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Real Estate Prices Continue to Rise

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Real Estate Prices Continue to Rise

Snow in Reykjavík.

Photo: Páll Stefánsson.

Real estate prices in the capital area continue to rise, according to an economic report from Landsbanki. The price of multi-family homes went up by 0.8 percent in January, while that of single-family homes increased by 0.1 percent, bringing the total price increase of residential real estate to 0.6 percent.

In the last 12 months, the price of multi-family homes has gone up by 10.3 percent and single-family homes by 3 percent, resulting in an 8.5 percent overall increase.

Inflation has remained low and the consumer price index (excluding real estate) has only risen by 0.6 percent in the past 12 months, making the price increase of real estate mostly a real value increase.

The total number of recorded sales contracts for residential housing in the capital area in 2015 was 6,900, which represents a 17.5 percent increase from the previous year. The majority of sales contracts were made during the first part of the year, but there was a gradual decrease in sales during the latter part of the year. A comparison between January this year and January a year ago still shows a substantial increase in the number of sales contracts.

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