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From Iceland — Building Giant ATMs

5 days ago . 36 people watched

Real estate prices, which had remained stagnant in real terms between 1988 and 2003—that is, they simply followed inflation—took off. Between 2003 and 2007 however, real estate prices rose by a phenomenal 84%.

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From Iceland — Icelander Reportedly Blacklisted In China

Just Now . 59 people watched

An Icelandic lawyer has reportedly been blacklisted by Chinese authorities for a critical article he wrote about real estate owned by the Chinese embassy and their handling of the coronavirus pandemic, Vísir reports. The blacklisting means that Jónas Haraldsson, the author of the article, may not travel to China and could possibly have his assets in China frozen.

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From Iceland — Welcome To Theme Park 101: Impossible

8 days ago . 55 people watched

Real estate prices have rocketed in recent years. Landsbankinn estimated that prices will increase 20% between 2016 to 2017, with the downtown region seeing by far the biggest increase. In fact, the British consultant firm Knight Frank claims that nowhere in the world saw prices increase more during the first three months of 2017 than in Iceland.

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From Iceland — An Airbnb Owner Speaks Out

3 days ago . 43 people watched

Unnur feels that while the process is much simpler now, there is still room for improvement, and the real problem lies not with ordinary Icelanders, but in larger real estate companies. Off to a rough start “When I got my permit, they were in the process of …

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Iceland’s Richest 5% Own About Half The Country’s Wealth

1 days ago . 60 people watched

Stundin also points out that the wealth disparity is greater than these figures show, as owned stocks are counted by their nominal value and real estate is valued based on the real estate market. The figures furthermore do not, of course, include any holdings being kept in …

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From Iceland — All Kinds Of Everything

Just Now . 40 people watched

Every nook and cranny is prime real estate. The collector Anna Ringsted is the keeper of these treasures. She is Reykjavík’s unofficial steward of cool old things. “I’ve got all kinds of everything,” Anna says when I speak to her in the shop. Her most expensive item is …

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From Iceland — Former Partner Of Alleged Money Launderer

8 days ago . 59 people watched

The former director of ICE-SAR, who resigned over allegations of money laundering, has contended that what is actually being heard on an audio recording leaked to the public is a real estate deal. The man who released the audio contends that this is completely untrue.

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From Iceland — Tourism Vs. The Music Scene

2 days ago . 44 people watched

This is because music is not the most lucrative usage for a particular piece of real estate—at least, in the short term. Hotels, residential units and other commercial properties are much more profitable, in the first three to five years. This is why we’ve seen a number of much-loved Reykjavík music venues, such as Faktorý and NASA, turn

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From Iceland — 3 Minutes: The Longest You Will Ever Walk

4 days ago . 59 people watched

The two say that with the data presented in black and white, the contentions of the Association of Merchants and Real Estate Owners on Laugavegur that closing the main shopping street is bad for business does not hold up to scrutiny.

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From Iceland — Waiting To Thaw

7 days ago . 32 people watched

So, the IMF is generally happy, real estate sales are up, export sales were up by 11 percent, Standard & Poors upgraded Iceland’s financial standing, yet unemployment still (officially) hovers at around 7 percent, companies are falling like bricks, and the people are slow-steaming, waiting to thaw for a full-on spring pot-bashing.

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From Iceland — Ten Years Later: The Protests That Brought

7 days ago . 60 people watched

In October 2008, Iceland became the focus of international attention when its entire financial system collapsed. Part of the cause was undoubtedly connected to Iceland’s tiny currency being especially vulnerable to shockwaves from the devastated real estate market in the US, but the lion’s share of the blame fell squarely upon the unethical and illegal practices of Iceland’s own

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Reykjavik Among Top Three Cities With Fastest Housing

2 days ago . 54 people watched

When real estate prices in the capital area reached a historical peak in January, they decreased by 0.1% for about a month. Local analysts, however, don’t expect the numbers to decrease in the future. “It’s unlikely to happen in the next few months,” Ólafur Heiðar Helgason, an economist from the Housing Financing Fund in Iceland says.

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From Iceland — Ask An Expert: How Come We Have Inflation

2 days ago . 59 people watched

Real estate buyers get more expensive housing with indexed loans but pay for it with interest on the principal, which rises with prices over the loan period. Younger people who enter the real estate market with indexed equal-payment loans are then offered to refinance with rising income and have the option of converting to non-indexed loans.”

