Iceland: Guide to Buying Costs and Procedures

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Last Updated: Aug 01, 2007

Very low transaction costs in Iceland

How high are realtors’ and lawyers’ fees in Iceland? What about other property purchase costs?

Transaction Costs
		Who Pays?
Agent's Fee	1.50% - 2.50%	buyer
Stamp Duty	0.40%	buyer
Registration Fee	ISK1,350 (€16)	buyer
Costs paid by buyer	1.91% - 2.25%
Costs paid by seller	nil
ROUNDTRIP TRANSACTION COSTS	1.91% - 2.52%
See Footnotes Source: Global Property Guide

Footnotes to Transaction Costs Table

The round trip transaction costs include all costs of buying and then re-selling a property – lawyers’ fees, notaries’ fees, registration fees, taxes, agents’ fees, etc.

Agent's Fee:
The use of an authorised real estate agent is not mandatory but is an almost absolute practice. The agent prepares the sale-purchase agreement, checks the condition of the property and assists in the registration procedure. He can also certify the deed (a lawyer or notary public can also certify the deed but they are seldom used). Real estate agent's fee is generally negotiable, ranging from 1.5% to 2.5%.

Registration Fee:
Registration fee is ISK1,350 (approx. €16) plus tamp duty (0.4% of the official real estate valuation, which is usually lower than the purchase price.