Building plans for 1,289 new homes in Reykjavík were approved in 2024, with 99% of these being in multi-family residences. Total construction volume reached about 231,000 square meters, with residential housing accounting for approximately 190,000 square meters or 82% of the total, a significant increase from the previous year. This information was presented in the Building Commissioner's annual report to the Environment and Planning Council this morning.
Since 2000, the average annual approved construction volume has been about 207,000 square meters. The highest construction volume was approved in 2018 at about 396,000 square meters, while only 18,000 square meters were approved in 2010.
Nearly a thousand homes completed
Construction began on 935 homes in new buildings in 2024, which is consistent with the number of new homes built over the past 10 years and significantly above the annual average of 673 homes since 1972.
According to the Housing and Construction Authority's property registry, 989 new homes were recorded as completed and occupied in 2024. New construction completed and occupied during the year totaled 169,705 square meters and 656,705 cubic meters for all types of housing.
Key figures
- Approved building plans for 1,289 new homes in Reykjavík.
- 99% in multi-family residences.
- Construction started on 935 homes.
- 989 new homes registered as completed and occupied.
- 2,431 agenda items at permit review meetings of the Building Commissioner.
- 675 approved cases.
- 1.73 cases postponed between meetings.
- 25 cases rejected.
The most significant housing development period in Reykjavík has been the past 10 years with a total of 9,811 homes since 2015. The peak was in 2018 when construction began on 1,417 new homes.
