Reykjavík is one of the most expensive cities in the world, data from the numbeo.com. The data shows that the cost of living in Reykjavík is the eigth highest in the world. The top spots are all occupied by Swiss cities, safe for one: The city of Hamilton in Bermuda is the second most expensive city in the world, while Zürich in Switzerland is most expensive.
User generated database
Numbeo is a database oof user contributed data about prices of food, housing, various services and consumer goods in 6,500 cities world wide. The site constructs an index where the cost of living in New York City is set at 100, and the index for other cities then calculated compared to this figure. According to this the cost of living in Iceland is 131, while the cost of living in Zürich, Switzerland is calculated as 150.
The local bank Landsbankinn analyzes these figures in a new report, pointing out that Reykjavík and Oslo, the capital of Norway, are significantly more expensive than other Nordic capitals. The cost of living index for Oslo is 115, while it is 97 for Copenhagen, 91 for Stockholm and 87 for Helsinki. Oslo and Reykjavík are therefore the only Nordic capitals which are more expensive than New York city.
Relative cost of living increased dramatically since 2011
Landsbankinn also points out that the cost of living in Reykjavík has risen dramatically in the past six years. In 2011 the cost of living in Reykjavík was 61st most expensive city according to numbeo, but is now 8th most expensive.
The primary reason for this climb is the strengthening of the Icelandic króna, which raises Icelandic prices in dollars. Prices in Icelandic króna have not changed significantly in the past four years, as inflation has remained negligible.
Reykjavík is one of the most expensive cities in the world, data from the numbeo.com. The data shows that the cost of living in Reykjavík is the eigth highest in the world. The top spots are all occupied by Swiss cities, safe for one: The city of Hamilton in Bermuda is the second most expensive city in the world, while Zürich in Switzerland is most expensive.
User generated database
Numbeo is a database oof user contributed data about prices of food, housing, various services and consumer goods in 6,500 cities world wide. The site constructs an index where the cost of living in New York City is set at 100, and the index for other cities then calculated compared to this figure. According to this the cost of living in Iceland is 131, while the cost of living in Zürich, Switzerland is calculated as 150.
The local bank Landsbankinn analyzes these figures in a new report, pointing out that Reykjavík and Oslo, the capital of Norway, are significantly more expensive than other Nordic capitals. The cost of living index for Oslo is 115, while it is 97 for Copenhagen, 91 for Stockholm and 87 for Helsinki. Oslo and Reykjavík are therefore the only Nordic capitals which are more expensive than New York city.
Relative cost of living increased dramatically since 2011
Landsbankinn also points out that the cost of living in Reykjavík has risen dramatically in the past six years. In 2011 the cost of living in Reykjavík was 61st most expensive city according to numbeo, but is now 8th most expensive.
The primary reason for this climb is the strengthening of the Icelandic króna, which raises Icelandic prices in dollars. Prices in Icelandic króna have not changed significantly in the past four years, as inflation has remained negligible.
