Reykjavik Is Being Swamped by Empty Luxury Flats

The spacious entrance to Hildigunnur Haraldsdottir’s building in downtown Reykjavik is paved with marble from Prague and decorated with stained glass artwork by a famous local artist. The architect’s apartment on the 5th floor is fitted with floor heating, AEG appliances and balconies with stunning views of the city’s harbor and historic center.

The flat is one of 38 that she designed for her company, T13 ehf, with co-financing from Landsbankinn, Iceland’s largest bank. Only 23 of them have been sold since they hit the market more than a year ago.