Large territories in Iceland have been reserved for constructing summerhouses and yet almost 600 summerhouses, both new and old, are registered for sale. One summer house owner claims that supply exceeds demand by far.
“We have enough [summerhouses] for the next three centuries, but we need people,” Sveinn Gudmundsson, managing director of the National Association of Summer House Owners, told Fréttabladid.
Gudmundsson claims the entrepreneurs who bought all the land were caught up in a state of frenzy thinking it would be easy to make money from selling the land as summerhouse settlements.
Such a high supply of summer houses should result in lower prices, but according to Gudmundsson, the opposite is happening.
In regions that are especially popular among summer house owners, like Dagverdarnes in Borgarfjördur, west Iceland, each hectare of land is about to go on sale for ISK 40 million (USD 617,000, EUR 454,000), Gudmundsson said.