Home Property in Iceland
How to buy a house in Iceland?
Here you will find the detailed information about real estate purchasing in Iceland:
- the right way to choose the property and to effect the deal;
- property taxes and duties that should be paid;
- everything about home loans in Iceland;
- home property management and renting;
- rental, commercial properties and related investment properties.
Real estate for sale
Most recent offers from house owners in Iceland and from real estate agencies. Advertisements with the fixed price and auctions are listed here.
You can leave a comment and give advice to other visitors planning to buy a home in Iceland.
From 2000 till 2008, real estate market in Iceland has been rapidly developing. In just eight years the prices for housing have grown 70 %, adjusted for inflation. However, the recession in 2008 crippled the country’s economy, having also damaged Icelandic real estate market. A fall in prices from 2008 till 2012 amounted to 30 %, adjusted for inflation.
The process of real estate purchase in Iceland is mostly similar to that of other European countries. So, if you are familiar with any other European property market, you basically know everything you need to buy real property in Iceland.
Specialists recommend employing the services of a real estate agency. It is usually makes the whole process safer, faster and more competent.
Having chosen the desired piece of real estate, you have to request an extract from the land register (a district court in Iceland).
After the clean title of real property has been verified, a sale and purchase agreement is made, which is equally signed by both parties. This agreement includes the deal value, timeframe, responsibilities of the parties and other terms of transaction.
When the buyer makes a deposit, the transaction is recorded in the land register. After the buyer has paid the remaining amount of real property value, he or she gains absolute ownership.
Additional expenses upon real estate acquisition in Iceland include:
- agent’s fee – 1.5–2.5 %;
- stamp duty – 0.40 %;
- registration fee – 16 Euros;
- transaction processing is usually worth 1.91–2.52 % of real property value.