Grindavík residents offered homes back at the price Þórkatla paid

Residents of Grindavík will be offered the chance to buy back their homes for the same price paid by real estate company Þórkatla after volcanic activity on the Reykjanes Peninsula, mbl.is reports.

The prime minister’s office and Þórkatla are presenting the buyback plan at a meeting in Gjáin, a venue in Grindavík, starting at 5pm on Wednesday.

The arrangement will resemble rent-to-own: buyers will make an initial payment followed by monthly payments, most of which will reduce the property’s purchase price.

The first purchase agreements are expected to be signed early next year, when the handover of properties to their former owners could also begin.