Faroese Union Party prioritises strong economy and improved housing opportunities

The Faroese Union Party has pledged to strengthen the Faroe Islands’ economy while expanding housing opportunities for young families and first-time buyers ahead of upcoming elections.

In its election platform, the party emphasises economic stability, welfare, and security, proposing a budget surplus during favourable economic conditions. Housing remains a key issue, with the party committing to establishing a 200 million DKK housing fund to help new buyers enter the market. Under the plan, first-time purchasers could borrow up to 5% of a property’s value—capped at 200,000 DKK—for a down payment.

The party also proposes allowing residents to use half of their pension contributions as taxable income for up to 10 years to improve affordability. Additional measures include simplifying building regulations, accelerating land registration to increase plot availability, and removing the earnings cap for working pensioners.

On labour policy, the Union Party aims to bolster the Business Development Fund, enhance vocational training, and reform tax rules for foreign workers. It also seeks to negotiate more international trade agreements, including with the EU.

Source: Kringvarp Føroya