When diving into the world of real estate in Iceland, it’s important to familiarize yourself with the specific terms used in the local property market. Whether you are looking to buy your dream house, invest in property, or just learn more about real estate in Iceland, understanding these terms will prove invaluable. Here is a list of essential Icelandic real estate and property terms, complete with definitions and example sentences.

Eign
‘Eign’ translates to ‘property’ in English. This term refers to something that is owned by an individual or a legal entity. It could mean real estate, land, or belongings.
Hann keypti nýja eign í miðbænum.

Fast eign
‘Fast eign’ specifically means ‘real estate’. It refers to any piece of land or property that is permanently affixed to the ground.
Fast eign er oft heppileg fjárfesting til langs tíma.

Fasteignasali
A ‘fasteignasali’ is a ‘real estate agent’. They are licensed professionals who assist individuals in buying, selling, or renting properties.
Fasteignasalinn hjálpaði okkur að finna hið fullkomna heimili.

Húsnæði
‘Húsnæði’ refers to ‘housing’ or ‘accommodation’. It encompasses all types of living spaces, from apartments to houses.
Ég er að leita að húsnæði næra Háskóla Íslands.

Leigusali
A ‘leigusali’ is a ‘landlord’. This person owns property that they rent out to others, typically residential properties such as apartments or houses.
Leigusalinn minn er mjög skilningsríkur og hjálpsamur.

Skilalýsing
‘Skilalýsing’ means ‘specification’ or ‘description of a property’. It’s often used in real estate listings to detail the features and condition of the property.
Skilalýsing fasteignarinnar sýnir að hún hefur nýlega verið endurnýjuð.

Kaupandi
‘Kaupandi’ means ‘buyer’. This is the individual or legal entity purchasing a property.
Kaupandinn samþykkti að taka yfir húsnæðislán seljandans.

Seljandi
‘Seljandi’ is a ‘seller’, the person or entity who is selling property.
Seljandinn fékk margar tilboð í fasteignina.

Eignaskipti
‘Eignaskipti’ translates as ‘transfer of property’. It describes the legal process through which the ownership of a property changes hands.
Eignaskiptin tóku aðeins tvær vikur að klárast.

Fasteignamat
‘Fasteignamat’ stands for ‘property valuation’. It refers to the estimated market value of a property, usually carried out by a professional valuer.
Fasteignamatið endurspeglar hækkandi fasteignaverð á svæðinu.

Bréfaskipti
‘Bréfaskipti’ can be translated as ‘correspondence’ and in the context of real estate, it usually means the exchange of legal documents related to property transactions.
Bréfaskiptin í tengslum við kaupin voru lokið hratt og örugglega.

Byggingarleyfi
A ‘byggingarleyfi’ is a ‘building permit’. This is the official approval given by a local authority to build or modify a structure.
Við fengum loksins byggingarleyfið til að byrja viðbyggingu á húsinu.

Íbúð
‘Íbúð’ refers to an ‘apartment’. In Icelandic real estate, it denotes living spaces within larger buildings, typically for residential use.
Íbúðin á fjórðu hæð býður upp á frábært útsýni yfir sjóinn.

Hús
‘Hús’ simply means ‘house’. It describes a building for human habitation, typically for a single-family.
Við erum að selja húsið okkar og flytja til útlanda.

Understanding these Icelandic terms can greatly enhance your ability to navigate the real estate market in Iceland, whether you’re engaging in conversation with locals, reading property listings, or signing legal documents for your next big investment or dream home.