What you should know about Greenland and its real estate

Greenland politicians have responded to a report that the U.S. President is interested in buying their territory by saying it’s “not for sale and cannot be sold”

Aug.August 16, 2019 04:02 PM
Donald Trump and Greenland

Donald Trump and Greenland

No one seems certain how to take the news that the President Trump is interested in buying Greenland. Is it a joke? Is it even possible? Would Mexico pay for it?

Though numerous Greenlandic politicians have weighed in to unequivocally rebuff Donald Trump’s reported interest in acquiring their homeland, the president himself has not yet commented publicly on the Wall Street Journal report that first publicized his private hope for the Arctic nation.

Sources have said that Trump is interested in Greenland for its natural resources, strategic location for national security purposes, and because buying the territory could represent a windfall (or should we say snowfall?) for his presidency in the annals of history, à la Alaska.

On the off-chance Trump’s request for his White House counsel to investigate acquiring the Arctic island hasn’t frozen in its tracks, here are some things you should know about Greenland and its real estate.

  1. Greenland is technically part of Denmark, but is an autonomous territory with its own domestic government. Self-governance was achieved in 2009.
  2. Greenland is an island which is roughly 836,000 square miles in size. For comparison, that means the territory is about nine times the size of the United Kingdom; the U.S. is about five times the size of Greenland.
  3. It’s the least populated territory on the planet. Greenland’s capital, Nuuk, which shares some similarities to Manhattan, has 18,000 residents, which is roughly a third of the country’s total population. It only has a few real estate brokerages.
  4. The most expensive house for sale on a local Greenland listing platform is about $800,000 and no one can buy land in the territory. Instead, “buyers” are granted the right to use the land.
  5. Greenlandic is the official language (locally known as Kalaallisut), but residents are also taught Danish and English.
  6. As of Friday morning, there are only six Airbnb properties available for rent in Nuuk over the coming week. They range from $142 per night to $48.
  7. There are 16 major towns in Greenland and, yet, no roads connect each settlement. The only roads are in and around existing towns. Instead, residents travel via boat in the summer and snowmobile or dog sled in the winters.
  8. In 2018, the U.S. officials campaigned to block China from financing three airports in the country. Denmark provided the cash instead.
  9. More than 80 percent of the land in Greenland is covered by ice that is melting due to global warming, creating opportunities for resource extraction and dumping 900 million tons of land particles into surrounding oceans.
  10. The territory is believed to hold about 10 percent of the world’s rare-earth metals. Offshore Greenland reportedly holds 30 percent of the world’s gas reserves and 10 percent of its remaining oil reserves.

Sources: Reuters, WSJ, New York Times, BBC, NeighborhoodX, Brookings Institution, the Government of Greenland, Airbnb, Lynges.gl, The Telegraph

Related Articles

Trump International Hotel in Washington D.C. and President Donald Trump (Credit: Getty Images, iStock)

Trump Organization might sell its controversial Washington D.C. hotel

Anthony Scaramucci (Credit: Getty Images)

Scaramucci’s $3B Opportunity Zone fund is now $300M

From left: Stephen Ross, Jonathan Gray, Sheldon Solow, John Catsimatidis, Charles Cohen and Donald Trump (Credit: Getty Images, iStock)

These real estate billionaires made Forbes’ list of richest Americans

Donald Trump and a Greenland landscape (Credit: Getty Images and iStock)

Make Greenland Great Again? Trump wants to buy Arctic territory

From left: Tom Barrack, former Qatari Prime Minister Hamad bin Jassim bin Jaber Al Thani, and Saudi Crown Prince Mohammad bin Salman.

Tom Barrack’s Middle Eastern connections run deep. Here’s how they’ve boosted his real-estate business

Tom Barrack and Donald Trump (Credit: Getty Images and iStock)

Saudis backed Colony Capital’s digital infrastructure deal, says report

Donald Trump and Kathy Kraninger (Credit: Getty Images and iStock)

Trump proposal would make getting a mortgage harder for homeowners deep in debt

Robert Mueller and President Donald Trump (Credit: Getty Images)

Mueller acknowledges Trump Tower Moscow discussions could have “exposed” president