Faroese houses in demand among foreign investors

Faroese houses in demand among foreign investors
Real estate agents are warning against fast-increasing attention from foreign property investors
24.01.2020 - 13:07

Real estate agent Betri heim is calling on politicians to act on the surging demand among foreign investors for houses in the Faroes.

Kára á Dunga, CEO of Betri heim, says there has been an explosive demand in the past few years, as foreign investors appear keen to find themselves a summer house in a quiet Faroese town or village.

 >> SEE ALSO Mayor warns against foreign property investors

Responding to this appeal, Prime Minister Bárður á Steig Nielsen says that he will bring the matter up for discussion in Parliament.

This is not a new problem. Local authorities have in recent years been calling for legislation that regulates the rights of foreign investors to buy properties in the Faroes.

 >> SEE ALSO Insufficient data on foreign house owners

In the summer of 2018, the Outlying Islands Association expressed concerns that foreign property investors would push house prices up, resulting in local people being pushed even further back in the property queue.

Translated by prosa.fo

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