Búseti Co-Op
Apartments in building cooperatives have steadily increased in recent years. In 2016, Reykjavík City promised that Búseti Co-Op would get the right to build over two hundred apartments at various locations in the city. By fall 2022, there were nearly 900 apartment in building cooperative units in Reykjavík.
In total, Búseti Co-Op has completed the construction of 417 apartments from 2019 to 2022.
Búseti Co-Op finished construction of 221 apartments in Smiðjuholt and near Reynisvatnsás in 2019. Construction was completed on 20 apartments near Skógarvegur and 78 on Keilugrandi in 2020. The construction of 72 apartments was completed at Árskógar 5-7 in South Mjódd in 2021, and the construction of 26 apartments at Beimabryggja 42 in Bryggjuhverfi III also ended in the fall of 2021.
In the fourth quarter of 2022, construction of 42 apartments at Hallgerðargata 20 will start. There, Búseti Co-Op is building 37 apartments for its members and 5 apartments for Brynja, which is a rental association of the Icelandic Federation of the Disabled.
There are agreements and declarations of intent for the association for up to 335 apartments. Of these, 85 apartments are on lots with approved land-use plans, 120 apartments on lots in the planning process, and 130 apartments in development and future areas.
The right of residence is the third way
Búseti Co-Op apartments align with Housing Policy goals for diverse housing types, mixed apartment types within neighborhoods, and more small apartments for all social groups.
Land allocation promotes diverse housing options for a broad community segment, aiming to create housing opportunities for many who might otherwise need assistance. This bridges the gap between rental and owner-occupied housing.
The Búseti Co-Op is often called the third way, between renting and owning. The City promotes mixed ownership forms in partnership with a non-profit organization.