Ownership error delays 150.5 million króna payment for Harpa parking spaces

Reykjavík City has been unable to complete the sale of 125 parking spaces in Harpa’s parking garage because of an error in the ownership records, mbl.is reports. A payment of 150.5 million krónur due when the deed is issued remains unpaid.

The sale agreement was signed in December 2024. During the process, officials found that the city’s spaces were recorded as 105, not 125, as stated in the sale announcement and agreement.

On Thursday, the city council approved an agreement and deed for two properties at Austurbakki 2 to be transferred from Situs ehf. to the city to help resolve the registration issue.

The 20 spaces missing from the records had been sold and transferred by Situs to the Reykjavík Parking Fund in 2014 and 2015. Correcting the records has involved work on the property division declaration and registering title in the city’s name.

A letter from Ólöf Örvarsdóttir, director of the city’s Environment and Planning Department, says the matter has been significantly delayed by the parking garage’s complex ownership structure and records for building plots that were later slated for removal.

The city’s payment for the two properties will cover the cost of amending the property division declaration, as well as stamp and registration fees. The cost is estimated at about 2.25 million krónur and will be covered within the department’s budget.

Once the records are corrected and the amended declaration is signed and registered, the city will be able to fulfil the 2024 sale agreement in full and issue the deed. The outstanding payment under the agreement is 150.5 million krónur.