Price of penthouses in Shadow District discussed Skip to content

Price of penthouses in Shadow District discussed

Real estate agents discussed the price of the planned 312 square meter penthouses in the so-called Shadow District in downtown Reykjavík (101 Skuggahverfi) yesterday. The current price of each penthouse is estimated at ISK 230 million (USD 3.6 million, EUR 2.7 million).

“This is double the price of apartments that we are selling in the same neighborhood. The quality may not be comparable, but when [the penthouses] are 100 percent more expensive this does not coincide with the market,” said real estate agent at Fasteignamarkadurinn, Jón Gudmundsson, as Morgunbladid reports.

“A nice view counts as quality of life and people are also prepared to pay for living in the city center. But people are taken by surprise when the apartments cost twice as much as nearby apartments,” said Ingibjörg Thórdardóttir, a real estate agent at Híbýli.

“This just tells us that the Icelandic real estate market is reaching a new high in pricing and this is not surprising,” said real estate agent at Húskaup, Gudrún Árnadóttir. “The city center is changing and the apartments that will be constructed there will be very expensive.”

Árnadóttir said the price was not unusual considering the number of wealthy Icelanders were increasing, yet adding that she was not certain anyone would buy the penthouses for ISK 230 million (USD 3.6 million, EUR 2.7 million).

Sverrir Kristinsson, a real estate agent at Eignamidlun, which has the penthouses for sale, said the price is so high because comparable luxurious apartments at that level, located in the city center, did not exist.

Kristinsson pointed out that the price of apartments in city centers is rising across Europe and said it is natural for Iceland to go through the same kind of development.

Click here to read a Daily Life about the Shadow District.

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