Good Year for Housebuilders Skip to content

Good Year for Housebuilders

Contrary to popular fears, there were eleven-times more square meters of housing built in Reykjavík last year than hotel space.

The newly-published annual report from the City of Reykjavík building representative also reveals that 2015 was the fourth busiest building year on record in modern times. Since 1972 construction only began on more new homes than last year in 2005, 1986 and 1973.

Construction started on 73 percent more new homes in 2015 than in 2014. Construction began on 926 new homes, which compares to an average of 609 per year since 1972. The peak of Reykjavík’s housebuilding, however, was in 1973, when 1,133 new homes were started.

The fewest new homes went into construction between 2009 and 2011: 159 new homes were started in 2009, only ten in 2010, and 113 in 2011.

Reykjavík approved the building of 912,000 square meters of building in 2015—including 235,000 for homes.

The report states that permission was granted for 969 new Reykjavík homes in 2015, including: 926 in apartment blocks, 102 student flats, 30 terraced houses, six semi-detached houses and seven detached houses.

For comparison, Vísir reports, 562 new homes were approved in 2014, 441 in 2013, 444 in 2012, 114 in 2011, 27 in 2010, 125 in 2009, 490 in 2008, 427 in 2007 and 573 in 2006.

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