Buy property in Iceland
The beautiful island nation of Iceland is so enchanting that you end up wanting to stay. You may have a number of questions such as how do you purchase property in Iceland? Can foreigners buy property in Iceland? And so much more. The prospect of purchasing property in a foreign country may seem intimidating, but there are a number of ways you can get assistance throughout this process. Iceland has captivated the attention of many in recent years and it comes as no surprise when we consider the benefits of Icelandic society.
Iceland has a multitude of positives that would make purchasing a property there a priority. The lack of crime, strong educational and healthcare systems, natural landscapes, and inviting native population make Iceland an ideal location. It exhibits the attributes that make people want to forge a long-term relationship with this wonderful country.
When it come to buying property in Iceland, it’s one of the biggest commitments one can make. Whether it’s a permanent residence or a rental property, the Icelandic housing market is full of burgeoning opportunities. The majority of visitors in Iceland are from the United States followed by the UK, Germany, Canada, France and China – this pattern coincides with the distribution of property buyers. In addition to foreigners, the number of native Icelanders who live abroad yet decided to purchase a second home in Iceland has increased significantly since their most recent financial crisis in 2008-2011.
Rules and regulations
One of the major rules that apply to foreign and prospective property owners is the need for approval from the Minister of Justice in Iceland. The Ministry of Justice handles an array of civic action issues including human rights, immigration, personal rights, elections, etc. If you decide to seek permanent residence in Iceland and become legally domiciled, then you are entitled to purchase property like any other native person. If you are not planning to reside in Iceland for an extended period of time, it’s still possible to make a purchase if you have special permission from the Ministry of Justice. However, if you don’t plan on staying In the property then it’s highly recommended that you spend some time in the area you’re interested in. This will help you to become more familiar with the area and the Icelandic real estate market. Understanding the market is key to securing a good deal.
The property prices in Iceland can vary significantly depending on the region you’re interested in however the main drivers of the real estate market in Iceland are the current economy, interest rates, demographics and government subsidies. All of these factors should be considered before investing.
Before looking further into properties in Iceland, it’s important to determine your motivation for buying. If you’re looking for a permanent residence, then the culture was probably the deciding factor. However, for investors the options should be weighed more carefully and Swapp Agency can help provide you with valuable information on Iceland’s properties and legal information.