The luxury man-made island concept where homes cost up to $ 1 billion

(CNN) – Packing and moving to an exotic island has been a dream come true for many world visitors for many years, but the prospect seems to be even more appealing as a result of the global pandemic.

And judging by the response to this upcoming floating luxury real estate development launched near the Bahamas in 2025, the interest in moving to a safe haven in the sea is still great.

The island is located 25 minutes from the Bahamas capital Nassau and just under 90 minutes from Miami. permanent residents.

Floating city

Those who, according to the developers, take up a place at the “world’s most exclusive private residence” will be treated to more than 340 days of sunshine.

“We were initially concerned that the current pandemic would have a negative impact on the project,” Erik Schmidt, chief communications officer of the Blue Estate Group, told CNN Travel.

“But luckily it played out differently. Some districts are almost completely sold out and the sales team does their best to keep up with the requests and questions.”

The properties on offer range from $ 19,800 20-square-foot interior apartments, $ 194,400 balcony apartments, a $ 54 million garden villa and five bedrooms and two mega-mansions with an estimated cost of $ 1.15 billion .

Those wealthy enough to afford the latter must present a ‘groundbreaking architectural concept’ before they can be approved to buy the mansion, and Schmidt confirms that one application has already been submitted.

The island, built with ‘very high-performance concrete modules’, will have its own modern health clinic, as well as an international school that can cater for children from ‘toddlers to graduates’.

“Everyone is welcome”

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

“Everyone is welcome to buy, own or rent a property and / or open a business on the Blue Estate.”

Residents working here can apply for a range of business licenses, valid for a period of 12 months, but there is no tax subject to them.

“The increase in remote employment of the last decade (not just because of the pandemic) enables more people to freely choose a ‘home base’ that best meets their individual requirements,” he explains before pointing out that the age of the average resident is likely to be “significantly lower” than most other cities.

“Young entrepreneurs can focus on their start-up business and not have to fight paperwork and pay high taxes.”

Green community

Blue Estate will also hold a number of ocean clubs, lagoon pools, playgrounds, markets, restaurants, bars and shopping areas, so residents are likely to have enough to entertain them.

While it is difficult to judge how much the global pandemic has contributed to buyers’ decision to buy a property at Blue Estate, Schmidt says many have expressed concern about ‘personal or business constraints’ in their home countries.

Although most buyers are from the US, some properties have been purchased by residents of Canada, as well as Europe and China.

“Dissatisfaction has been and will always be a driving force for change,” Schmidt adds.

There is also no visa requirement for buyers. According to Schmidt, residents can “stay” as long as they want.

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

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

In order to achieve its goal of being one of the ‘greenest communities in the world’, all of the island’s energy will be generated from renewable sources, and it will apply a policy of having no plastic for single use. not and to give no exemption.

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

Mobile island

Although its position in the Caribbean Sea means a strong current could be a source of concern, the island is protected by outer walls of more than 160 feet that will dwarf the largest waves of the ocean, according to the Blue Estate Group.

It also includes automatic hurricane shutters that can be expanded to provide the community with an extra shield against strong winds.

In the worst case, the entire island could be ‘cleared’ of any incoming storms due to the high-tech features.

While Blue Estate appears to be the first floating real estate development enabling buyers to buy its properties, Schmidt believes similar projects will begin to emerge in the future, especially due to the demand for isolated locations, fueled by the pandemic.

“Our engineers have been working on the project since 2016, which gives us a bit of an edge,” he says. “But we still have plans to scale up if demand stays at the current level or increases.”

Work on the ambitious project, which consists mainly of hospitality institutions and second homes, began in 2003 and will be completed in 2023.