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Monaco Expands By 3% with Sustainable ‘Eco-District’ Mareterra

by THEFUTURE.TEAM

December 10, 2024

Monaco, synonymous with luxury living and financial exclusivity, has expanded its territory by 3% with the completion of the €2 billion ($2.1 billion) Mareterra project. Built directly into the Mediterranean Sea, this “eco-district” adds nearly 15 acres of new land, marking a major shift toward sustainable urban development.

A New Model for Land Reclamation

Inaugurated by Prince Albert II, Mareterra addresses Monaco’s chronic space constraints. The city-state, home to 39,000 residents within just 2.1 square kilometres, has a history of land reclamation dating back to the 1960s. However, unlike past projects, Mareterra prioritises sustainability and environmental preservation.

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Work on Mareterra began in 2013, using concrete caissons — large, hollow chambers submerged in the sea, drained, and filled with 750,000 metric tons of sand. This method, combined with a strong ecological focus, created a district with luxury residences, a marina, a promenade, and public green spaces. Around 50% of the new land is accessible to the public, featuring parks, cycling paths, and retail areas. Over 1,000 trees, imported from Tuscany, have been planted to support biodiversity.

Sustainability at the Core

Unlike traditional land reclamation, which often disrupts marine life, Mareterra incorporates several eco-friendly measures. Developers collaborated with marine biologists to protect biodiversity, creating artificial seagrass beds to support marine habitats. The district also prioritises clean energy, with 80% of its heating and cooling needs met by renewable sources, including 1.2 acres of solar panels.

This approach aligns with Monaco’s broader commitment to sustainable development, championed by Prince Albert II, a known advocate for ocean conservation. His influence was instrumental in halting a 2009 reclamation proposal due to environmental concerns, prompting tighter regulations for future projects.

A New Standard of Luxury

Mareterra isn’t just an eco-friendly initiative — it’s also a prime real estate development. The project features over 100 upscale apartments and 10 exclusive villas designed by world-renowned architects, including Norman Foster, Tadao Ando, and Renzo Piano. Piano’s contribution, “Le Renzo,” offers luxury living with his signature architectural style.

Although official property prices have not been disclosed, estimates from Knight Frank suggest homes in the district could sell for around €100,000 per square metre — nearly double Monaco’s average real estate price. As Monaco’s land becomes increasingly scarce, demand for properties in Mareterra is expected to soar.

Revenue Boost for Monaco

Privately funded, Mareterra is still a financial win for Monaco. The government will collect a 20% tax on property sales, providing a steady source of revenue. Expanding the Grimaldi Forum, Monaco’s conference centre, was also part of the project, boosting the state’s capacity to host large-scale events. With reclaimed land making up over 25% of Monaco’s total territory, the principality has established a model for sustainable growth and financial resilience.

Monaco vs. Dubai: A Tale of Two Visions for Coastal Expansion

When comparing Monaco’s approach to land reclamation with Dubai’s, the two cities take markedly different routes.

Monaco focuses on sustainable urbanization with a commitment to preserving marine biodiversity and minimizing environmental impact. The Mareterra project exemplifies this ethos, utilizing green building methods and renewable energy sources. Monaco aims to enhance the quality of life while maintaining ecological harmony, ensuring that the expansion benefits both its residents and the surrounding ecosystem.

In contrast, Dubai has prioritized large-scale luxury developments, building iconic “glamorous islands” like The Palm Jumeirah and The World Islands. While these projects have spurred economic growth and attracted elite investors, they have faced significant ecological issues. The traditional method of land reclamation, primarily through sand dredging, has led to the destruction of coral reefs and the disruption of local marine ecosystems. Additionally, issues like soil subsidence and altered ocean currents threaten the long-term stability of these artificial islands.

Dubai’s focus has been on tourism and real estate investments, with projects designed to generate substantial revenue. These developments are often criticized for their environmental costs, including the strain on local ecosystems. On the other hand, Monaco aims for a balanced approach, focusing on creating a functional and ecologically sustainable environment.

