Ukrainian billionaire Rinat Akhmetov buys €471m Monaco apartment in record deal
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Ukrainian billionaire Rinat Akhmetov has purchased a vast luxury apartment in Monaco for €471 million in what is believed to be one of the most expensive single residential transactions ever recorded.
The luxury apartment is located in the Le Renzo building within Mareterra, Monaco’s newest and most exclusive waterfront development, which has attracted ultra-wealthy buyers from around the world since its inauguration in late 2024.
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According to Bloomberg, which first reported the sale, the five-floor apartment features 21 rooms and spans around 2,500 square metres. It includes a private swimming pool, jacuzzi and at least eight parking spaces.
The deal was finalised in 2024, based on Monaco property records and documents, including emails and preliminary deeds reviewed by Bloomberg.
Akhmetov's holding company, System Capital Management (SCM), confirmed the acquisition but declined to give details about the specific property or price.
“SCM’s international investment portfolio has included a standalone premium real estate portfolio for over ten years, as has been publicly stated on multiple occasions,” Bloomberg cited the company.
“Among its assets is the ‘Le Renzo’ project, in which we made an investment on the primary market in 2021.”
The timing of the purchase agreement places it before Russia’s full-scale invasion of Ukraine in 2022.
RelatedBased on the reported value of €471 million, the transaction accounts for the most expensive residential property sale ever recorded, exceeding other high-profile deals such as British businessman Nick Candy’s London mansion, which sold in the Chelsea district of London for a reported £275m (€317m).
Akhmetov has an estimated net worth of more than $7 billion (€6bn), according to the Bloomberg Billionaires Index. He built his fortune through SCM, Ukraine’s largest industrial conglomerate, with interests in steel, mining, energy and real estate.
Mareterra itself has rapidly become one of the most expensive addresses in the world.
Property prices there are reported to exceed €100,000 per square metre, and rental rates reach €150,000 a month.
Monaco remains the world’s most expensive residential property market, according to Savills research, with average prices per square metre reaching around €52,000 in 2024–25.
The estate agent says the principality’s market is underpinned by “chronic under-supply” and extremely limited land availability, while sustained demand from global high-net-worth buyers continues to support prices at record levels despite wider economic uncertainty.
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