Rinat Akhmetov has bought a flat in Monaco for a record €471 million
Ukrainian businessman Rinat Akhmetov has purchased a five-storey apartment in Monaco for €471 million. According to Bloomberg Businessweek, this is one of the largest residential property sales in history. ThePublic reports this, citing Bloomberg.
The property is located in the Mareterra district, which was built on reclaimed land. It was opened in 2024 with the participation of Prince Albert II. The new district has attracted the interest of wealthy investors from various countries.
The apartment is situated in the Le Renzo building and covers approximately 2,500 square metres, excluding balconies and terraces overlooking the Mediterranean Sea. The property features a private swimming pool, a jacuzzi and at least eight parking spaces.
Details of the deal, which was finalised in 2024, are contained in Monaco’s property registers, as well as in documents and email correspondence obtained by Bloomberg Businessweek.
System Capital Management confirmed its investment in this project but did not disclose details regarding the property’s value or specifications. The company noted that SCM’s international portfolio has included premium real estate for over a decade. It also reported that the investment in the Le Renzo project was made in the primary market in 2021.
The announced sum exceeds other known deals in the residential market, notably the sale of Nick Candy’s London estate for over $350 million and a New York penthouse purchased by Ken Griffin for approximately $240 million.
Monaco is considered the world’s most expensive property market due to its limited land area and tax conditions. The Mareterra project took over ten years to develop. It comprises 114 luxury villas, townhouses and apartments.
Akhmetov concluded the purchase agreement shortly before Russia’s full-scale invasion of Ukraine in 2022. Following this, his business suffered losses due to attacks on energy assets in Ukraine.
According to the Bloomberg Billionaires Index, the businessman’s fortune exceeds $7 billion. His assets are concentrated in the SCM holding company, which operates in the metallurgy, mining, energy and property sectors.
Akhmetov has previously made significant investments in property. In 2019, he purchased the Les Cèdres villa on the French Riviera for €200 million. In 2011, he reportedly also bought a penthouse in the One Hyde Park complex in London.
According to local estate agents, property prices in Mareterra exceed €100,000 per square metre. Three-bedroom flats in the area are also on offer for around €76 million, whilst rents for apartments can reach €150,000 per month.
Official statistics show that the Larvotto district, where Mareterra is located, has become the most expensive in Monaco in terms of average sale price per square metre.
