Reykjavík Apartment Sells for ISK 365 Million

The view from the apartment is magnificent.

The view from the apartment is magnificent. mbl.is/Kristinn Magnússon

Vala Hafstað

A top floor apartment in downtown Reykjavík recently sold for ISK 365 million (USD 3 million; EUR 2.47 million), Morgunblaðið reports. The roughly 314-m2 (3,384-sq ft) apartment, located on the street Vatnsstígur in the Skuggahverfi neighborhood, is on two floors, the 16 th and 17 th , and includes a large balcony and a roof garden.

The price per square meter is about ISK 1,160,000 (about USD 9,500; EUR 7,850), which is close to the listed price of many large luxury apartments in the city center lately. The apartment comes with four parking spots in a parking garage.

The apartment is in the building on the left.

The apartment is in the building on the left. Photo/mbl.is/Kristinn Magnússon

The buyer is the company Pund ehf., owned by investor Hannes Hilmarsson, and the seller is the company Skuggi 4 ehf., which is owned by three investors. The apartment used to belong to Róbert Wessman, CEO of the pharmaceutical company Alvogen. Prior to that, it was the property of Guðmundur Kristjánsson, majority owner of the fishing and fish processing company Brim hf.

Real estate agent Ólafur H. Guðgeirsson, at Eignamiðlun real estate company, who was involved the sale of the apartment, tells Morgunblaðið that a limited supply of such luxury apartments is the reason for the high price, as is the case with waterfront properties on Seltjarnarnes and Arnarnes points. “We are becoming a sufficiently wealthy nation for there to be a market for such properties,” he states.

Ólafur is asked if the price of the apartment is not unheard of in the Icelandic real estate market.
“This is a luxury apartment,” he responds. “Top floor apartments in these buildings are unique, and there aren’t many apartments in Iceland of such high quality. The view from the apartment is magnificent, and the apartment is designed with the view in mind. It has floor to ceiling windows, a large balcony and a roof garden. Besides, it has a high ceiling.”

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