First buyers receive keys to affordable housing in Úlfarsárdalur
The first buyers of affordable housing in Úlfarsárdalur received their keys before the weekend with Mayor Einar Þorsteinsson in attendance. A total of 52 homes at Rökkvatjörn and Skyggnisbraut in Úlfarsárdalur are part of Reykjavík City's affordable housing initiative for first-time buyers and purchasers under 40 years of age.
Urðarsel ehf. received the land allocation under the affordable housing program and has ambitiously developed the site with partners, while Alverk ehf. served as the main contractor for the construction. The building has earned Swan certification through deliberate efforts to reduce environmental impact during construction, including requirements for low energy consumption and strong emphasis on safer, more environmentally friendly materials. The building was designed by architect Helgi Mar Hallgrímsson of Arkþing Nordic.
Guðrún Lilja Kristinsdóttir, director of the Swan certification program, presented the environmental certification for the building. Gísli Örn Bjarnhéðinsson, director of Urðarsel, accepted the certification.
Approximately 700 homes in affordable housing program
Mayor Einar Þorsteinsson expressed great satisfaction at meeting the group receiving their new homes. The affordable housing project gives young people opportunities to shape their future, and it's important for the City to partner with developers who build reliably and with high quality, said Einar. Approximately 700 homes fall under the affordable housing project. Some units are already occupied, with more residents expected soon.
Special terms govern the sale of affordable housing for first-time buyers and those under 40, ensuring that the benefits of affordable land allocation reach initial owners and remain in effect during future resales. Prices are tied to the building cost index, resulting in lower sales prices.
Prices lower than general market rates
A total of 139 people applied for homes at Rökkvatjörn and Skyggnisbraut. There were 66 applications for one-bedroom units, 52 for two-bedroom units, and 19 for three-bedroom homes. A drawing was held among applicants in the presence of lawyers at Reykjavík City Hall this summer.
"There has been a significant shortage of small homes for young and first-time buyers, but in these three housing complexes, we have a high proportion of small units, which is crucial for keeping first home purchase prices affordable," said Gísli Örn Bjarnhéðinsson, director of Urðarsel. "It's very gratifying to offer an affordable option for first-time buyers, with the smallest homes priced between 37-38 million króna, which is significantly lower than typical market rates. We also emphasized green financing, which was secured through Íslandsbanki."
Arkþing Nordic designed the buildings and Fasteignasalan Sunna managed the sales process.
Rökkvatjörn is located near Leirtjörn in the upper part of Úlfarsárdalur, close to Úlfarsfell. Pictured is the view from balconies on the top floor.