Europe's news in English

COPY LINK

PROPERTY

Island for sale in Denmark with own farm, wood and pond

It's not often that an island in Denmark comes up for sale, let alone one with its own farm, fields, stables and barn. But Langø, off the southern Danish island of Langeland is currently on offer for around ten million kroner

Published: 9 June 2021 18:32 CEST

Island for sale in Denmark with own farm, wood and pond

Langø is linked to Langland by a narrow causeway. Photo: Pernille Sams

The island, which is linked by a narrow causeway to the bigger island, comprises eight hectares of rolling fields and woodland, with views in all directions over the surrounding waters, according to the advert on the Boliga website.

The farmhouse, which was built in 1894 and extended in 1930, is an ample 156m2 and the farm area also has a stable, barn, and a small pond.

The house has a barn, stable and small pond. Photo: Pernille Sams

When it was last sold, back in 2009, the island went for just 1.8m kroner.

The most highest price ever fetched by one of Denmark’s smaller island was the DKK 32.5m paid by the businessman Kurt Poulsen, when he bought the island of Siø between Langeland and Tåsinge.

Unusually, Langø is not the only Danish island currently for sale.

According to the online property site Boliga, the island of Masnedø Kalv in the waters between South Zealand and Lolland-Falster is also currently for sale with an offer price of 8.3m kroner.

The island, which is less than a third the size of Langø, was initially also for sale for 10m, but the price was reduced when no buyers came forward.

Member comments

Log in here to leave a comment.

Become a Member to leave a comment.

What first-time home buyers in Denmark need to know about the current housing market

After a very turbulent economic period, the situation in Denmark seems to be stabilising.

Wages are rising, inflation has returned to what analysts consider normal levels, and interest rates have dropped.

READ MORE: Why Denmark’s economy is looking in such good shape

With most financial analysts predicting that housing prices will increase in 2024, should first-time home buyers take advantage of the current conditions and enter the market now?

Location, location, location

Whether this is a good time to buy a house or apartment as a first-time home buyer depends a lot on location, Mira Lie Nielsen, a housing economist at Nykredit – a leading Danish financial services group – told The Local.

“If you’re looking in suburbs or less populated areas of Denmark, then the situation is good. In recent years, we’ve had relatively low interest rates, and housing prices in those areas haven’t risen as much, so buying a home there – at least historically speaking – is not expensive,” Nielsen said.

However, the situation in Denmark’s urban hubs is quite different.

“In Copenhagen – as is the situation in Oslo and other Scandinavian capitals – the situation is difficult. There’s a limited supply of apartments, and the demand is high; many people want to buy a home there,” she said, adding that in cities like Aarhus or Copenhagen, people who are in the market for a home often have more income and savings than first-time buyers.

Tips for first-time buyers

Along with focusing on areas with lower demand, Nielsen believes first-time buyers should be ready to make significant compromises to find a suitable home in 2024.

“Let’s face it – it’s tough for first-time buyers. They need to be able to compromise. Primarily when it comes to size and location. If they can do that, they might find it easier to get on the property ladder in Denmark this year,” she said.

The housing economist’s advice is backed by the figures from a recent analysis by Realkredit Danmark, which showed that the average household income required for mortgage approval has decreased in 91 out of Denmark’s 98 municipalities.

However, the analysis also showed significant contrasts in income requirements between the country’s most affordable and most expensive locations and that municipalities outside the urban hotspots have lower mortgage requirements.

No guarantees

While the financial industry expects housing prices to rise further this year, its forecasts are not set in stone.

“Even though we predict housing prices will rise, we don’t have a crystal ball. Still, we’ve seen prices increase this year, and expect that to continue”, she said, adding some words of caution.

“The last couple of years showed us that things don’t always go as predicted,” Nielsen said, noting that it’s very hard to predict the Danish housing market.

“Trying to buy at the exact best time is difficult and sometimes even impossible,” she warned.

READ ALSO: Is now a good time to buy a house in Denmark?

Therefore, she advised prospective buyers with strong personal finances and an immediate need to move to a new home to base the decision on their current needs, not market forecasts.

“The right time to buy a house is when you need a house and a place to live… If you try to time the market, you can end up risking sitting on your hands and waiting, even though you found your dream house and you and your family are ready to move,” she said.

SHOW COMMENTS

Url copied to clipboard!