The new district will expand the country’s territory by 3% and provide an additional 120 luxurious apartments, 10 elite villas along the embankment stretching to Monte Carlo Beach. This is the last undisturbed patch of the coast of Monaco. This initiative is part of a plan to save the tax haven suffering a housing deficit, which has made the city-state the world’s most expensive place to buy real estate.
According to the project director for the coastline expansion, Jean-Luc Nguyen, the purpose of Anse du Portier is to provide luxurious new residences for people who want to settle in Monaco. Now, most of the residential buildings are in the style of the 1970s. The project is aimed at large companies and rich foreigners.