A total of 938 properties have been purchased. Seven applications are still being processed by the company, and in seven cases, the company has rejected purchases on the grounds that the application does not meet the legal requirements for exemption from residency.

Up to 80 purchase agreements per day

"Looking back, this has been an incredible project, and it still is," says Örn Viðar Skúlason, CEO of the real estate company Þórkatla. "Various unforeseen challenges have arisen, as one might expect in such an unusual project, but since the buyouts started at the end of April, everything has gone extremely well. At its peak, we were finalizing up to 80 purchase agreements per day," says Örn Viðar.

In the first six weeks after finalizing agreements with financial institutions, the company completed purchases of 660 properties, or 80% of those who had applied by that time. By the end of June, the company had completed purchases of 750 properties.

Þórkatla is building a real estate team in Grindavík

However, the property buyouts were just the first step. The goal of the real estate company Þórkatla was to provide the residents of Grindavík with the opportunity to relocate due to the ongoing volcanic eruptions. The company’s focus has now shifted towards the operation and maintenance of the properties.

To achieve this, Þórkatla has hired a three-person team to oversee the company’s properties in Grindavík. Additionally, several contractors are working on repairs and safety maintenance of the buildings. For example, a team of plumbers has inspected all the company’s buildings in the town, checked the heating systems, repaired malfunctions, and drained snowmelt systems. Electricians and carpenters have also been involved in repairs to prevent further damage to the properties.

Ultimately, the company’s goal is to enable residents to repurchase their properties when it is clear that conditions have improved, allowing for a thriving community to take root again in Grindavík.