Very low transaction costs in Iceland
June 08, 2017
How high are realtors’ and lawyers’ fees in Iceland? What about other property purchase costs?
|Real Estate Agent’s Fee||ISK1,350 (€16)||buyer|
|Costs paid by buyer||2.40% - 3.40%|
|Costs paid by seller||0% - 0%|
|ROUNDTRIP TRANSACTION COSTS||2.40% - 3.40%|
| 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.
Real Estate Agent´s Fee:
Real estate agent’s fee is generally around 1.50% to 2.50% of the property value.
The stamp duty rate for property transfers is ISK2,000 (€17) plus 0.80% of the official real estate valuation of the property. The official real estate valuation of the property is usually lower than the purchase price or the market value of the property.
Registration fees are around 0.10% of the property value.