Bústøðir announces rental price increases and operational changes in the Faroe Islands

Bústøðir, the property management company, is implementing changes to its operations, according to Jógvan Ósá, the director of Bústøðir.

Beginning next year, rental prices will be increased once again. On July 1, the rent for properties managed by Bústøðir, which is already one year old, was raised by five percent. Following this, there is a plan to increase all rents by an additional four percent on July 1.

In a recent interview, Ósá emphasized that the rising rents are just one aspect of the conditions that need to be addressed for Bústøðir to remain sustainable in the long term. According to the auditing firm Januar, which has assessed Bústøðir’s sustainability, the company cannot pursue further construction projects and will need to sell some of its assets.

More information on this situation will be available in the news at 6 PM.