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In 2016, the City of Reykjavik argued that Residence was granted the right to build a third hundred apartments at several locations in the city, in addition to 225 apartments that it already had in preparation or under construction. In total, Residence is expected to build a fifth of a hundred residential apartments in Reykjavik over the next few years.
Number of apartments
In the autumn of 2020 at Residence 721 in Farmers have a settlement society and 179 more apartments in the city. As a result, there are a total of 900 residential apartments in Reykjavik today, which will increase to almost 1,000 by the end of the current construction of the Buta. Residence completed the construction of 221 apartments in Forge Hollow and on Reynisvatnás in 2019. Implementation was completed on 20 apartments on Forest Road and 78 on Boiler Grass in 2020. Construction of 98 apartments is ongoing at Aarhus 5-7 in South Midd and Tanga Pier 5 in Brewery District III. In total, these are 417 apartments.
Status of implementation
Construction of Residences on the roads of Residences - Status of implementation in autumn 2020.
The right of residence is the third way.
Residences are designed according to the objectives of housing policy for a wide range of housing types, the mixing of residential types within neighbourhoods, and the increased availability of smaller apartments for all social groups. The allocation of the land helps to diversify the housing supply of a broad segment of the community and attempts to create a housing base for a large number of people who may otherwise need assistance. In this way, a bridge is built between rented and owned apartments. Sometimes it is said that the right of residence is the third way, between the form of lease and the form of ownership.
The city thus contributes to the blending of forms of ownership in collaboration with a non-profit-making company.