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Real Estate in Akureyri, Iceland | Expat Exchange
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Real Estate in Akureyri, Iceland

By Joshua Wood, LPC

Last updated on Nov 12, 2024

Summary: Expats and retirees talk about real estate in Akureyri, Iceland? How do you find a home in Akureyri? Should you buy or rent? What is the cost of housing?

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How do I find a place to live in Akureyri?

We asked expats how they chose their neighborhood and found a place to live. They answered:

"Finding a place to live in Akureyri, involves several steps. First, you need to determine your budget and the type of accommodation you're looking for. This could range from a small apartment to a larger house, depending on your needs and financial situation. Next, you should start your search online. Websites like Nestpick, Rent in Iceland, and HousingAnywhere offer listings for apartments and houses in Akureyri. You can filter these listings based on your preferences for price, size, location, and other factors. Another good resource is local real estate agencies. Companies like Eign.is and Leiga.is have listings for properties in Akureyri and other parts of Iceland. They can also provide assistance with the rental process, which can be particularly helpful if you're not familiar with Icelandic laws and regulations. Social media can also be a useful tool in your search. There are several Facebook groups dedicated to housing in Iceland, where people often post listings for rentals. Once you've found a few potential options, you should arrange to view the properties in person. This will give you a better sense of the space and the neighborhood, and it will also give you the opportunity to ask any questions you might have about the property. Finally, once you've found a place you like, you'll need to sign a lease. Make sure to read the lease carefully and understand all the terms before signing. If you're not comfortable with the language of the lease, consider hiring a translator or a lawyer to help you understand it. Remember, finding a place to live can take time, so it's important to start your search well in advance of when you plan to move," remarked one foreigner who made the move to Akureyri.

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What is a typical expat home or apartment like in Akureyri?

"A typical expat home or apartment in Akureyri, is often a modern, well-insulated structure designed to withstand the harsh Icelandic weather. These homes are usually equipped with central heating, often powered by geothermal energy, which is abundant in Iceland. The interior design tends to be minimalist, with clean lines and a color palette inspired by the natural Icelandic landscape, featuring hues of blue, grey, and white. The homes are often spacious, with open-plan living areas, large windows to let in as much natural light as possible, and stunning views of the surrounding mountains or the sea. The kitchen is usually fully equipped with modern appliances, and the bathroom often features heated floors for extra comfort. In terms of furniture, Icelandic homes tend to favor functionality and comfort, with cozy sofas, sturdy dining tables, and plenty of storage space. Many expats also choose to incorporate local elements into their homes, such as Icelandic wool blankets or artwork by local artists. Despite being in a relatively remote location, most expat homes in Akureyri are close to amenities such as supermarkets, schools, and healthcare facilities. Many are also within walking distance of the city center, which offers a range of restaurants, shops, and cultural attractions. Outdoor space is also a common feature of homes in Akureyri, whether it's a small balcony in an apartment or a larger garden in a detached house. This allows expats to enjoy the long summer days and, if they're lucky, catch a glimpse of the Northern Lights in winter. Overall, a typical expat home in Akureyri combines modern comfort with a strong connection to the stunning Icelandic nature that surrounds it," explained one expat living in Akureyri, Iceland.

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What is the average cost of housing in Akureyri?

If you are thinking about moving to Akureyri, cost of living in probably a key consideration. Expats commented about the cost of housing:

"The average cost of housing in Akureyri can vary greatly depending on the size and location of the property. However, as of recent data, it is generally more affordable compared to the capital city, Reykjavik. For a standard apartment in the city center, the average monthly rent can be moderately high, while buying an apartment in the city center can be quite expensive. Please note that these prices are subject to change and it's always best to check the most recent listings for the most accurate information," said one expat who made the move to Akureyri.

Should I buy or rent a home in Akureyri?

If you have not spent a lot of time in Akureyri, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:

"The decision to buy or rent a home in Akureyri, largely depends on your personal circumstances, financial situation, and long-term plans. If you plan to stay in Akureyri for a long period, buying a home could be a good investment. Owning a home allows you to build equity over time and could provide financial stability in the long run. However, buying a home also comes with significant upfront costs, including a down payment, closing costs, and home maintenance expenses. It also requires a long-term commitment, as selling a home can take time and money. On the other hand, renting a home in Akureyri offers more flexibility. It's a good option if you're not sure how long you'll be staying or if you prefer not to deal with the responsibilities of homeownership. Renting can also be more affordable in the short term, as it typically requires less money upfront than buying a home. However, renting doesn't allow you to build equity, and you may face annual rent increases. You also have less control over your living space, as you're subject to the rules and restrictions set by your landlord. In conclusion, whether you should buy or rent a home in Akureyri depends on your financial situation, long-term plans, and personal preferences. It's important to weigh the pros and cons of each option and consider seeking advice from a financial advisor or real estate professional," remarked one foreigner who made the move to Akureyri.

About the Author

Joshua Wood Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.

Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.

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