Banks Own 2,000 Properties Skip to content

Banks Own 2,000 Properties

landsbanki_2_psThe state-run Housing Financing Fund and the biggest three banks in Iceland now own 2,000 properties. Last year they overtook 1,641 properties in total. Currently they own 1,951 properties, of which 1,518 can be considered as accommodation and 234 as commercial housing. At the end of 2009 these parties owned 585 accommodation properties, Morgunbladid reported.

According to the banks, all of these properties are either for sale or have been leased. All properties are sold through legal real estate agents.

People who lose their homes have been given time for adjustment to find solutions and are able to rent the accommodation until eviction. Families with children are given the chance to let them finish school before they are evicted.

The state-run Housing Financing Fund overtook 846 properties in 2010 and 321 in 2009 and now owns the majority of the properties, or 1,075. Of these, 412 are empty but 214 are still under construction and are not fit to live in. The HFF leases 359 properties and has received buying offers for 52 properties.

Arion bank owns 193 properties, Íslandsbanki has 299 and New Landsbanki 384.

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