First-Time Home Buys at a Ten-Year High

iceland real estate

First-time apartment purchases have gone up more in Iceland since 2009 than any other kinds of purchase, RÚV reports. The percentage of first-time home buyers during the first quarter of this year was 27.7%, up dramatically from 7.5% in 2009.

These were among the findings in the monthly report published by the Housing Finance Fund (HFF).

Statistical information on first-time apartment purchases is only available as far back as the second half of 2008. Based on the data from the available time period, however, the percentage of first-time home purchases has never been so high.

The highest percentage of first-time buyers were found to be in East Iceland, where 32% of all of the home purchases so far this year were made by individuals who had never owned a home before. Next was the Suðurnes peninsula in Southwest Iceland, at 31%. South Iceland and Northeast Iceland were tied for third place at 28%. Twenty-seven percent of all home purchases were made by first-time buyers in both the Westfjords and the capital area. West Iceland came in at 23% and North Iceland at 22%.

The report authors say that these figures show that it is now easier for people to save up to buy an apartment than it has been previously. It also appears, they say, that the increase in housing prices in the last ten years has only had a limited effect on first-time buyers.