1.15 Housing Prices

Indicator 1.15 - Housing Prices

Samfélag - FáskrúðsfjörðurHere you can find information about housing prices and number of sales of property in East Iceland compared to national average.


Results




Figure 1: Housing prices in different regions of Iceland
Figure 1:  Housing prices in different regions of Iceland



Figure 2. Number of sales compared to number of sales in 2001 in different regions of Iceland

Figure 2:  Number of sales in different regions of Iceland compared to the number of sales in 2001.


Source: Þjóðskrá Íslands. Retrieve  15.6.2015 from http://www.skra.is/library/Samnyttar-skrar-/Markadsfrettir/Talnaefni/utgafa-i-februar/Tafla-2.2/Tafla2-2_arin2001-2014_20150225.xls
Updated: October 6 2015

Metrics, Targets and Monitoring Protocol


Metric

Average house price in East Iceland and Nationally compared to changes in average income. (Project effect: indirect).

Target
Target not applicable.

Monitoring Protocol

Information pulled from data on the website of the Registers Iceland office every year.


Possible countermeasures

Not applicable, monitoring only.

Changes of indicator


In forth phase of the initiative the numbers of the sustainability indicators were changed. This indicator was originally number 6.2 and is referenced as 6.2 in early documents of the project.


Rationale for Indicator Selection


While the Karahnjukar and Fjardaal projects have not only created employment opportunities in the region and raised incomes, the demand for property, goods, and services has also grown, and this development may raise prices.

Housing is a major cost factor for most households and is a good indicator of overall cost of living in a region. Migration from the region has resulted in a serious stagnation in the real estate market.

An initial increase in property prices might therefore be considered positive, but in the long term it is preferable that housing prices will not increase more rapidly than average income in the region.