Iceland’s Realty Market Shows Signs of Recovery Skip to content

Iceland’s Realty Market Shows Signs of Recovery

Chairwoman of the Association of Real Estate Agents Ingibjörg Thórdardóttir believes that the increase of notarized bills of sale in the realty market in the past week is a sign that the market is finally recovering from the downturn of the past 12 months.

Central Reykjavík. Photo by Páll Stefánsson.

Between September 11 and 17, 57 bills of sale were notarized in the capital region while, until last week, only 34 bills of sale on average have been notarized per week this year. At the same time in 2008, 66 bills of sale were notarized every week on average, Morgunbladid reports.

The turnover of last week’s trade in the realty market amounts to ISK 1.5 billion (USD 12 million, EUR 8 million), which means that the average value of each bill of sale was ISK 26 million (USD 209,000, EUR 131,000).

Thórdardóttir said that the market is far from fully recovered but that she hopes that realty trade will increase further in the coming months.

Click here to read more about the real estate market in Iceland.

Sign up for our weekly newsletter

Get news from Iceland, photos, and in-depth stories delivered to your inbox every week!

* indicates required

Subscribe to Iceland Review

In-depth stories and high-quality photography showcasing life in Iceland!

Share article