Global warming and rising sea levels are just some of the reasons real estate developers are now looking seaward.
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00:00As global warming leads to rising sea levels and erosion of coastal real estate, developers
00:07will need new and innovative ways to house an ever-growing population.
00:10Enter the Blue Estate, a floating housing endeavor that could change coastal real estate
00:15forever.
00:16They're calling it the, quote, new generation of distinctive luxury, with their first man-made
00:20island set to float between Miami and the Bahamas, featuring hyper-modern designs and
00:25all the amenities of a planned city, such as a myriad of parks and green spaces, a contrast
00:29to the blue ocean waters that surround it.
00:32But Blue Estate aren't the only ones looking to the open waters for real estate development.
00:36Itai Matamambe, president of Oceanix, another proposed floating city, said about the prospect
00:41of building on the ocean, quote, many coastal cities are already resorting to land reclamation
00:46to create space, which damages precious marine ecosystems.
00:49This issue is now compounded by rising sea levels, which threaten to destroy billions
00:53of dollars worth of infrastructure worldwide.
00:56Floating cities are a solution for coastal cities looking to expand sustainably and adapt
01:00to climatic threats.
01:01Both housing projects are still in their early stages and currently looking for backers for
01:05their developments.