The number of apartments for sale in Iceland has increased significantly over the past year, while activity in the housing market has declined, according to new data.
As reported by RÚV, figures from the Housing and Construction Authority show that nearly 6,200 apartments were on the market at the beginning of April, up by more than 1,800 compared with the same period last year.
What’s the Story?
Nearly 6,200 apartments listed for sale at the start of April, up by over 1,800 year-on-year
9 in 10 estate agents report low market activity, with 7 in 10 noting falling prices
Inventory time at around 9 months near the capital and about 6 months elsewhere.
Property trends shift
The largest proportional increase of available housing was recorded in areas surrounding the capital, where supply rose by 67%.
At the same time, estate agents report lower levels of activity. Survey results indicate that nine out of ten agents consider current market conditions to be slow for this time of year.
A growing number also report falling prices, with seven in ten noting declines in early April, up from 60% in March and 50% in February.
The data also suggest a reduction in first-time buyers and longer selling times.
Inventory levels—measured by how long it would take to sell all listed properties at the current pace—have increased nationwide.
In areas around the capital, the average inventory time is around nine months, compared with approximately six months elsewhere.
Source: Icelandreview.com
