In the weekend edition of Morgunbladid it was reported the construction of new student housing in Vatnsmýri for the University of Iceland can commence in the fall creating an expected 300 man-years of employment. According to the Icelandic Student Services the new building is to be built in the vicinity of the current student housing in Eggertsgata and the nearby streets of Oddagata and Sturlugata.
The government approved funding for the Housing Financial Fund which will guarantee sufficient funding for the construction to be completed. The total cost is estimated to be around 4 billion ISK (approx. USD 34,3 million or EUR 24,3 million) and the Housing Financial Fund will grant loans for 90% of the cost.
From the University of Iceland. Photo by DOM.
The Icelandic Student Services has been preparing for this project over the last year. The plan is to create 280 apartments in the new building for accommodation of 320 students. On average approximately 350-550 students have been on the waiting list for rental apartments in student housing.