The last private land plot on the Svalbard archipelago can be bought for ˆ300 million
This is the only opportunity for a buyer to take a position in the high Arctic
A private plot of land near the town of Longyearbyen on the Svalbard archipelago has been put up for sale for €300 million. Its area is about 6,000 hectares. The land for sale includes 5 km of coastline. It has many mountains, fjords and "Arctic wildlife".
Source. This was reported by Bloomberg.
The land has been owned for more than 100 years by the Aktieselskabet Kulspids holding, founded by wealthy families from Oslo. The company planned to mine asbestos. Its shareholders are not disclosed, but they are all Norwegians. The site is being sold by the international company Knight Frank LLP.
Knight Frank believes that the site can become an investment project for a wealthy person who wants to influence and preserve the environment.
A tourist village could be built on the site. The potential owner must comply with the terms of the Svalbard Treaty, which recognises Norway's sovereignty and prohibits the use of the archipelago for military purposes.
The document was signed by the United States, Russia, the United Kingdom and China, among others, following the First World War.
"This is the only opportunity for the buyer to take a position in the high Arctic and gain a foothold in the strategic plan," said Per Killingstad, a lawyer representing the sellers. In his opinion, this is "a rather sensitive deal for geopolitical reasons".
"This is really the last chance to buy property in the high Arctic," the lawyer added.
Bloomberg notes that other plots on the archipelago are owned by Russian and Norwegian companies.
According to the publication, the sale comes amid the warmest summer in the region in 2023. Due to climate change, there is less sea ice, more rain, and higher temperatures. The agency argues that the loss of sea ice is a "boon for Russia" as it gains access to additional sea routes and energy reserves.
Background. As a reminder, in 2022, Norway allowed Russian goods to enter the Svalbard archipelago. The cargo could not be transported due to the sanctions imposed.
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