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Cost of Living in Reykjavik, Iceland

Prices in Reykjavik

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IndexInfo
Consumer Price Index (Excl.Rent): 111.20
Rent Index: 39.72
Groceries Index: 114.24
Restaurants Index: 116.17
Consumer Price Plus Rent Index: 76.33
Local Purchasing Power: 68.16

Currency: Default Currency      Switch to imperial measurement units
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Restaurants [Edit] Avg.
Range
Meal, Inexpensive Restaurant 1,800.00 kr
1,400.00
2,000.00
Meal for 2, Mid-range Restaurant, Three-course 12,000.00 kr
10,000.00
15,000.00
Combo Meal at McDonalds or Similar 1,400.00 kr
1,200.00
1,699.00
Domestic Beer (0.5 liter draught) 900.00 kr
850.00
1,000.00
Imported Beer (0.33 liter bottle) 800.00 kr
750.00
950.00
Cappuccino (regular) 466.67 kr
450.00
500.00
Coke/Pepsi (0.33 liter bottle) 292.12 kr
241.80
350.00
Water (0.33 liter bottle) 243.39 kr
200.00
300.00
Markets [Edit] Avg.
Milk (regular), (1 liter) 136.82 kr
128.00
150.00
Loaf of Fresh White Bread (500g) 247.47 kr
200.00
300.00
Rice (white), (1kg) 316.50 kr
200.00
375.00
Eggs (12) 521.30 kr
400.00
600.00
Local Cheese (1kg) 1,530.09 kr
1,200.00
1,835.00
Chicken Breasts (Boneless, Skinless), (1kg) 2,452.55 kr
1,790.00
2,900.00
Apples (1kg) 384.89 kr
295.00
500.00
Oranges (1kg) 286.40 kr
225.00
350.00
Tomato (1kg) 557.00 kr
500.00
699.00
Potato (1kg) 240.50 kr
200.00
300.00
Lettuce (1 head) 351.83 kr
300.00
399.00
Water (1.5 liter bottle) 255.71 kr
200.00
300.00
Bottle of Wine (Mid-Range) 2,000.00 kr
1,800.00
2,500.00
Domestic Beer (0.5 liter bottle) 342.20 kr
300.00
385.00
Imported Beer (0.33 liter bottle) 323.11 kr
299.00
350.00
Pack of Cigarettes (Marlboro) 1,200.00 kr
1,100.00
1,300.00
Transportation [Edit] Avg.
One-way Ticket (Local Transport) 350.00 kr
350.00
350.00
Monthly Pass (Regular Price) 9,300.00 kr
9,300.00
9,300.00
Taxi Start (Normal Tariff) 660.00 kr
600.00
800.00
Taxi 1km (Normal Tariff) 300.00 kr
250.00
350.00
Taxi 1hour Waiting (Normal Tariff) 6,674.00 kr
6,674.00
8,287.00
Gasoline (1 liter) 252.74 kr
242.00
260.00
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) 3,540,000.00 kr
3,490,000.00
3,630,000.00
Utilities (Monthly) [Edit] Avg.
Basic (Electricity, Heating, Water, Garbage) for 85m2 Apartment 14,436.79 kr
12,000.00
20,000.00
1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans) 18.38 kr
16.00
20.00
Internet (6 Mbps, Unlimited Data, Cable/ADSL) 7,380.00 kr
5,080.00
9,000.00
Sports And Leisure [Edit] Avg.
Fitness Club, Monthly Fee for 1 Adult 7,175.45 kr
6,000.00
9,000.00
Tennis Court Rent (1 Hour on Weekend) 3,800.00 kr
2,000.00
6,000.00
Cinema, International Release, 1 Seat 1,300.00 kr
1,250.00
1,350.00
Clothing And Shoes [Edit] Avg.
1 Pair of Jeans (Levis 501 Or Similar) 18,796.67 kr
15,900.00
20,000.00
1 Summer Dress in a Chain Store (Zara, H&M, ...) 7,975.00 kr
6,900.00
10,000.00
1 Pair of Nike Shoes 21,248.75 kr
19,000.00
24,000.00
1 Pair of Men Leather Shoes 26,665.00 kr
25,000.00
30,000.00
Rent Per Month [Edit] Avg.
Apartment (1 bedroom) in City Centre 143,502.82 kr
135,536.66
150,000.00
Apartment (1 bedroom) Outside of Centre 107,818.18 kr
95,000.00
120,000.00
Apartment (3 bedrooms) in City Centre 216,923.08 kr
200,000.00
240,000.00
Apartment (3 bedrooms) Outside of Centre 169,000.00 kr
160,000.00
180,000.00
Buy Apartment Price [Edit] Avg.
Price per Square Meter to Buy Apartment in City Centre 352,768.33 kr
336,000.00
380,000.00
Price per Square Meter to Buy Apartment Outside of Centre 270,648.33 kr
250,000.00
290,000.00
Salaries And Financing [Edit] Avg.
Average Monthly Disposable Salary (After Tax) 272,727.27 kr
210,000.00
350,000.00
Mortgage Interest Rate in Percentages (%), Yearly 7.08
6.00
8.00

These data are based on 944 entries in the past 18 months from 125 different contributors.

Last update: October, 2014

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4 Comments so far

#Anonymous on Oct 22, 2014 :
Just wanted to tell you that people in Iceland don‘t drink bottled water. The water is so clean that you can drink it from the tap. Therefore you don‘t have to pay for water in resturants in Iceland. I don‘t know where you got the number 249.53 kr. (~$2) but it‘s wrong – it should be 0 kr.
#gabrielle on Dec 11, 2013 :
hello! i wanna move there as fast as possible after i graduate here in sweden, so i was wondering how hard it is to find a job in iceland (preferebly reykjavik or akranes) :)
#Thorsteinn on Aug 13, 2013 :

Hey Riccardo

A good site to find housing is eign.is (for properties for sale) and leiga.is for properties for rent. Unfortunately these sites are in Icelandic, but the listings use the same language.

You can calculate the list price for a house using 10Mkr + 0.22 Mkr/sq.m*A, where A is the surface area of the house. This puts a 100 square meter house at around 32Mkr. "Charm" can then add up to 20% to the price.
A sales agent told me that there is a lot of bartering possible, since loans and money are hard to come by for housing in Iceland. You can start your bid at 1/3 lower if you have a some 20% or more cash available. Worst case scenario, they don't sell you the place.

Apartments are cheaper than houses, but as far as I can see, the front door costs 21MKr. The price per square meter is then 0.136Mkr/sq.m

What I have a hard time to believe on numbeo is the low market price for rent posted here. This seems to be lower than what I have seen.

Best of luck!

#Riccardo Weiser on Jun 27, 2013 :
I am very interested in how expensive the cheapest apartment for sale in Reykjavik is.

Could you recommend some webpages ?

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