Real Estate in Reykjavik, Iceland

Last updated on Jul 06, 2023

Summary: The most desirable neighborhoods in Reykjavik, Iceland are Vesturbær, Árbær, Grafarvogur, and Laugardalur. The average cost to buy a nice 2 bedroom home in Reykjavik is around $400,000 USD, and a nice 3 bedroom home is around $500,000 USD. These properties typically include modern amenities such as stainless steel appliances, hardwood floors, and updated bathrooms. Foreigners are allowed to purchase property in Reykjavik, however, they must obtain a permit from the Icelandic Directorate of Immigration. The best way for an expat to search for a home to buy in Reykjavik is to use a real estate agent or search online for listings. It is also important to research the local market and familiarize yourself with the area before making a purchase.

How do I find a place to live in Reykjavik?

We asked expats how they chose their neighborhood and found a place to live. They answered:

"To find a place to live in Reykjavik, one of the best methods is to contact a reputable real estate agent. They can provide you with advice on the best places to look as well as provide assistance in your search. Additionally, there are a number of online resources available such as Airbnb, Couchsurfing and Facebook groups that offer listings. Additionally, visiting websites such as EasyRoomMate or Reykjavik Rentals can provide you with an array of options for housing. Finally, you can also approach local homeowners for potential long-term leases or rent out a room in a shared apartment," said one person in Reykjavik.

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About the Author

Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.

Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.