Flats now more popular than houses

Homebuyers in the Faroes are increasingly looking for flats instead of independent houses.

According to real estate agency Skyn, 144 out of 197 new homes sold last year in Streymoy were flats.

One reason for the increased interest in flats is a growing trend for parents to downsize their long-time family home into a flat once the children move out.

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In the capital region, the average price for a flat went from DKK 2.5 million in 2020 to DKK 2.67 million in 2021. The 2016-2021 period saw a 38-percent price hike for flats.

Last year’s average per-square-metre price for flats of less than 60 square metres in the capital was DKK 45,400. For flats larger than 100 square metres, this price was DKK 27,200.

More than 500 flats have been built across the country over the past decade.

Read the Faroese version of this article here.

More Faroese News in English.