What do I need to know when buying property in Iceland?

"1. It is important to research the local market and understand the current trends in the Icelandic real estate market. 2. It is important to understand the legal framework for buying property in Iceland, including the registration process and any taxes or fees that may be applicable. 3. It is important to have a clear understanding of the terms of the contract, including any restrictions or conditions that may be applicable. 4. It is important to have a clear understanding of the local zoning laws and regulations, as well as any applicable building codes. 5. It is important to have a clear understanding of the local infrastructure, including access to utilities, transportation, and other services. 6. It is important to have a clear understanding of the local economy and the potential for future growth. 7. It is important to have a clear understanding of the local culture and customs, as well as any potential language barriers. 8. It is important to have a clear understanding of the local banking system and any applicable financing options. 9. It is important to have a clear understanding of the local tax system and any applicable tax incentives. 10. It is important to have a clear understanding of the local rental market and any applicable rental laws," remarked another expat in Iceland.