Representatives of the Þórkatla real estate company are currently in the process of receiving assets in Grindavík from their sellers. The delivery will take place at special return meetings and Þórkatla will receive around 30 assets this week and an estimated 170 more next week.

“A large part of the assets are in good condition. Several recently built houses in Grindavík have been well-recovered from the disaster so far. There are also houses in between that need repairs and some houses that are very badly damaged and have little future. We will need to work closely with the Icelandic Natural Disaster Insurance to examine Þórkötlu’s insurance status for the properties that are badly damaged,” says Örn Viðar Skúlason, CEO of Þórkötlu.

Supervision and supervision of assets under review

Þórkatla is currently working with local parties to organize the monitoring and supervision of the assets. General maintenance will be kept to a minimum while uncertainty about the impending earthquake exists. The company will focus on preventing further damage.

“Although most people are interested in maintaining the town, the situation has taken people away, so it’s good to be finishing this process. It’s the forces of nature that control the rest, but it’s always our goal to get as many Grindvíkingar as possible to buy back their property later on. It’s an important part of supporting Grindavík’s development for the future,” Örn Viðar says.

Applications have grown to more than eight hundred

The number of applications from Grindvíkingar to sell the property to the Icelandic Property Association Þórkötlu has now reached 812. The company has already approved the purchase of nearly 700 properties or 86% of those who have applied. The number of purchase agreements announced by parliament is approaching 600, but the company has offered a purchase agreement to 640 parties, or almost 80% of applicants, to sign. The sellers have received approximately ISK 28.5 billion in purchase agreement payments and loans from credit institutions amounting to ISK 14.5 billion.

Work on irregular applications received in March, such as for the requirement of legal domicile, buildings under construction, and apartment buildings, is still ongoing and work on irregular applications received in April has begun.

As previously mentioned, work is underway to develop a solution for residence permit holders. The case is progressing, but it is unclear when the solution can be introduced.

The project will be worth up to 75 billion ISK

The outlook is for Þórkötlu’s total investment in housing in Grindavík to total up to 75 billion ISK, or approximately 14 billion ISK more than the estimate was made when the measure was introduced. The increase in the fire insurance assessment of assets in the town mostly explains the increased costs.