How does one purchase real estate in Iceland? Is it possible for foreigners to buy a house in Iceland? What are the average house prices across the country, and are there any regulations that can jeopardize the house-buying process? Read on to find out everything there is to know about purchasing a property in Iceland.
This DIY approach to house-building has, naturally, become far more regulated over time. However, opportunities are still widely available for those looking to begin their journey with nothing but an empty lot, some blueprints, and a head full of ideas.
While it may have been the Norwegians who built the first houses on the breathtaking island located where the Arctic Ocean meets the North Atlantic, it is actually geographically closer to Scotland and mainland Europe than it is to Norway. This puts Iceland in a fantastic and unique position. A member of the European Economic Area, a full-blooded Norse/Viking history, geographical ties to Scandinavia and the UK, as well as a modernised and socially aware society surrounded by stunning scenery make Iceland top of the list for young expats.
Recent listings include guesthouses and apartments in East Iceland in Borgarfjordur Eystri - Listed by: Owner or Private A beautiful guesthouse in East Iceland for sale. This guesthouse is located in a meticulously renovated fish factory in the center of Bakkagerdi in Borgarfjordur eystri.
SummerIn June summer takes over from spring, when meadows turn neon green and Viking horses and sheep are released to roam the countryside. Summers in Iceland can be delightfully warm plus the added bonus of the magnificent Midnight Sun which gives 24 hours of daylight and the excitement of midnight golf. It is the height of tourist season with most hotels and guest houses operating at peak capacity.
Iceland retains a strong property market and has 130,000 residential units in the country. According to figures from visir.is, the average residential property comes in at ISK42 million which is an increase of 12.3% from the same time last year. From the beginning of the year to August 2016 the nationwide residential property price index increased by 9.48% which has been the highest increase in just over two years as listed by Statistics Iceland. As of 2014 55.1% of households in Iceland belonged to homeowners with mortgages with 18.9% of households being owned outright with no mortgage. Buying in Iceland is something which is affordable and possible for many families and individuals, expats and locals.When an individual is selling a property in Iceland through an estate agent it is necessary for them to be 18 years old, reside in the country, hold no history of bankruptcy, have finished their matriculation examination or a comparable qualification and for them to have undertaken a specific and specialised course organised by the Ministry of Economic Affairs. Agents must have worked and been employed in the field for no less than a year in the EAA area and by a certified real estate agent. Not only this, but the agent should have professional liability insurance in an EAA area.
The typical house buying procedure begins with your eligibility. If you are a buyer who comes from a country which is a member of the European Economic Area (EEA) then you can gain property rights which mean that you do not require the permission of the Minister of Justice to buy property. That means those who have a EAA resident permit, are EFTA/EAA citizens who have settled and established themselves in Iceland or have plans to, those who come from EEA countries and work in Iceland and people who intend on opening independent business in Iceland companies who are domiciled in another member state may buy. But those from non EAA countries must seek permission and have it granted from the Minister.
The house buying process in Iceland is centred on trust and honesty. Naturally this does not stop all corruption in the industry but you can sleep well at night knowing you will never be gazumped. A handshake is expected to be valued and it is as good as your word in many instances. Some problems may arise if you seek to buy some of the more expensive and plush apartments as these may be held for off market buyers who have registered their interest and are sold without the property being advertised to the public.
Finding the right house is just one step towards homeownership. It's easy to get carried away and forget some of the most essential steps of the process. You should always have the property inspected by a specialist so that you are fully aware of any damage or issues that need to be addressed. You can make an offer on the property, listing the inspection as one of the provisions for completion. That way you won´t lose out on the house but you remain protected.
Writer Elizabeth Finkelstein is a self-proclaimed old house addict on a lifelong hunt for her perfect historic home. From big Victorian fixer-uppers to tiny colonials to mid-century modern masterpieces, Elizabeth believes that the best homes show the charm of having been loved over time. She chronicles it all on her website CIRCA Old Houses, which showcases beautiful old houses for sale across the country. See more at CircaOldHouses.com.
What is inside the "world's loneliest house"? An online advertisement with a fascinating photograph promised quite the reveal: "World's Loneliest House Was Built For One Dark Purpose." The resulting story even claimed that there was a "dark truth" as to why the house was "empty." We looked into the subject to find the facts and debunk the myths behind Elliðaey (Ellidaey), an isolated island off the southern coast of Iceland. It's located in the Westman Islands, also known as Vestmannaeyjar.
We found various news stories that made misleading claims about the building. One headline read: "Find out who lives in the only house on this remote island." Another said: "Mystery of world's loneliest house on remote island that has been empty for over 100 years." A third claimed: "The Lonely House on Ellidaey Island, Where Nobody is Sure of its Residents."
Little is known for sure about Elliðaey's past or the "world's loneliest house." We found several online articles that told of five families that inhabited the island in the 18th century. While it's possible that this is true, none of the articles we found provided any sources to confirm this information. It appeared that they had simply copied and pasted the same details from other articles without properly looking into the matter.
Between 1914 and 1929, Olafur Jonsson and his family became the islands' first fox-breeders. By 1960, Elliðaey (Ellidaey) was totally abandoned. A lighthouse was built on the island in 1951. A hunter's hut that is quite popular during the hunting season is here as well.
The mention of a lighthouse caught our attention. There's no sign of a lighthouse on Elliðaey in the Westman Islands (Vestmannaeyjar). It may have been mixed up with another island also named Elliðaey, which leads us to Björk.
For years, the musician known as Björk has been rumored to have lived in the "world's loneliest house" on Elliðaey. In fact, a Google search for "Bjork's island" shows image results for the same island.
The Elliðaey connected to Björk was not the same island shown in the photograph of the "world's loneliest house." Rather, this Elliðaey is located in Breiðafjörður, which is located west of Iceland.
The lighthouse seen here may have been the same one mentioned in the book by the Youngs, even though this would have been a different Elliðaey. It's also possible that the Elliðaey in the Westman Islands (Vestmannaeyjar) once had a lighthouse in the past, but no longer does.
However, in no part of the lengthy story did it mention anything about a "dark truth" about why the building is supposedly empty. To give an idea of what exactly was printed within the many paragraphs of the misleading article, one page mentioned that perhaps a billionaire built the "house" on the island to escape zombies.
In sum, there are two islands off the coast of Iceland named Elliðaey (Ellidaey). The "world's loneliest house," which is actually a lodge, is the one seen in the viral photograph. It's located on the island named Elliðaey south of Iceland in the Westman Islands (Vestmannaeyjar). There is no "dark truth" to its history and it's not always "empty." Further, despite rumors, Björk never lived on the island. In 2000, she was gifted ownership of the other island of the same name in Breiðafjörður, which is located west of Iceland. She eventually turned down the offer out of a fear that it would become a tourist attraction.
This isn't strictly a law, but Icelanders do not take well to people barging into their houses in shoes. We all leave our shoes by the front door. All flats and houses have a designated area by the front door where you take off your coat, hats, scarves, gloves and shoes. We find it perplexing when people wear their boots indoors, but this might also have something to do with our weather.
Every country has its own rules and requisites when it comes to buying a house. In this article, we would like to introduce you to the process of purchasing a property in Iceland, the documents required, and the average prices of houses in Iceland. Today we will not talk about car rentals in Reykjavik but about purchasing properties in Iceland! If you are thinking about living in the land of fire and ice, then stick around. 781b155fdc