Depressed house sales in Reykjavik

reykjavik-signFive times fewer property purchase contracts were recorded in Reykjavik in the first seven months of the year, compared to the same time in 2007, according to information from the Icelandic Property Registry. Purchase contracts have gone down by roughly half compared with January-July last year.

Visir.is reports that a total of 1,029 home purchase contracts were registered in the Icelandic capital in the first seven months of the year. Comparing the figure to 2004, it is clear that roughly five times more contracts were signed in the same period that year.

When July 2009 is compared with June 2009, the number of houses sold actually increased by 9.6 percent – although June’s figure was 59.7 percent lower than June 2008.

The turnover of property in the capital has not been lower in the first seven months of any year since the Icelandic Property Register started collecting the figures.

A recent Landsbanki economic report revealed that property prices have decreased by around 13 percent compared to named prices at the peak in January 2008. The reduction in property prices has an effect on inflation figures, where property prices have a huge impact. Rocketing house prices had a strong effect on Icelandic inflation during the upswing between 2004 and 2007.

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