Bloomberg News

Iceland Property Sales Rose 22% Last Week as Economy Recovers

February 13, 2012

Feb. 13 (Bloomberg) -- Iceland property sales rose 22 percent last week as the island’s economy recovers from its 2008 banking failure.

There were 115 homes and commercial properties sold in the week through Feb. 9, compared with 94 sales a week earlier, according to an e-mailed statement today from Reykjavik-based Registers Iceland. The value of the properties sold rose 37 percent to 3 billion kronur ($25 million), the office said.

Iceland’s 2008 banking meltdown left in its wake a burst property bubble that wrecked the economy. Housing, measured as a subcomponent in the country’s consumer price index, has yet to regain pre-crisis values and prices remain about 3 percent below levels in September 2008, one month before the country’s biggest banks failed.

--Editor: Christian Wienberg

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net.

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net


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