Posted: 21.05.2024 17:21:00

Media: undeveloped Arctic land put up for sale for $323m

A Manhattan-size piece of land with geopolitical implications, located in the Arctic Archipelago of Svalbard, has been put up for sale for €300m ($323m), Bloomberg reports


The sale comes as the Arctic experienced its warmest summer in 2023 and the Svalbard region has seen less sea ice, more rain and higher temperatures due to climate change.

“This is the only possibility for a buyer to get a position in the High Arctic and establish a strategic foothold,” said Per Kyllingstad, a lawyer representing the sellers. He noted that this is the last private site in the nine-island Norwegian archipelago.

Svalbard is one of the northernmost settlements in the world, located on the Arctic Ocean. Approximately 60 percent of its territory is covered by glaciers, being home to polar bears and arctic foxes. Svalbard has become a destination for adventure travellers and scientists, as the archipelago houses the famous Doomsday Vault.

“The sale of the private plot is handled by Knight Frank LLP. Other territories in Svalbard are owned by state-owned companies in Norway and Russia,” the publication reads.