Rising demand for small flats

There is an increasing demand for smaller, especially cheaper, flats, according to real estate agency Betri heim.

The Faroese population has increased by 5,449 in the past ten years.

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In this period, 1,273 residential houses or flats have been built, of which 94 percent are houses and 4 percent are flats.

However, this ratio is changing as more flats are now being built, according Betri heim.

About 2,500 people are on the waiting list of national housing association Bústaðir, which rents out 380 properties and currently has 146 in construction.

Betri heim says it is seeing a high demand for flats, especially from young and old clients.

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”These age groups now tend to want smaller properties and greater financial freedom,” says Kára á Dunga, CEO of Betri heim.

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.

Read the Faroese version of this article here.

More Faroese News in English.