Monaco’s Mareterra sets a new benchmark for sustainable land expansion. By increasing the principality’s size by 3%, it offers a practical solution to space constraints while promoting eco-friendly development. This approach stands in stark contrast to Dubai’s high-profile island ventures, which focus on luxury tourism and private investment. While Dubai’s grand projects capture global attention, Monaco’s quieter, sustainability-driven model may well shape the future of urban development.

The Decline Of Smartwatches: A Turning Point In The Wearable Tech Industry

by THEFUTURE.TEAM

March 13, 2025

For the first time in history, the smartwatch market is facing a significant downturn. Shipments are expected to drop by 7% in 2024, marking a major shift in a segment that has been growing steadily for over a decade. A report by Counterpoint reveals that while Apple still holds the top spot, its dominance is being challenged by a surge from Chinese brands like Huawei, Xiaomi, and BBK. Even as the overall market struggles, some companies are thriving.

The Big Picture: Why Smartwatches Are Slowing Down

Apple’s flagship products have long been the driving force in the smartwatch market, but even the tech giant is feeling the pressure. The company’s shipments are projected to fall by 19% this year, though it will remain the market leader. Meanwhile, brands from China are capitalizing on the shift, with Huawei showing an impressive 35% growth in sales, driven by the booming domestic market and a broad range of offerings, including smartwatches for kids.

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Xiaomi, too, is experiencing remarkable success, with a staggering 135% increase in sales. In contrast, Samsung is seeing more modest growth, up 3%, thanks to its latest Galaxy Watch 7 and Galaxy Watch Ultra series.

While some companies are succeeding, the broader market is facing headwinds. The biggest factor behind the overall decline is the slowdown in India, where consumer demand for smartwatches has stagnated. The segment is suffering from a lack of innovation and fresh updates, leaving many consumers with little incentive to upgrade their devices. Add to that market saturation, and it’s clear why many users are content with their current models. The Chinese market, however, is bucking the trend, showing 6% growth in 2024.

A Glimpse Into The Future

Looking ahead, the smartwatch market may begin to recover in 2025, driven by the increasing integration of AI and advanced health monitoring tools. As these technologies evolve, the industry could see a resurgence in demand.

Huawei’s Remarkable Comeback

Huawei’s impressive performance in the smartwatch space signals a broader recovery for the company, which has been hit hard by US sanctions. Once the world’s largest smartphone maker, Huawei’s business was decimated when it lost access to advanced chips and Google’s Android operating system in 2019. But in China, Huawei has maintained its dominance, with its market share growing to 17% in 2024.

This resurgence was partly driven by the launch of the Mate 60 Pro, a smartphone featuring a 7-nanometer chip developed in China. Despite US sanctions, the device surprised many with its capabilities, a testament to China’s rising investment in domestic semiconductor production.

In February, Huawei also unveiled its Mate XT foldable smartphone, the world’s first device to fold in three directions. Running on HarmonyOS 4.2, Huawei’s proprietary operating system, the phone further demonstrates the company’s resilience and ability to innovate despite international challenges.

Huawei’s smartwatch offerings are also catching attention, particularly the Huawei Watch GT 5 Pro, which launched in September of last year. With a premium titanium alloy design, a high-resolution AMOLED display, and impressive health tracking features, the GT 5 Pro has become a standout in the market, available to both Android and iOS users.

A Brief History Of The Smartwatch Revolution

The smartwatch market has had its fair share of milestones, but the real breakthrough came in 2012 with the Pebble, a Kickstarter-funded project that raised over $10 million. Pebble introduced the world to smartphone integration, app downloads, and long battery life, becoming the first truly mass-market smartwatch.

In 2013, Samsung entered the game with the Galaxy Gear, marking its first attempt at wearable tech. But it was Apple’s entry in 2014 that truly set the industry on fire. The Apple Watch’s sleek design, integration with iOS, and emphasis on health and fitness catapulted it to the top of the market, establishing a standard that many other brands would try to follow.

By 2021, the smartwatch industry had grown to over $30 billion in revenue, with annual growth reaching 20%. Yet now, it finds itself at a crossroads, with innovation stagnating and market saturation taking a toll.