Buy the last private land in Svalbard before your neighbour
24 May 2024
Søre Fagerfjord, the last remaining privately-owned land in the Arctic archipelago, Svalbard, is now up for sale for €30 million. A former Russian citizen put the property, located halfway between Norway and the North Pole, on the market. The property's ad describes it as being of significant environmental, scientific, and economic importance.
As a result, Norwegian authorities have stressed that any sale must be approved by them. The state attorney has called for the immediate cancellation of the sale and the removal of all related advertisements. Meanwhile, the Norwegian Police Security Service (PST) is closely monitoring the situation, in particular to prevent any potential acquisition by Chinese interests.
Under the Svalbard Treaty, only countries that have ratified the treaty, their citizens, or companies legally based in those countries, are eligible to purchase the property. The 1920 Svalbard Treaty, signed by 44 nations including several EU countries, China, and Russia to name a few, recognises Norway's sovereignty over Svalbard and prohibits its use for military purposes.
 | Vu Nguyen In its latest threat assessment, the PST warned of Chinese acquisitions of Norwegian properties. The last private property sale in Svalbard took place in 2016. After Chinese billionaire and real estate tycoon Huang Nubo said he would bid for the property in the archipelago, the Norwegian state bought Austre Adventfjord for €26 million. A similar scenario could unfold with Søre Fagerfjord in the Arctic, a region of growing geopolitical and environmental importance. |
〉https://www.nrk.no/tromsogfinnmark/avtalen-som-kan-hindre-salg-av-sore-fagerfjord-pa-svalbard-1.16890622">The agreement that can stop the controversial sale
〉https://www.nrk.no/tromsogfinnmark/russisk-kvinne-eier-store-deler-av-giganteiendom-pa-svalbard-1.16882689">Woman from Russia owns large parts of the property on Svalbard
〉https://www.aftenposten.no/norge/i/MnR4k5/selgerne-slaar-tilbake-mot-regjeringsadvoktaten">The sellers fight back against the government attorney
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