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Nation-Wide Affordable Housing Shortage

There is a shortage of residential housing in all regions of Iceland; particularly small, affordable housing both for sale and rent, RÚV reports. The data comes from a report presented yesterday at a conference held by the Ministry of Social Affairs and the Housing Financing Fund. The housing report is the first-ever comprehensive evaluation of housing in Iceland organised according to region, social status, and type.

The report notes that municipalities in Iceland estimate that approximately 3,300 housing properties will be needed at the beginning of next year. This is a cautious estimate, given that demand and conditions of the housing market can change quickly. The report notes that the shortage could in fact be greater, or between 3,900 and 6,600 residential properties.

Around two-thirds of the properties, or between 2,200-2,400, are needed within the Reykjavík capital area, where the biggest need is said to be for affordable housing, both for rent and purchase, especially for first-time homebuyers. Up to half of the housing is for individuals and families that are unable to secure housing for themselves or their dependents due to low income or social circumstances.

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