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How To Purchase Property in Iceland - Expat Focus
How To Purchase Property in Iceland - Expat Focus
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listed by Statistics Iceland. As of 2014 55.1% of households in Iceland
belonged to homeowners with mortgages with 18.9% of households
being owned outright with no mortgage. Buying in Iceland is
something which is affordable and possible for many families and
individuals, expats and locals.When an individual is selling a property in
Iceland through an estate agent it is necessary for them to be 18 years
old, reside in the country, hold no history of bankruptcy, have finished
their matriculation examination or a comparable qualification and for
them to have undertaken a specific and specialised course organised
by the Ministry of Economic Affairs. Agents must have worked and
been employed in the field for no less than a year in the EAA area and
by a certified real estate agent. Not only this, but the agent should
have professional liability insurance in an EAA area.
Other fees include those from mortgage lenders which is from 0.5%- %t
of the amount borrowed. Don’t forget also about the value added tax
which is on top of estate agent fees (25.5% percent of the
commission). There will also be the fees for the lawyer who oversees all
legal elements and if you have a notary for drawing up the agreement
these will also be charged. Ask your estate agent for average fees. The
average price paid when buying a property in Iceland is around
350,000kr.
Manage consent
Properties are listed online in newspaper publications, property
websites and print newspapers. Some of these are detailed below.
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AS Fasteignasala
Estate agent. Excellent level of customer service specialising in the
Reykjavik property market with English speaking staff.
Fjaroargotu 17, Reykjavik, IS-220, Iceland, IS
Tel: +354 05 20 2600
Email: kari@as.is
www.as.is
Domus
Estate agent. Extensive list and portfolio of properties for sale with
English speaking staff.
Laugavegi 97, Reykjavik, IS-101, Iceland, IS
Tel: +354 04 40 6000
Email: domus@domus.is
www.domus.is
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101 Reykjavik
New estate agent company which specialise in rental but also offer a
list of commercial properties and English speaking staff.
Laugavegur 66, Reykjavik, IS-101, Iceland, IS
Tel: +354 03 11 3101
Email: 101@101.is
www.101.is
The typical house buying procedure begins with your eligibility. If you
are a buyer who comes from a country which is a member of the
European Economic Area (EEA) then you can gain property rights
which mean that you do not require the permission of the Minister of
Justice to buy property. That means those who have a EAA resident
permit, are EFTA/EAA citizens who have settled and established
themselves in Iceland or have plans to, those who come from EEA
countries and work in Iceland and people who intend on opening
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independent business in Iceland companies who are domiciled in
another member state may buy. But those from non EAA countries
must seek permission and have it granted from the Minister.
Once permission is granted and you have found the right property the
agent needs to get a paper certificate of the mortgages, possible
rights and obligations and charges which are relative to the property in
question. This can be done by your estate agent going online to check
the data information service (the Landskra Fasteigna) for a cost of ISK
550 or going to the District Magistrate or Land Registry office where
there is a cost of ISK 1000. This is done so that you can discover any
charges which are in place against the real estate. Next, the estate
agent will get the contract ready for you and you and the seller will
sign it after both agreeing the conditions of sale and the price. The
agreement must be paid in full at the time of the signing and if not, is
registered at the District Magistrate.Until the purchase is paid in full, the
new title deed will not be signed.
The new registration of the title of the deeds and the transfer happen
at the Magistrate’s Office once all fees are paid. The process costs 0.4%
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of the real estate valuation plus ISK 1350. Reputable lawyers are easily
found online. Icelandic locals and expats may also recommend
lawyers from their own personal experience and online forums often
discuss this subject too.
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