The real estate development company Íslenskar fasteignir ehf. and landowners Heiðarlands Vogajarða in the Municipality of Vogar have signed a letter of intent to develop a shopping and service center at the intersection of Reykjanesbraut and Vogavegur.
The area, which is about 10 hectares in size, is expected to house up to 30 thousand square meters of shopping and service buildings. This is stated in an announcement.
“The agreement is extremely important for the residents of the Municipality of Vogar, as it is anticipated that the development that has taken place here will continue in the coming years.
The new shopping area can then become a huge lever for the area as a whole,” says Guðrún P. Ólafsdóttir, Mayor of the Municipality of Vogar.
“There is a need for the development of shopping and services for a rapidly growing community, but at the same time there are opportunities in serving foreign tourists who visit the area as well as residents of the capital area. The municipality’s location is thus advantageous in terms of proximity to both Keflavík Airport and the capital area.”
Over the past decade, the largest population increase has been in Reykjanes, or about 43%. according to Statistics Iceland. They were just over 21,000 in 2015, but about 31,000 at the beginning of 2024. At the same time, the number of Icelanders has increased by almost 19%. It is also expected that about 2.5 million tourists will pass through Keflavík Airport next year.
Gunnar Thoroddsen, chairman of the board of Íslenskar fasteignir ehf. , says he is optimistic about the opportunities inherent in development in the area and serving the growing group of residents on the Reykjanes Peninsula. Vogar is well placed due to its proximity to the capital area and Reykjanesbær.
“At the same time, there are great opportunities in the current flow of tourists that are heading through Keflavík Airport and to the capital area. “The site is ideally located on one of the country’s main thoroughfares,” says Gunnar. It is hoped that development can begin in the next two to three years, but preparations are now underway for planning changes, design and agreements with operators.
Source: Vf.is
