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Majority of Reykjavík Apartments Sell Below Asking Price

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Majority of Reykjavík Apartments Sell Below Asking Price

Reykjavík buildings

Photo: Geir Ólafsson.

The Housing Financing Fund (HFF) released a monthly report today stating 72 percent of apartments in the Reykjavík capital area sold for less than the asking price. Morgunblaðið reported first.

Of the remaining apartments, 14 percent were sold at the asking price, while the remaining 14 percent were sold for more. The percentage of apartments sold above asking price has fallen since reaching a peak in April.

The report projects that growth will continue to slow in real estate prices, and confirms that prices have fallen in some neighbourhoods. The average time apartments in central Reykjavík spend on the market is now comparable to that of apartments in nearby municipalities. A total of 19 percent of residents across Iceland consider it likely they will be in the rental market six months from now.

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