Monaco’s ultra-prime property market may have set a new benchmark, with Ukrainian billionaire Rinat Akhmetov reported to have acquired a major residence in the Principality’s Mareterra district for around €471 million.
The figure, revealed by Bloomberg Businessweek through property records and reviewed documents, would place the transaction among the most expensive residential purchases ever recorded globally. However, the buyer’s holding company, System Capital Management (SCM), has not confirmed the price or specific details of the property.
SCM acknowledged it had invested in the Mareterra development, stating that premium real estate forms part of its long-term international portfolio, but declined to elaborate further.
The residence is believed to be located in the flagship “Le Renzo” building, within Monaco’s newest waterfront district. Mareterra, built on land reclaimed from the Mediterranean and inaugurated in 2024 by Albert II, has quickly become one of the most sought-after addresses in Europe.
According to the same reports, the apartment spans approximately 2,500 square metres and extends across multiple levels, with features said to include extensive terraces, a private pool and several parking spaces. These details have not been independently confirmed.
The acquisition is understood to have been agreed prior to Russia’s full-scale invasion of Ukraine in 2022, a conflict that has since affected parts of Akhmetov’s industrial holdings. With an estimated fortune of over $7 billion, he built his wealth through SCM, a conglomerate with interests in mining, energy, metallurgy and real estate.
Mareterra represents one of Monaco’s most ambitious developments in decades, adding a new eco-designed district of high-end residences, public spaces and a marina. Prices in the area are widely reported to exceed €100,000 per square metre, reflecting sustained global demand and the Principality’s limited supply of land.
While key elements of the transaction remain unconfirmed, the reported scale of the deal underlines Monaco’s enduring appeal to the world’s wealthiest buyers, and its reputation as the ultimate address for high-value real estate.
