Real Estate Market in Iceland in Deep Recession Skip to content

Real Estate Market in Iceland in Deep Recession

The number of bills of sale that were notarized in Iceland in 2008 dropped by 60 percent year-over-year, from 15,300 in 2007 to 6,200.

The annual turnover in real estate decreased by 55 percent in the same period, from ISK 406 billion (USD 3.4 billion, EUR 2.4 billion) in 2007 to ISK 180 billion (USD 1.5 billion, EUR 1.1 billion) this year.

The number of bills of sale notarized in one year in Iceland has not been lower in 15 years; in 1993, 5,277 bills of sale were notarized. The turnover of the real estate market has not been lower since 2003, when it amounted to ISK 163 billion (USD 1.4 billion, EUR 1.0 billion), reports.

In the capital region, the number of notarized bills of sale dropped from more than 10,000 in 2007 to around 3,500 this year. The annual turnover on real estate in that region decreased from ISK 310 billion (USD 2.6 billion, EUR 1.8 billion) to ISK 115 billion (USD 950 million, EUR 670 million).

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