The real estate company Þórkatla will start buying residential property in Grindavík this week, with 644 applications already received by the company.

The company’s goal is to complete the processing of a number of the applications that have already been received through purchase agreements this month. However, it is still not possible to time the purchase of individual assets. Some of the applications will need special examination and their processing will take longer. Applications for the sale of Þórkötlu assets will be available through this year.

The project as a whole is different from the traditional real estate transactions in that it has required the conclusion of an agreement on the surrender of the self-debt guarantee of the borrower with 18 lenders, which is a prerequisite for the company's purchase. In light of the scope, the goal has been from the beginning to make the purchase in a digital process including the signing and registration of purchase agreements.

Overall, the investment amounts to tens of billions of dollars, which is being carried out by Þórkatla real estate company on behalf of the government. This large scale has required considerable preparation and development of procedures for completing purchase offers, registrations and payments to sellers, for example.

Örn Viðar Skúlason, CEO of Þórkötlu, said: “We are focused on working this out quickly to reduce the uncertainty of those who own property in the town and need to find another home in the future. We also focus on working together on possible rent and, if applicable, use or access to the home after the purchase has been completed. We want to deal with all matters as quickly as possible and will respond to all the many requests and emails we have received.”