Monaco, officially the Principality of Monaco, is a sovereign city-state located on the Mediterranean Sea’s French Riviera. It is bordered by France on three sides and is renowned for its luxurious lifestyle, mild climate, and as a playground for the rich and famous.
Geography and Demographics
Monaco covers an area of approximately 2 square kilometers, making it the second-smallest independent state globally. Despite its size, it boasts a high population density, with around 39,000 residents. The official language is French, and the currency used is the Euro.
Government and Sovereignty
Monaco is a constitutional monarchy, with Prince Albert II serving as the head of state since 2005. The principality maintains close ties with France, particularly concerning defense and foreign policy.
Economy and Real Estate
Monaco’s economy thrives on tourism, banking, and real estate. The city-state is famous for its tax advantages, attracting wealthy individuals worldwide. A notable development is Mareterra, a €1.5 billion eco-friendly district that expands Monaco’s land by 3%. Designed by renowned architects, it features luxury apartments and villas, with property prices reaching up to €120,000 per square meter.
Cultural Significance
Monaco offers a rich cultural scene, including the annual Monaco Grand Prix, a prestigious Formula One race through the streets of Monte Carlo. The 2025 Monaco Grand Prix is scheduled for May 25, 2025.
Sports
The principality is home to AS Monaco, a professional football club competing in France’s Ligue 1. The team has a storied history and continues to be a significant part of Monaco’s sports culture.
Recent Developments
Monaco continues to innovate, as seen with the development of Mareterra, an eco-district that expands Monaco’s territory by 3% with reclaimed land. This project underscores Monaco’s commitment to luxury, sustainability, and exclusivity.