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Journalist Undaunted By Lawsuit From Rich And Powerful

2 days ago . 54 people watched

While the lawsuits are separate, they both revolve around a story about Panamanian real estate company Pace Associates Corp. Svavar contends that the company accepted a 3 million ISK loan from the two businessmen as well as Hannes Smárason, and that the money in turn went right back to them. The case is being tried in Reykjavík District Court.

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From Iceland — Know Your Rights: The Reykjavík Housing Market

3 days ago . 68 people watched

It is a well known fact that the Reykjavík housing market is a cruel mess meant to make you hurt. For instance, last month we reported on the 3 immigrants who were paying 210 thousand for shared 8 m2 room and the tiny toilet-in-the-shower room.. However, despite the grim reality facing tenants there are plenty of rules and laws in place meant to protect you, the problem is just that not

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From Iceland — Several Reykjavík Nightspots To Close For

7 days ago . 64 people watched

All the property on the block is owned by the real estate company Fjélagið, which is run by Steindór Sigurgeirsson and Jason Wittle, with the exception of Tryggvagata 22, which is …

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From Iceland — The End Of Neo-Liberal Neverland

7 days ago . 49 people watched

The real estate market has now collapsed, making the highly leveraged apartments impossible to sell. Since the loans are linked to the local retail price index, in times of inflation the homeowners’ debt grows: a young woman who borrowed 24 million ISK to buy an apartment five years ago, and has duly paid her rising monthly payments since

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From Iceland — Alþýðufylkingin (“The People’s Front Of

4 days ago . 76 people watched

As for government policy before the crisis, it didn’t directly cause the crisis, but they made it probably a hundred times worse by endorsing the real-estate bubble, by overheating the economy with gargantuan construction projects and by selling the banks to swindlers and usurpers. 7.

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From Iceland — Iceland's Richest 10% Own 44% Of Assets

4 days ago . 56 people watched

Assets refer to all family assets, including real estate, vehicles, bank deposits and securities. Family assets in the top ten percent of assets amounted to 3,267 billion ISK, or about 44% of total assets, which is about the same percentage as the previous year.

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From Iceland — WOW Air Prince Selling His House

Just Now . 49 people watched

Skúli Mogensen, WOW Air’s former CEO, is selling his ocean villa. The property is located at Hrólfskálavör 2 in Seltjarnarnes, and is one of the most expensive residences in the country with a real estate evaluation of 261 million ISK. Skúli purchased the property in 2016. It was initially listed as an asset of his company, Kotasæla ehf

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Money Laundering In Iceland, And How We’re Fighting It

9 days ago . 56 people watched

The folks who are legally obliged to report suspicious financial activity “can be financial services companies, pension funds and insurance companies, lawyers and barristers, accountants, real estate agents, car dealerships,” and others, Guðrún says. “We receive these reports and analyse the …

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From Iceland — Old Men, Addicted To Power

7 days ago . 43 people watched

And the real-estate market is going nuts, especially in our own neighbourhood. Fuckin’… 101 Reykjavík. Politicians want to create a false divide between the city and the countryside. They want political turbulence at the borders of our neighbourhood. They want this, perhaps, to …

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From Iceland — Letters

5 days ago . 24 people watched

As for myself , I was too busy getting drunk/ stoned/ surfing/ living like tomorrow would never come as I grew -up thinking they would drop the Bomb, so now I am doing the best I can, not having jumped into the real-estate game in the 70s so I must WORK, for a living.

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From Iceland — Vigur Island For Sale, Locals Urge The

3 days ago . 56 people watched

Real estate agent Davíð Ólafsson told RUV that he received 30 enquiries about the island last month, and all of them were from foreigners. He added that potential buyers from the United States “want to know about helicopter access to the island.”

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From Iceland — Happy Syriza, Greece!

7 days ago . 38 people watched

Syriza won! Meanwhile, back in Iceland, the other not-yet-existing debate is the one about the age of retirement. As reported, back in 2012, the University of Iceland’s Economics Institute explained to authorities that if they intended to manually transfer money from the State treasury to real estate owners, they would need to compensate the losses that pension funds will suffer.

