Iceland Mag

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Iceland Mag

Economy

Rise in real estate prices in Iceland one of the largest in the world, rose by 12.9% last year

By Staff

  • A booming economy brings with it construction The rapid recovery of the Icelandic economy in the past few years, after the 2008 financial collapse, has brought with it a sharp increase in house prices and a booming construction sector. Photo/Pjetur

Icelandic real estate prices rose by nearly 13% between September 2015 and September 2016. This is more than most other markets saw during the same period. According to a report prepared by Property Investor Today only two markets saw larger increases in real estate prices: Turkey and New Zealand.

Housing prices
 

Read more: Icelandic economy continues to boom: GDP grew by 10.2% in third quarter of 2016

Global house prices rose 5.5% during the 12 months. The fastest growth was recorded in Turkey, where house prices rose by 13.5%, followed by New Zealand where they rose by 13.5% and Iceland coming in third. The only other country which recorded double digit increases in real-estate prices was Canada, where prices rose by 11.7%.

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