Young individuals to benefit from housing proposal in Faroe Islands

It’s becoming easier for young individuals to enter the housing market in the Faroe Islands. According to a proposal from the Union Party, first-time homebuyers will have the opportunity to receive half of their pension paid out as regular income over a period of ten years after they enter the housing market.

However, the calculations are not straightforward in the long term, warns Malan Johansen, the CEO of the national bank. She emphasizes that the supply of housing is significantly lower than the demand, and therefore, both the government and municipalities should focus on providing many more housing options.

For more insights, a radio interview with Malan Johansen is available in the news segment.