The project's cost has increased from an earlier allocation of 800 million kronor due to inflation and changed interest rates, according to major media reports. The municipal council approved the increased investment cost and a higher rent during Thursday evening, making this one of the city's largest cultural policy investments, according to officials. After renovation, the rent will be approximately six times more expensive than today, at about 61–66 million kronor per year compared to the current 10 million.
The new rent is higher than the museum's current annual budget, officials said, and how it will be paid is not yet entirely clear and will be investigated now that the decision on the renovation has been approved, according to officials. The Culture Administration estimates that the number of visitors will double from 250,000 to about 500,000 per year. The renovated museum is estimated to generate about 130 million kronor annually, officials said, and the investment is expected to be recouped in a ten-year perspective, according to Anna Rosengren, administrative director of the Culture Administration.
The museum is currently financed mainly by the City of Gothenburg, but also by regional and national grants, as well as partially by various foundations and private businesses, officials said. The museum is located in one of the city's older and culturally valuable buildings on Götaplatsen and attracts about 250,000 visitors per year, major media reports indicate. The extensive renovation is required to continue developing the museum's operations, according to major media reports.
Higab, the property owner, held an architectural competition, and the winning proposal has been developed to keep costs down, major media reports state. 12 billion kronor with a rent of 61–66 million kronor, according to major media reports. The municipal council approved the updated costs in November 2025 and the culture committee's rental in March 2026, major media reports indicate.