From Iceland — Property Values In Reykjavík Area Climb

Property Values In Reykjavík Area Climb

Published June 18, 2012

Property values in the capital area have gone up, although by how much they have risen depends greatly upon the neighbourhood.
Vísir reports that, perhaps unsurprisingly, Garðabær is the municipality that has seen the greatest rise in property values, with a prediction of a 13.8% increase for next year. Within Reykjavík proper, southern Þingholt is the most expensive neighbourhood – if an apartment in Hvarfahverfi in Kópavogur is given a standard of 1, then the same apartment in Þingholt would be 1.64. This means a Kópavogur apartment valued at 19.8 million ISK would be worth 29.4 million ISK in Þingholt.
Property values have increased by about 10% in the eastern Reykjavík neighbourhoods of Grafarvogur and Lower Breiðholt, and in the Setberg neighbourhood of Hafnarfjörður. At the same time, property values in Fossvogur will increase by 9.9%, and in Vesturbær – west of the street Bræðraborgarstígur – they will increase by 7.2%.
On the lower end of the scale, property values in Blesugróf are expected to increase the least; by 2.1%. In Leirvogstungu í Mosfellsbær – a municipality just north of Reykjavík – property values are actually expected to decrease, by 5.4%.
What effect these property value increases will have on those renting in these neighbourhoods still remains to be seen.

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