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Thread: Iceland Most Expensive Country in the World

  1. #11
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    Iceland Is The Most Expensive Country In Europe

    Prices in Iceland are 84% higher than the European Union average in 2017, and are affecting the enjoyment tourists get out of visiting the country. This and more is brought to light in a new report from Íslandsbanki.

    According to the findings of the report, prices in Iceland have increased dramatically between 2010 and 2017. In 2010, Iceland was in third place in terms of prices, and shared that position with Norway and Denmark. At that time, prices were only 32% higher than the EU average.

    These price hikes cannot be solely attributed to the strength of the króna, either; Iceland’s currency increased in value by 35% from 2010 to 2017, but prices rose by 52%. The remainder of the increase can be attributed to domestic price increases rising higher than the EU average.

    Most extraordinary of all is that Iceland’s price trending stands in stark contrast to most EU countries, which have on average either increased very little, stayed relatively the same, or even decreased. Íslandsbanki also believes that a lack of competition in Iceland has contributed to these price increases, as countries with a more competitive market typically experience stable or decreasing prices.

    Tourism and the economy are also, perhaps unsurprisingly, inextricably linked—when tourists report that their visit to Iceland was worth the money they spent, the króna strengthens; when their satisfaction declines, the króna weakens. As it so happens, tourist dissatisfaction is rising slightly. There was a 2% increase of dissatisfaction amongst all tourists, regardless of nationality, between 2016 and last year.

    All this being the case, Íslandsbanki believes there is “little to no room” for further price increases in Iceland, at least for the time being. This news comes in the wake of an announcement from ÍSAM, a major manufacturer and importer in Iceland, that they intend to raise their prices in response to a new collective agreement that increases their workers’ wages.
    https://grapevine.is/news/2019/05/02...try-in-europe/

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    Nevertheless we here don't earn more money than people elsewhere. So I personally don't know anyone around me who only works just one job. I have 2, my husband has 2, 1 more we share. Last vacation 2013. Welcome to the dream land everybody on earth wants to make vacation in.
    Lík börn leika best.

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    My son has just returned from Iceland with his girlfriend.

    They both said it was very expensive (..a nice place though! )

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    Iceland is One of the Most Expensive Countries in the World to Live in. Here’s Why.

    Iceland is the 9th most expensive country in the world to live in, according to Numbeo. The reasons for this are multifold. Let us take you through it.

    Firstly, labour itself is expensive with a lot of mandatory overhead. Secondly, farming in Iceland is tightly regulated with importation of many agricultural products forbidden and price controls on local products. The equipment needed to run a farm has to be imported, making Icelandic farms costly. Other factors, such as a growing tourism industry that circulates around the city centre, has made rent prices for locals out of proportion. Here are some statistics comparing some expenses in Reykjavik with notoriously expensive European capitals such as London and Paris, as well as Tokyo.

    Restaurants

    Eating out in a cheap restaurant in Reykjavik costs £14 (2,000 ISK). That same meal in London would cost you £15, £7 in Tokyo, and £12 in Paris. The difference is not so much, except for when you try a three-course meal at a mid-range restaurant for two persons: in Reykjavik, £85 (12,000 ISK); in London, £52; in Tokyo, £34; in Paris, £49. Having a cappuccino in a cafe in Reykjavik is more expensive than all three cities, but barely: for a Reykjavik cappuccino you pay £3.81 (536 ISK). In London you pay £2.71. In Tokyo you pay £2.60, and in Paris you pay £3.

    Groceries

    While Iceland is a remote island in the North Atlantic, many things have to be imported, which can obviously be expensive. A litre of milk in London will cost you £0.91 (128 ISK), and only slightly more in the other cities. One kilogram of rice in London will cost you £1.56, in Reykjavik it’s £2.23 (313 ISK), in Tokyo it’s £3.72, and in Paris it’s £1.88. A kilogram of local cheese in London will cost you the least of all cities at £5.68 (800 ISK), while it’s slightly more in Tokyo at £11. In Reykjavik it’s £12.29, and in Paris, with its notorious cheese lovers, the price is at £16.63.

    Transportation

    In Iceland, there are no trains (yet), so public transportation consists of buses and taxis. For a monthly bus pass in Reykjavik you will pay £84 (11,875 ISK), whereas in London you will pay £132, much more expensive than both Tokyo and Paris, which costs about £63. The price for an initial taxi ride is similar in all cities at around £4 (600 ISK). To buy a Volkswagen Golf costs the most in Reykjavik at £24,144 (3,400,000 ISK), whereas the same car would cost you £20,000 in London, £17,000 in Tokyo, and £18,600 in Paris.

    Utilities

    This is the one area in which Iceland really cuts the consumer price index some slack because of the inexpensive geothermal heating that circulates the city’s infrastructure. In Reykjavik, you can pay basic utilities in an 85 sq. meter apartment for £90 (12,700 ISK), whereas in London you will pay £138, while it’s at £144 in Tokyo, and £125 in Paris. The cost of internet, however, is more expensive in Reykjavik at £48 (6,715 ISK) per month compared to London, Tokyo, and Paris, which all average about £28.

    Rent

    To rent one bedroom in the city center of London costs £1,608 per month, while in Reykjavik that same bedroom costs £1,341 (189,000 ISK) per month, then £982 in Paris, and £750 in Tokyo. A three-bedroom apartment outside the city center of London costs £2,000 while in Reykjavik you would pay £1,715 (241,515 ISK), a little less than in Paris at £1,480, and much more than in Tokyo at £981.
    https://theculturetrip.com/europe/ic...-in-heres-why/

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