House prices are stabilising

Property sales went down significantly at the start of this year due to Covid restrictions and the war in Ukraine.

This period was marked by a high degree of uncertainty, but the market is now starting to pick up momentum, according to Kára á Dunga, CEO of real estate firm Betri Heim.

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“Buyers and mortgage providers are more cautious now compared to the peak of the market, but confidence is slowly returning,” she says.

“The sharp rise in house prices that we have been seeing in recent years appears to be stabilising now.”

Real estate firm Skyn reports similar trends.

Read the Faroese version of this article here.

More Faroese News in English.