Hafnartorg Area Nearing Completion Skip to content
Photo: The Hafnartorg area is nearing completion.

Hafnartorg Area Nearing Completion

Construction in the Hafnartorg area is nearing completion, Rúv reports. Situated between Lækjartorg square and Harpa concert hall, the Hafnartorg area will play host to a number of retail spaces as well as apartments. Hafnartorg has been named as Harbour Square in English. It will feature restaurants, apartments, shops and office spaces.

The cost of construction is estimated at near ISK 13 billion ($115 million/ € 100 m). Most of the retail space, along with office space, has been rented out already. Eight apartments in the buildings have been sold at this point in time. The average price per square meter is ISK 900,000 ($8,000 / € 6,960) (price per square foot is ISK 83,612 ($744 / €646)). “We’ve already sold eight apartments, which is about 20% of the total which went into sale. So it’s started better than we dared to hope. The apartments are from ISK 60 million ($543,000 / €464,000) to the penthouse apartments which cost ISK 258 million ($2.3 million / €1.9 million)”, Davíð Már Sigurðsson, sales and marketing director of contractor ÞG Verk commented.

The first shops will open up in two weeks time, while the first residents are expected to move in at the beginning of December. There are 76 luxury apartments in total, 40 of which went into sale 10 days ago. H&M along with H&M Home will open up on the 12th of October, while a special emphasis will be place on luxury shops. “There will be space for restaurants where we’ll create a pier atmosphere along the shoreline with restaurants in amongst retail stores. The area in its entirety will be a huge lifting stick for downtown Reykjavík and retail in Iceland at whole as well. No question.”, Tinna Jóhannsdóttir, marketing director of the real estate company Reginn stated. Reginn has bought out all of the restaurant and service spaces in the Hafnartorg area.

There are seven buildings in the area, comprising together of close to 23,000 square meters.

For further information, head to www.tgverk.is/hafnartorg.

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