Houses in Tórshavn now cheaper than in 2017

A residential house in Tórshavn is now slightly cheaper than in 2017.

The rest of the country has, on average, seen rising house prices in the same period.

This is the crux of the Economic Council’s spring report.

Higher demands

According to the report, house prices in the capital dropped slightly from 2017 to the third quarter of 2018.

This is partly the result of banks increasing their loan demands.

Outside of the capital region, the average residential house price has risen by DKK 230,000 compared with 2017.

Abrupt change in price difference

In 2006, the difference between house prices in Tórshavn and in the rest of the country saw a quick hike.

A price difference of roughly DKK 1 million remained relatively stable for the next ten years, until the difference reached DKK 1.5 million in 2016.

This difference has since dropped slightly, according to the new report.

Translated by prosa.fo