We are talking about an area of 60 square kilometers. Anyone can buy it. The only limitation is that the land cannot be used for military purposes. Who would be interested in such an acquisition?
The last piece of land available to a private buyer in Svalbard has been put up for sale. Anyone can purchase nine islands of the Norwegian archipelago, the starting price is 300 million euros, Bloomberg notes with reference to the seller, Knight Frank LLP. The site is just over 60 square kilometers in size — approximately the area of the center of Moscow within the Garden Ring.
The sale takes place against the background of climate change in the region — in 2023, the archipelago experienced the warmest summer in the entire history of observations. Due to warming, there is less sea ice, more rain, and the air temperature is higher. The sellers hope that the buyer will take care of the preservation of the nature of Svalbard.
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A potential asset may even become profitable for a future acquirer, but there are delicate points in the deal, Bloomberg notes:
“The site is located about 65 kilometers from the city of Longyearbyen, which has a population of 2,400 people. It includes almost 5 kilometers of coastline, as well as the beauty of the Arctic wildlife — mountains and fjords. It is a polar day here from April to August, and night from October to February. According to experts, this huge site can become an investment project for a wealthy person interested in protecting the environment of the archipelago. After all, in fact, the Arctic helps to cool our planet, and therefore is vital for combating climate change. It is possible that those who bought the land will be able to earn money by building a shelter for tourists: in recent years, there have been more and more people who want to see the Arctic. Also, according to a study by the US Geological Survey, about 13% of the world’s undiscovered oil reserves are concentrated in the Arctic. At the moment, the owners of land in Svalbard are Russian and Norwegian state-owned companies. But anyone can buy a piece of the archipelago for sale, whether it is a private person or the state. The delicacy of the transaction lies in the fact that the buyer will be bound by the terms of the Svalbard Treaty of 1920, according to which any use of land for military purposes is prohibited. This treaty was signed by more than 40 countries after the First World War, including China, Russia, the United Kingdom and the United States.”
According to Bloomberg, the current climate situation in the archipelago is “good for Russia.” The melting of sea ice contributes to the opening of new shipping routes and opens the way to mineral reserves.
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