Sethúsaprísir og -søla
 31. mar 2020
Capital’s house prices continue to soar

In the last year, less than a third of all residential house sales took place in Tórshavn. But the average price in the capital was more than twice that of a house outside the capital region.

House sales remained at the same level last year as the previous two years. There has been a significant increase in house sales in large towns and a decline in the capital and in small villages. The average price last year for a residential property in Tórshavn was DKK 3.1 million, compared with DKK 1.4 million in towns and DKK 1.2 million in villages.

(Important note: information about data sources and limitations in the property statistics can be found at the end of this article. It is important to note that rental properties are not included in these statistics. This means that a complete picture of property sales cannot be achieved, especially considering that a large number of rental properties have been built in recent years, especially in the two largest cities.)

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The average house price in Tórshavn has increased by 35% in the past ten years, compared to a 15% growth in towns and 16% in villages.

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Data sources and limitations

Faroese house sales prices are disseminated each quarter. House sales statistics are based on public registration figures, which include all house sales. The prices provide an indication of the average cost of properties, with the figures adjusted for a number of factors, including:

  • Building plot
  • Rental properties
  • Properties on plots smaller than 250 square metres
  • Properties on plots larger than 1,000 square metres (because it is assumed that the price of the plot plays a significant part of the sale)
    Property sales regarded as deviating from market conditions, for instance when prices are unusually low in transactions between family members
  • Properties sold at an unusually high price
  • Properties sold by order of the court
  •  

With these limitations, the figures represent the free-trade price of an average residential house

The capital, towns and villages

Tórshavn: Tórshavn, Hoyvík and Argir.
Towns:      Klaksvík, Runavík, Glyvrar, Fuglafjørður, Gøta, Kollafjørður, Vágur, Tvøroyri, Froðba, Trongisvágur, Miðvágur and Vestmanna.
Villages:     All towns and villages not mentioned above.

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