The total value of real estate in Iceland has increased by almost 20% between years. The value has never risen more in a single year, RÚV reports. The latest property valuation figures were released by Registers Iceland yesterday and will mean higher property fees for owners. Some municipal leaders across the country have stated they will respond by lowering fees.
The Registers Iceland website crashed for a period of time yesterday after the latest real estate valuation was released, as many wanted to check how much the value of their property had risen. Rates vary across the country, with the highest rise in Fljótsdalshreppur district (38.9%) and the smallest in Dalvíkurbyggð municipality (6.2%).
Property valuation in the Reykjavík capital area rose just over 20%. Municipal authorities in Kópavogur and Hafnarfjörður have stated they will lower property fees in response to the steep rise. No such decision has been announced for the City of Reykjavík, where municipal councillors are still negotiating to form a governing majority following last month’s elections.
According to Registers Iceland, the purpose of property valuation is to provide grounds for the levying of public dues.