Mayor warns against foreign property investors

A growing number of foreign nationals are interested in buying property in the Faroes, according to the country’s leading real estate firms.

There is currently no law to prevent them from doing so, and that is a problem, according to Annika Olsen, mayor of Tórshavn Municipality.

She says the people who live in the Faroes, including foreign nationals who reside here, should be given priority to the properties.

With the increasing attention from foreign property investors, the time has come for the lawmakers to step in, she says.

“We need a legislation to regulate this as soon as possible. It is not inconceivable that foreign property investors could end up buying entire villages in the future. This could have serious consequences for the entire country.”

She mentions as an example that many foreign investors have expressed interest in the old á Reyni district next to the city church.

Olsen says that as mayor she only has limited authority in this area, which is why she is now urging national policy makers to consider this issue as soon as possible.

Translated by prosa.fo