The real-estate value had at this point increased so much that the organization's long-time goal of building a hof in Reykjavík for its activities had become a realistic project.

Reykjavík's mayor Ingibjörg Sólrún Gísladóttir instead suggested a location on the hill Öskjuhlíð, which Ásatrúarfélagið accepted in 2006.

[5] However, this plot turned out to be within the safety zone of the Reykjavík Airport, so a new location nearby, on the southern slope of the same hill, was assigned in 2008.

[7] When the building still was on a planning stage, the 2008 Icelandic banking collapse took place, which resulted in substantial financial losses for Ásatrúarfélagið, and the hof project was delayed by several years.

[11] In February 2019, Hilmar Örn said that the most optimistic expectation was for the building to be finished in December 2019, although he hoped that parts would be ready for active use already in the autumn that year.

He explained that it was the dome that caused problems and that the project had gone severely over its original budget, with the costs now estimated at around 270 million krónas.

He also revealed that Ásatrúarfélagið had looked at different models for potentially crowdfunding parts of the costs, although stressed that the funders in that case must receive something in return for their money.

[13] The deputy allsherjargoði Jóhanna G. Harðardóttir said in July 2021 that construction had proceeded well during the last year and the building should be able to host Ásatrúarfélagið's administrative work in the autumn of 2021.

[15] In July 2023, Hilmar Örn said there was no hurry to finish the dome and it will be built whenever the organization can afford materials without taking a loan.

According to Hilmar Örn, there are preliminary plans for an expansion that would provide a facility for international research on subjects related to mythology.