more off of their existing wealth and connections.
Great presentation, watched it until the end. By the way, when you ask: "What do you think? Are the apartments worth the crazy price tags?" My opinion is that just by mentioning the word ""crazy"" you`re leading someone to believe: Yes, it is crazy! and the 2nd is: If I believe that: "money is the root of all evil" absolutely that the answer is already known :)
Monaco not a country as mistakenly stated. It's classed as a Sovereign City State (micro state) and Principality, governed under a constitutional monarch. Similar in most ways to the Vatican City. Only a French National or a Monaco citizen by birth can rule. But it is a UN voting member. The monarch has to consult with the French Government before making any senior appointments. Interesting content and great detail, thanks. Thumbs up!
3:01 not sure if this was genuinely a mistake but this graph is a massive oof. First off the big one, the US should be number 8 with a GDP per capita of $85K, Ireland and Switzerland are ahead of Norway with $106k and $105k respectively, Singapore is ahead of the US with $88k, finally Qatar is ahead of Denmark with $81k, im pretty sure its just a small mistake and you used an old tablet but im a little detail oriented lol, video is still very educational. New list: 1. Monaco - $240k 2. Liechtenstein - $197k 3. Luxembourg - $131k 4. Ireland - $106k 5. Switzerland - $105k 6. Norway - $94k 7. Singapore - $88k 8. United States - $85k 9. Iceland - $84k 10. Qatar - $81k Sources: IMF, World Bank, United Nations.
Mareterra looks lovely but I feel bad for those who lost their sea view. I'm wondering how much the value of their property went down by. As for the cost of the Mareterra apartments, they are insane but, given that they are apparently all sold, the market has spoken.
Those waterfront views are the same ones that sold the apartments that this will block and in the near future, they will also be blocked by future expansion.
