Iceland Minister Wants More Limits on Land Sales to Foreigners

Iceland’s Interior Minister Ogmundur Jonasson wants to curtail further the ability of foreigners to purchase land in the north Atlantic island.

“What’s happening is that wealthy foreigners are accumulating land here, buying land and destroying municipalities,” Jonasson told broadcaster RUV.

Jonasson will this week introduce a bill to impose limits on the ability of foreigners to purchase land or houses in Iceland. The minister in December rejected a $200 million property investment bid from Chinese billionaire Huang Nubo.

Huang had planned to develop a resort and a mountain park in Iceland through his company, Beijing Zhongkun Investment Group Co. The planned acquisition of 300 square kilometers (116 square miles) of land would be a platform from which to invest elsewhere in the Nordic region, he said then.

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net.

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net.

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