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IKEA Building Apartments For Staff As Rent In City Skyrockets

9 days ago . 61 people watched

IKEA in Iceland has announced they are building an apartment block with 36 flats, to be rented out to its employees upon completion next summer, reports MBL.. According to Þórarinn Ævarsson, CEO of IKEA in Iceland, the aim is to guarantee safe housing for the staff at an affordable price point; a little under 100.000 ISK a month for the smallest, fully furnished flat.

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From Iceland — Potential Closure Of Downtown’s Music

1 days ago . 57 people watched

Steindór Sigurgeirsson, who co-owns the real-estate company responsible for the possible changes, cited their desire to have businesses that are more similar to the tourist information and souvenir stores that saturate the nearby Austurvöllur area—though neither he nor his partner Jason Wittle would disclose any specific plans.

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Plans To Open First Five-Star Hotel In Reykjavík On

6 days ago . 57 people watched

The hotel will be the first 5-Star hotel in Reykjavík, and will be operated by the Marriott hotel chain. Sveinn Björnsson, managing director of Icelandic real estate, oversees construction on behalf of the hotel’s owners. The hotel itself is projected to be massive, with 17,000 square metres and 253 hotel rooms.

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From Iceland — Mice Join Ants On Hospital Premises

3 days ago . 52 people watched

Aðalsteinn Pálsson, Landspítali’s real estate manager, says that the pesticides, currently employed to conquer the ants, first reported by RUV, seem promising. “In some places they have disappeared altogether. In others a few remain. We have been told that the ants can survive up to 2 or 3 months, so we must patrol the area at least for

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From Iceland — Vote P For Promise

4 days ago . 35 people watched

The list of other campaign promises ran long and included reducing tariffs on food, higher real estate loans and lower interest rates. In fact, the Independence Party was just an inch away from promising to send everyone bundles of cash in the mail though …

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From Iceland — A Look In The Rearview Mirror

5 days ago . 46 people watched

In the end, all of this came together in a perfect storm that lead to a massive collapse in the króna’s exchange rate, a slump in the real estate market and the nation’s stock market collapsing like the house of cards it turned out to be. Everything changed. Nine-tenths of the stock market dried up, inflation rose to nearly 19%.

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From Iceland — Where Is Iceland's Stock Exchange Today

4 days ago . 56 people watched

Reykjavík real estate prices tripled. By 2006 the average Icelandic family was three times as wealthy as it had been in 2003, and virtually all of this new wealth was one way or another tied to the new investment banking industry.”

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From Iceland — Robbery By Math

1 days ago . 32 people watched

The real comparison, though, isn’t with a 9.3% US loan since most people don’t pay that kind of rate over there. Fixed rate 25 and 30 years loans can currently be had in America for around 4.5% to qualified borrowers.

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From Iceland — Gender Division In The Economy Is Still High

2 days ago . 61 people watched

Women are also more numerous in various sectors such as finance, insurance and real estate and public administration, while men are more numerous in the information, technology and science sectors. There are also far more men in agriculture, fisheries, manufacturing and the …

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From Iceland — AGENTS OF WORLD DOMINATION

Just Now . 43 people watched

His company, Zhonkun Investment Group, specialises in tourism and real estate. He is one of the richest men in China, and he donates liberally to charity. But, of course, he was once a party apparatchik, working in the Ministry of Propaganda. No one …

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From Iceland — Real Estate Prices Increase In Iceland

6 days ago . 55 people watched

Bucking a general trend across Europe, no where else on the continent are real estate prices proportionately higher than in Iceland. While Europe’s economic situation remains shaky and the effects of a global recession three years ago are still being felt, real estate prices almost everywhere across the continent have been decreasing.

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From Iceland — Proposed Laundromat Café In Laugardalur

1 days ago . 62 people watched

“Other real estate owners in the neighbourhood have gotten in touch and gave us an offer to open with them, but we haven’t made any decisions yet,” Jóhann told reporters. “We need first to get a result in this matter, and free up capital.”

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From Iceland — Iceland's Economy: Stable, But Vulnerable

Just Now . 59 people watched

However, the cost of professional real estate has increased rapidly, which has driven business loans to these companies. Bank loans were also a central feature of the report. 10% of business loans made by the banks went into the tourism industry alone, and 20% went to real estate and construction companies.

