Icelandic Entrepreneurs Investing in US Housing Skip to content

Icelandic Entrepreneurs Investing in US Housing

Icelandic investors are increasingly purchasing real estate in other countries, including the US, following a low currency rate of the US dollar and a plummet in stock markets. Individuals are also increasingly purchasing a second home abroad.

“As the dollar continues to drop, more and more people jump on the bandwagon and want to participate,” Tryggvi Ingólfsson, an Icelandic real estate agent in the US told Fréttabladid, adding Icelanders are especially interested in buying property in Orlando, near beaches.

Askar Capital is one of the most active Icelandic companies in the foreign real estate business and has contributed ISK 144 billion (USD 2.3 billion) to such projects. “It is everything between luxury apartments in London and the headquarters of banks in Germany, to entire neighborhoods in India and skyscrapers in Macao,” said Tryggvi Thór Herbertsson, director of Askar Capital.

Eiríkur Hilmarsson, the marketing director for Proxima, said his company has sold about 70 buildings in Bulgaria in just over a year and plans to construct between 3,000 and 5,000 new apartments in Bulgaria in the next three years.

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