Real Estate
For $323 Million, Last Private Land in Arctic Archipelago Can Be Yours
The 14,830-acre plot in Svalbard, halfway between Norway and the North Pole, is consequential to the climate and geopolitics. All bidders welcome.
Svalbard in summer, one of the most northerly places on the planet.
Source: Knight Frank
In the High Arctic, a Manhattan-size piece of land with geopolitical implications has hit the market for €300 million ($323 million).
The sale comes as the Arctic experienced its warmest summer in 2023, and the Svalbard region has had less sea ice, more rain and higher temperatures because of climate change. The sea-ice loss is a boon to Russia, which has been gaining access to additional shipping routes and energy reserves as the territory opens up.