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From Iceland — Debt Relief Press Conference -- Live Blog

6 days ago . 58 people watched

He says some people who took a real estate loan for 15 million will only pay 13 million back. Others will pay 20 million less than they would without this operation. Even if the roof-limit on the amount provided by the state is 4 million ISK. Making full use of the operation is a phrase they use a lot for those who also use their private

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From Iceland — The Skeleton Economy

1 days ago . 37 people watched

The 40-year real estate mortgages provided by the banks were financed mostly with short-term loans from international banks and financial institutions, leaving the banks dependent on frequent re-financing to keep the ball rolling. During the economic boom of the last few years, this was an easy cycle to maintain.

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From Iceland — Four Random Conclusions For 2007

4 days ago . 49 people watched

Am I just being silly, or wouldn’t it be a good idea, say, if I were a real estate developer, to let a building I owned grot down and slum-ify if I desperately wanted to level it so I could build a high-price mega-mall on the lot? And it is dumb because Laugavegur seems to be working fine as is.

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From Iceland — 40 Billion ISK Funding Secured For New

9 days ago . 56 people watched

It is estimated that the building will create around 600 million ISK a year in real estate taxes. ”This is a lot of money,” says Tryggvi, “And the city fund is in need of more money. In addition, we expect that between 500-600 people will be employed during the construction period.”

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From Iceland — New Supermarket Comes To Hallveigarstigur

5 days ago . 59 people watched

As reported, the Bónus on Hallveigarstígur was closed as part of an agreement reached between Hagar, the company which owns Bónus, Olíuverslun Íslands and the real estate company DGV, with arbitration by the Icelandic Competition Authority (ICA). The ICA considers the location to be a key spot in the capital area, and they believe the

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From Iceland — Face/Off: The Reykjavík City Mayoral Race

Just Now . 64 people watched

But his most controversial position by far has been to promise to eliminate real estate taxes on residents over the age of 70—a measure that only the national government can actually promise. What are his chances? Not too shabby, really. The Independence Party has long been the second-strongest force in Reykjavík politics, and there’s been

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From Iceland — So What's This Literary Scandal I Keep

4 days ago . 56 people watched

In a way, so does Gamma. Due to financial restrictions that the government enacted following the financial crash in 2008, those who own large amounts of Icelandic krónur are not allowed to change them into foreign currencies. Gamma invests those krónur in real estate.

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From Iceland — Review: 'Scarcity In Excess: The Built

5 days ago . 56 people watched

Just as the hand-in-glove involvement of the real estate developers and banks became fodder for lessons in governance and transparency for the whole world, questions about Iceland’s built environment now are crucial, given that by the year 2050, more than half the global urban population will be living in cities on the scale of Reykjavík

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From Iceland — Liberty And Justice For All

5 days ago . 44 people watched

Here’s how it works for ordinary citizens: After taking out a 40 million króna mortgage loan for an overpriced residence at the peak of the real estate market, the borrower gets laid off. The bank forecloses on the property, sells it for a fraction of the amount loaned, and obtains a personal judgment against the borrower.

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About grapevine.is real estate

What is the Reykjavik Grapevine? Your essential guide to life, travel and entertainment in Iceland. Iceland's biggest and most widely read tourist publication. Delivers comprehensive content on all of the main topics of discourse in Iceland at each time: in cultural life, politics or general social

Website: grapevine.is

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FAQ?

Is real estate a good investment right now?

Real estate is generally a great investment option. It can generate ongoing passive income and can be a good long-term investment if the value increases over time.

How much can you make in real estate?

Real estate is often a referral-based business. Those who are involved in the business longer typically are the most successful. Those with 16 years or more experience earned the highest real estate income: approximately $78,850 on average.

What is the best real estate market?

Dallas tops the list of real-estate markets over the period studied, exhibiting strong price appreciation, while remaining a market in which investors saw strong rents relative to property values.

What is the most expensive real estate in the US?

Manhattan real estate is the most expensive in the US per square foot with some properties topping $10,000: Study. Move over San Francisco — the Big Apple tops Silicon Valley as most expensive place to live in the United States, a new study shows.

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