Bogi finds new home in housing cooperative at Kneysum, Toftir

A recent lottery draw has led Bogi from Vollan to find himself in a housing cooperative at Kneysum in Toftir, where he is thriving. He shares this joy with Anna Malena Højgaard, the chairwoman of the housing cooperative.

“We moved into a cooperative apartment quite spontaneously, but it’s centrally located, and the area is nice,” says Bogi, who lives with his wife and children in one of the eight cooperative apartments available.

Before the project at Kneysum emerged, Bogi was unfamiliar with the concept of cooperative housing. The primary reason they chose to enter the lottery for a cooperative apartment was the security it offered; they would have a stake in the property and share ownership with fellow residents.

Bogi emphasizes the stability that comes with owning a stake. “We own the building, we make the decisions, and no one can evict us,” he says, contrasting this with the private rental market where tenants can be abruptly displaced.

Anna Malena, originally from Toftir but previously living in Hoyvík, was on a waiting list for an apartment but faced uncertainty in finding a suitable rental. “I wanted to be closer to work and was renting privately, which is less secure than owning,” she explains.

Bogi highlights another advantage of cooperative housing: it doesn’t require a hefty upfront payment, as residents only need to fund 20% of the total cost, with the cooperative covering the rest. Selling the apartment later isn’t based on highest bidder; decisions are made collectively within the cooperative.

Both Bogi and Anna Malena agree that cooperative housing is a more feasible path for them, with Bogi expressing hope for future expansion as their family grows. He firmly believes this model can succeed throughout the country.