Desirable property for sale in the Arctic « Euro Weekly News

The only remaining privately-owned land in Norway’s Svalbard archipelago is up for sale with a €300 million price tag.

The Sore Fagerfjord land at Wedel Jarslberg, which was described by global estate agency Knight Frank as having “environmental, scientific and economic importance”, covers an area of around 60 square kilometres and is 10 times bigger than Gibraltar.

“This is a once-in-a-lifetime opportunity to acquire land on one of the world-famous Svalbard islands,” Knight Frank’s Will Matthews, told Euronews.

Svalbard is strategically important because the islands are located midway between the north coast of Norway and the North Pole, and have been described as the gateway to the Arctic. All other properties in the region are controlled either by Norway or Russia.

The lawyer representing the company which owns the land said it would “ sell to the highest bidder”, according to Bloomberg, which first reported the sale.

“We are currently speaking with a collection of ultra-high-net-worth individuals from across the globe who each have a passion for conservation and philanthropy,” Will Matthews said to Euronews.

The Bloomberg article also recalled the 2014 controversy when another privately-owned property in the region, known to have rich coal deposits, received an offer from China. The sale was eventually prevented from going through when the Norwegian government stepped in and bought the land.

The future purchaser will be required to come from one of the countries that have signed up to the Svalbard Treaty, which was originally ratified in 1920.  There are now 46 signatories and they include Russia and China.