Fontvieille is the newest of the four districts of the Principality of Monaco, the city-state located in the south-west of Europe on the coast of the Mediterranean Sea. The work to create the new district was begun in the 1960s, in accordance with the design of the Italian architect Manfredi Nicoletti. The construction process was started with the creation of the artificial land on which most of Fontvieille is situated. The small Principality of Monaco suffered due to overpopulation and for that reason it was decided to build new settlements on the land which had been reclaimed from the sea. Apart from residential building there are also luxurious hotels, commercial and entertainment centers, high office buildings and a yacht port. Fontvieille is one of the most expensive districts of Monaco.