Luxury Apartments Rise:  Price Up to ISK 500 Million

Newly constructed luxury apartments at Austurhöfn, Reykjavík, close to Harpa Concert Hall, cost up to ISK 500 million (USD 4 million; EUR 3.4 million), Morgunblaðið reports. The most expensive apartment has a great view of the harbor.

There are a total of 71 apartments in six buildings at this location. So far, sales total ISK 1 billion.

Gunnar Thoroddsen, owner and board director of the consulting and investment company Íslenskar fasteignir, states that residents will have a service representative to assist them with various tasks.

Additional services can then be purchased from the company ERT Concierge, such as regarding travel guidance and party planning. On top of that, residents will have the option of receiving services at reduced rates from the Reykjavík Edition luxury hotel, located between the apartment buildings and Harpa.

The hotel is scheduled to open this summer. Those services might include hiring a chef, having breakfast brought to your apartment, obtaining cleaning services, et c. Residents will be able to contact the hotel director directly.

When asked about the target group for apartments priced in the hundreds of millions of krónur, Gunnar responds that the focus is on wealthy Icelandic as well as foreign buyers.

“It is clear, looking at tax returns, that numerous Icelanders can afford such apartments.” Marketing abroad is done by Steve Bremis Realty Group in Boston.

According to Gunnar, a food court is scheduled to open on the ground floor of Austurhöfn later this year. It will offer higher quality food than do other food courts in Iceland.