Ukrainian billionaire Rinat Akhmetov recently made headlines by purchasing a luxurious apartment in Monaco for a whopping 471 million euros, approximately 510 million US dollars. This acquisition set a new record for the most expensive residential property transaction in history.
The extravagant apartment is located in the Le Renzo building within the prestigious waterfront development “Mareterra” community in Monaco. Since its completion at the end of 2024, this project has attracted ultra-high-net-worth individuals from around the world due to its rare seaside location and upscale positioning.
Akhmetov’s super apartment residence spans five floors, featuring 21 rooms with a total area of about 2,500 square meters (excluding balconies and terraces overlooking the Mediterranean Sea). The apartment is equipped with a private swimming pool, jacuzzi, and at least eight parking spaces.
According to Monaco’s land registry records, the purchase was completed in 2024.
This transaction swiftly propelled “Mareterra” to become one of the most expensive locales globally. In some areas, property prices have surpassed 100,000 euros per square meter (approximately 109,000 US dollars), with rents averaging around 150,000 euros per month (approximately 164,000 US dollars).
A report by the Monaco Statistical and Economic Study Institute (IMSEE) in February 2026 revealed that property prices in the Larvotto District where Mareterra is located exceeded 70,000 euros per square meter for the first time in 2025, reaching 71,167 euros, with a 2.2% annual growth rate. The average price for new developments in the area from 2020 to 2029 stood at 71,241 euros per square meter, with some Mareterra properties commanding over 100,000 euros per square meter.
Global real estate services company Savills stated that Monaco currently ranks as the most expensive residential real estate market globally, with average prices ranging around 52,000 euros per square meter (approximately 57,000 US dollars) between 2024 and 2025. Due to severe scarcity of supply and extremely limited land in Monaco, combined with sustained demand from high-net-worth buyers worldwide, property prices have remained at historic highs despite economic uncertainties.
Akhmetov’s Ukrainian conglomerate System Capital Management (SCM), which is the largest financial and industrial investment group in Ukraine, confirmed the purchase of the apartment but declined to disclose specific details such as the unit, pricing, etc.
In a statement, SCM Group reiterated that their overseas investments have always included a high-end real estate portfolio operating independently for over a decade, as previously publicly disclosed. The “Le Renzo” project was acquired directly from the developer through a primary market investment in 2021, not through secondary market transactions. The agreement was signed shortly before the Russia-Ukraine war.
This deal sets a new record for the most expensive residential property transaction in history, surpassing several renowned transactions, including the sale of a mansion in London’s Chelsea neighborhood by British real estate tycoon Nick Candy for 275 million pounds (approximately 344 to 358 million US dollars).
According to the Bloomberg Billionaires Index, Akhmetov’s net worth exceeds 7 billion US dollars, primarily accumulated through SCM Group, which is Ukraine’s largest industrial conglomerate encompassing steel, mining, energy, and real estate sectors.
This article references reports from the European news outlet Euronews and the Monaco-based publication “Monaco Tribune.”