For the capital city of the queen of the elves in downtown Bakkagerði, it’s a bit of a lump. Still, humans look up to it.
Meanwhile, elves look down.

This change in perspective seems to be species specific. Here’s a view of another one of the elf hills in the fjord.

Same rule applies. Humans look up. Elves look down. And yet, if you climb the Alfaborg, you’ll meet many images of elves cast by your mind and stone at the same time, so you can’t really tell the difference. Here’s one.
Not really looking down or up at the one-to-one level. I think this is called the theory of relativity, invented by Icelanders long before Einstein got to it.