The luxury man-made island concept where homes cost up to a billion dollars

(CNN) – Packing and moving to an exotic island has been an old dream for many backpackers, but the prospect appears to have become more attractive due to the global pandemic.

Based on the response to this luxury floating real estate project to be launched near the Bahamas in 2025, interest in moving to a safe haven in the middle of the sea remains high.

Located a 25-minute flight from the capital of the Bahamas Nassau and less than 90 minutes from Miami, the island will be 4,921 feet by 3,280 feet (1,500 meters x 1,000 meters), an area half the size of Monaco, and can accommodate up to 15,000 feet . Permanent residents.

Floating city

According to the developers, those who choose a location in the “most exclusive private residences in the world” will be treated to more than 340 days of sunshine each year thanks to the island’s prime location.

“At first we were concerned about whether the current pandemic might have a negative impact on the project,” Eric Schmidt, head of communications at the Blue Estate Group, tells CNN Travel.

“Fortunately, the order was done differently. Some areas are almost completely sold out and the sales team is doing their best to keep up with requests and questions.”

The properties offered range from $ 19,800 for interior apartments of 20 square meters, to $ 194,400 for apartments with balconies, a five-bedroom garden villa of $ 54 million, and two huge “premium properties” mansions, each priced at $ 1.15 billion.

Those wealthy enough to afford the latter would need to introduce a “pioneering architectural concept” before the palace can be approved, and Schmidt confirms that one application has already been submitted.

Built with “high performance concrete units”, the island will have its own modern health clinic, as well as an international school that can cater to children from “young children to diploma graduates”.

We welcome everyone

“There are no special requirements to become a resident of the Blue Estate,” explains Schmidt.

“Everyone is invited to buy, own or rent real estate and / or open a company on the Blue Estate.”

Residents who work here can apply for a bunch of business licenses, valid for 12 months, but they won’t be taxed.

“The increase in remote work opportunities in the past decade (not just because of the pandemic) allows more people to choose a” home base “that better meets their individual requirements,” he explains, before noting that the average age of residents is likely to be “lower. Much “than most other cities.

“Young entrepreneurs can focus on their startups and they don’t have to fight paperwork and pay high taxes.”

Green community

The Blue Estate will also include a number of ocean clubs, lagoon-style pools, playgrounds, markets, restaurants, bars, and shopping areas, so residents are likely to have plenty of entertainment.

Although it is difficult to judge how much the global pandemic contributed to buyers ’decision to purchase a property on the Blue Estate, Schmidt says many have expressed concerns about” personal or commercial restrictions “in their home countries.

Although the majority of the buyers were from the United States, some properties were bought by residents of Canada, Europe and China.

“Discontent has always been and will always be a driver of change,” Schmidt adds.

There are also no visa requirements for buyers. According to Schmidt, “residents can stay as long as they want in the Blue Estate.”

However, all arrivals are subject to airport-style security checks.

While construction will not begin until next year and the island will not be fully completed for another four years, some properties may be ready for handover by mid-2023.

In order to achieve its goal of being one of the “greenest societies in the world”, all of the island’s energy will be generated from renewable sources, and it will implement a one-time plastic zero-emission policy.

The Blue Estate is also open to non-residents, but visitors must apply for a permit / visa prior to their trip as only a specified number of visitors will be permitted to enter the island at that time. There will be two hotels on the island to accommodate visitors.

Mobile island

Although its location in the Caribbean Sea means the strong current could become a concern, the island is protected by external walls over 160 feet that would “dwarf the largest waves of the ocean,” according to the Blue Estate Group.

It will also feature automatic hurricane shutters that can be extended to provide the community with additional shielding from high winds.

In a worst-case scenario, the entire island could be “knocked out by” any incoming storms due to its high-tech features.

While the Blue Estate appears to be the first floating real estate development to allow buyers to purchase its properties, Schmidt believes that similar projects will start to emerge in the future, particularly due to the demand for isolated sites, which has been caused by the pandemic.

“Our engineers have been working on the project since 2016, which gives us a bit of a head start,” he says. “However, we already have plans to increase demand if demand remains at the current level or increases.”

Work on the ambitious project, which will largely be made up of hospitality establishments and second homes, began in 2003 and is scheduled for completion in 2023.

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