New Real Estate Giant in Iceland? Skip to content

New Real Estate Giant in Iceland?

Representatives of about 20 real estate agencies in Iceland are currently discussing closer cooperation. One of the owners of Miklaborg real estate agency, Óskar Rúnar Hardarsson, said it is not in response to competition from Remax.

American real estate chain Remax recently launched operations in Iceland.

“We are all experienced and skilled real estate agents and we emphasize professional work methods since it does not appear that the legislator is going to create an environment for real estate where only accredited agents can operate,” Hardarson told Fréttabladid.

Hardarson denied that the potential cooperation has anything to do with reacting to a recent recession on the real estate market. “No, we are always looking for opportunities to be able to provide our customers with better service. […] The market is seeking balance and such circumstances do create certain opportunities for internal organization of a company.”

Hardarson also denied that the move is intended to create a larger real estate conglomerate in the Icelandic market than Remax. “We are not in a contest with them so I haven’t thought about it. But if we do decide to cooperate, it will be the most powerful professional party in the market by far.”

Hardarson said there is nothing about this potential cooperation which could be in breach of competition regulations. He said the discussions are at a sensitive stage and that they will continue for the next few days. He does not know when a decision will be reached.

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