Land and land leases
Plots with building rights are available for single-family homes, row houses, semi-detached houses, and duplexes, as well as plots for commercial buildings. Reykjavík City makes plot lease agreements for city-owned plots with plot holders.
Plot lease agreement application
Residential building plots are generally leased for 75 years and commercial plots for 50 years. Annual plot rent is calculated as a proportion of the plot's assessed value and collected with property rates.
In areas planned for rezoning, Reykjavík City may reject renewal applications or issue shorter-term contracts.
Plot lease agreements are renewed when the old agreement expires, or when at most two months remain on its term.
Authorization to sign plot lease agreement
You can authorize someone to sign a plot lease agreement by completing this document:
Application process
1.
The plot holder/applicant submits a renewal application. Applications are generally processed within a week.
2.
Reykjavík City prepares the plot lease agreement in triplicate.
3.
The plot holder/applicant is notified by email when the plot lease agreement is ready for signing.
4.
Plot holders (all registered property owners on the plot) sign all copies at the Reykjavík City Service Center, Borgartún 12-14.
5.
The plot holder takes two copies to the district commissioner for registration and pays the fee.