What does a brand-new luxury apartment look like in Iceland? Take a look inside a development on the old harbor in the country's capital.

  • Austurhöfn is a new luxury development in Iceland's capital, Reykjavik.
  • According to its developer, it's the country's first true luxury apartment complex.
  • Business Insider caught up with Sveinn Bjornsson, Austurhöfn's construction manager and co-owner and CEO of Íslenskar fasteignir, to find out how it differs from the rest of the country's luxury market. 
  • Visit Business Insider's homepage for more stories.

Iceland is home to around 360,000 people. 

Given the small population size, there isn't a ton of new development in the country's luxury real estate sector. 

However, units have just hit the market in the new development, Austurhöfn, going for roughly $674 to $1,269 per square foot. 

Business Insider caught up with Sveinn Bjornsson, Austurhöfn's construction manager and co-owner and CEO of Íslenskar fasteignir, to find out why he thinks this luxury development stands out from limited few others that make up the sector in Iceland.

Iceland, known for its breathtaking scenery and views of the Northern Lights, is home to around 360,000 people.

Austurhöfn, dubbed the country's first luxury apartment complex by its developer, is located in Reykjavik, the capital city. The typical cost of a house in Reykjavik is around $375,000 to $475,000.

"This is the first true luxury apartment project in Iceland," Bjornsson told Business Insider.

While Bjornsson went on to explain that their have been several projects in the country that have defined themselves as luxury apartments, none uphold to the same standard of luxury as Austurhöfn does.  

The development sits on the waterfront, next to the old harbor, which Bjornsson describes as "one of the most unique locations you can find" in Iceland.

The old harbor district is surrounded by museums, restaurants, and music venues. Some of the city's oldest buildings, per the Austurhöfn website, are located around the harbor. 

Bjornsson told Business Insider that 54% of the 71 units in the building have direct elevator access. This means residents are taken right into their apartments.

According to Bjornsson, giving more than half the luxury units in a complex direct elevator access has been, up until now, hard to come by Iceland.

Each apartment in the complex will boast custom-made furniture and designated parking spots, which Bjornsson said are rare in Iceland, albeit popular in other European countries.

Most suites will also come with a private bathroom.

And, the apartments are smart homes, with light, temperature, and door entry control.

Roughly 42 of the apartments in the complex span more than 200 square meters, which is equivalent to over 2,000 square feet. As Bjornsson explained, space is one of the complex's biggest draws.

Prices for each unit range from roughly $674 per square foot to $1,269 per square foot. 

The building is still under construction, but Bjornsson anticipates that it will be completed by the end of the year, with some residents able to move in by early November.


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