Rinat Akhmetov, considered Ukraine’s richest man, has purchased a five-story luxury apartment in the Mareterra district for 471 million euros ($554 million). This is one of the largest residential real estate deals in history.
This is reported by Bloomberg.
The property is located in the new Mareterra district. The residence is situated in the Le Renzo building and features 21 rooms. The total area of the apartment is approximately 2,500 square meters, excluding balconies and terraces overlooking the Mediterranean Sea. It also includes a private pool, a jacuzzi, and at least eight parking spaces.
Information about the deal, which was finalized in 2024, is based on data from Monaco’s real estate registries, as well as email correspondence and preliminary documents obtained by Bloomberg Businessweek.
Akhmetov’s holding company, System Capital Management (SCM), confirmed the investment in this project but did not disclose details regarding the cost or the specific property. The company noted that SCM’s international portfolio has included premium real estate for over a decade, and the investment in Le Renzo was made back in 2021 in the primary market.
If the reported amount is confirmed, the deal will become the largest in residential real estate history, surpassing the sale of a Chelsea estate for over $350 million and a New York penthouse for approximately $240 million. Akhmetov closed the deal shortly before Russia’s full-scale invasion of Ukraine in 2022.
According to the Bloomberg Billionaires Index, the businessman’s fortune exceeds $7 billion. His core business is centered in the SCM Group, which operates in metallurgy, mining, energy, and real estate.
Akhmetov has previously invested in high-end real estate, notably purchasing the historic Les Cèdres villa on the French Riviera for €200 million in 2019. In 2011, he reportedly bought a penthouse in London’s One Hyde Park complex.
According to market data, prices in Mareterra exceed €100,000 per square meter. Some properties sell for tens of millions of euros, and apartment rents can reach 150,000 euros per month. Official statistics show that the Larvotto district, where Mareterra is located, has become the most expensive in Monaco in terms of price per square meter.
Monaco is considered the world’s most expensive real estate market due to its limited territory and status as a tax haven. The Mareterra district took over ten years to develop and comprises 114 properties—villas, townhouses, and apartments.