I don't get it: housing in Iceland is as expensive as NYC. Why? And how do people afford it?
2006-08-14 20:23:42 · 4 answers · asked by vishnu schist 1 in Business & Finance ➔ Renting & Real Estate
because the demand is high. and the land and building labor are expensive.
2006-08-14 20:34:44 · answer #1 · answered by hello 3 · 0⤊ 0⤋
Habitable land is scarce and therefore commands a premium. It's a matter of supply and demand. Many people may be "land rich." This means that they owned the land before it became as expensive as it is now. It got expensive because of increased population and demands on available resources.
2006-08-14 22:25:08 · answer #2 · answered by HoneySuite 5 · 0⤊ 0⤋
They build them thereselves. It is cheaper to buy lots and then build on them.
2006-08-14 20:26:48 · answer #3 · answered by unbeatablec 2 · 0⤊ 0⤋
bcoz the economy there is booming from foreign money!!
2006-08-15 06:54:44 · answer #4 · answered by Piffle 4 · 0⤊ 0⤋