60 Sq. Metre Apartments At 40 Million ISK For “First Time Buyers” In Iceland

Some 800 apartments that will soon be built in Reykjavík come with a very daunting price tag, but are intended for first-time home buyers.

The apartments, to be located at the Hlíðarendi area of Reykjavík, come in a variety of number of rooms, but the prices for the sizes listed have drawn considerable attention. For example, a two-bedroom measuring 59.7m2 has a listing price of 41.5 million ISK. This is a considerable sum of money to put down on a two-bedroom apartment of this size, working out to about 670,000 ISK per square metre.

Brynjar Harðarson, the director of Valsmenn hf., who stand behind the project, told Vísir that the apartments are intended for first-time home buyers.

“This building is clearly intended for first-time buyers,” he said. “It’s the only building in the area without a parking garage, but rather a parking lot outside.”

When the price of the apartments was questioned, he responded, “No, there have never been free apartments in Iceland and I don’t think there will be in the future. A lot of care has gone into these apartments, we’ve put a lot into the design and construction.”

Brynjar points out furthermore that the apartments are centrally located, close to numerous shopping and service centres, as well as schools.

“Construction is underway, and I believe the Hlíðarendi plot will be fully constructed within four years,” he says in closing.

Where rental properties in Reykjavík are concerned, Viðskiptablaðið reported last April that the average rent for 75m2 apartment in downtown Reykjavík is 187,000 ISK, putting the average cost at 2,556 ISK per square metre.

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