Property for sale in Iceland
Despite the political and economic climate uncertainty, average property for sale prices in Iceland have seen the largest increase in the last three years.
The average growth is 6%, compared to 4.1% recorded in 2015. Iceland wins first place for the first time when the Global House Price Index was launched.
The island reported an astonishing 14.7%. The growing economy, two reductions in interest rates and an increasing involvement of foreign investors help explain a 9% increase in average prices for property for sale in Iceland over the last twelve months.
Reykjavik is characteristic for the colored roofs, the dazzling lights of the north and an important compromise on the energy front. With just 115 thousand inhabitants, the capital of Iceland is able to have a great impact on a global level and its objective is to become totally independent from the use of fossil fuels for 2050 and become a "hydrogen economy".
The high quality of life is reflected in property for sale prices. The residential market in Reykjavik has experienced a boom both in terms of prices and sales, in the last five years. Between the second half of 2016 and all of 2017 prices for property for sale in Iceland, have increased by an average of 13%, with peaks of 15%. The average selling price of an apartment today is around 450 thousand euros.
Iceland changes skin. And it decided to do it by enhancing the artistic scene of its capital Reykjavík, transforming the former industrial area of the port into a cultural hub, including concept stores, artists' studios, clubs, hotels, recording rooms and the recent, significant opening of the Marshall House. Inaugurated last March, it is an old herring factory transformed by the studio Kurt og Pí architects into a postmodern pole hosting the studio and the gallery dedicated to Olafur Eliasson, and two artist run space that have written the history of the Icelandic art scene: Kling and Bang and The Living Art Museum.
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