House prices in Greater Reykjavik sky-rocketing

Property prices in Greater Reykjavik has risen almost 14% in the last twelve months – the biggest spike in prices since pre-crash 2007.

The property market has been extremely lively of late, with with purchases and sales having taken place so far this year than in the whole of 2015. This is according to data from Icelandic bank Landsbankinn

In real-value terms, property in Greater Reykjavik in now 30-50% more expensive than just five years ago.

According to information from Registers Iceland, only 8% of property transactions since 2012 involve new-builds, so the huge price rises seen in the housing market cannot be attributed to new, expensive properties coming onto the market.

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