Reykjavík is the second most expensive city in Europe, according to the travel website Wanderu. Only Monaco is more expensive the site finds. Other cities in the top five are Dublin, Amsterdam, London, followed by Paris, Copenhagen and Helsinki. The other Nordic capitals, Stockholm and Oslo are also listed among the most expensive city destinations in Europe.
Of course it's no surprise to learn that Iceland is expensive. But the data used by the website appears somewhat suspicious.
Suspiciously high price for hotel stays
The website bases this ranking on what it claims is the average price in each city for a one-night hotel stay for one person, taxi fares, public transportation, a three-course meal for one at a mid-range restaurant, a 0.5 liter glass of domestic beer, a cup of cappuccino and museum admission. When we at Iceland magazine checked the prices used by the website we discovered they all check out except the price for hotel stays.
Read more: Why are hotels in Reykjavík so expensive? Simple: Supply and Demand
he 317.65 euro average price for a night at a hotel in Reykjavík seems to be based on luxury hotels, or at least heavily weighed towards high-end accommodation. While a search of booking.com and other online hotel booking sites does reveal several hotels in Reykjavík that offer deluxe rooms and studio apartments that cost in excess of 300 euro, standard single rooms are in the range of 150-300 euros.
Other average prices check out
Wandreau finds that the average taxi tariff for 1 km (0.6 mi) of driving is 2.4 euro (307 ISK), a single bus ticket is 3.7 euro (473 ISK – the actual price is exactly 460 ISK), a three course meal 48.23 euro (6,174 ISK), a cappuccino 4.31 euro (550 ISK), a half liter beer 9.64 euro (1,234 ISK) and the average admission to museums 13.19 euro (1,688 ISK).
If you are traveling on a budget and plan on using public transportation and visiting museums you can cut these costs significantly by buying the City Card which gives you unlimited free admission to buses, museums and swimming pools for 24, 48 or 72 hours. At a price that starts at 3,800 for a 24h card the investment is quick to pay off!
If you want to sample local beers you should also opt for the happy hour: Almost all bars in Iceland offer happy hours in the afternoon, usually between 16:00 and 19:00 with local beers at up to half-off. This also applies to craft bars, where you can find high quality microbrew beers at a very reasonable price. For fine dining many restaurants, like the Michelin mentioned Matur og Drykkur offer great lunch menus that allow you to sample the best of Icelandic cuisine without breaking the bank!
Check out this article we published in 2015, Reykjavík on a budget … or not!, which is still very relevant.
Read more: A tip on saving money on treats to bring home: Don't buy whimsical candy at a souvenir store!
Reykjavík is the second most expensive city in Europe, according to the travel website Wanderu. Only Monaco is more expensive the site finds. Other cities in the top five are Dublin, Amsterdam, London, followed by Paris, Copenhagen and Helsinki. The other Nordic capitals, Stockholm and Oslo are also listed among the most expensive city destinations in Europe.
Of course it's no surprise to learn that Iceland is expensive. But the data used by the website appears somewhat suspicious.
Suspiciously high price for hotel stays
The website bases this ranking on what it claims is the average price in each city for a one-night hotel stay for one person, taxi fares, public transportation, a three-course meal for one at a mid-range restaurant, a 0.5 liter glass of domestic beer, a cup of cappuccino and museum admission. When we at Iceland magazine checked the prices used by the website we discovered they all check out except the price for hotel stays.
Read more: Why are hotels in Reykjavík so expensive? Simple: Supply and Demand
he 317.65 euro average price for a night at a hotel in Reykjavík seems to be based on luxury hotels, or at least heavily weighed towards high-end accommodation. While a search of booking.com and other online hotel booking sites does reveal several hotels in Reykjavík that offer deluxe rooms and studio apartments that cost in excess of 300 euro, standard single rooms are in the range of 150-300 euros.
Other average prices check out
Wandreau finds that the average taxi tariff for 1 km (0.6 mi) of driving is 2.4 euro (307 ISK), a single bus ticket is 3.7 euro (473 ISK – the actual price is exactly 460 ISK), a three course meal 48.23 euro (6,174 ISK), a cappuccino 4.31 euro (550 ISK), a half liter beer 9.64 euro (1,234 ISK) and the average admission to museums 13.19 euro (1,688 ISK).
If you are traveling on a budget and plan on using public transportation and visiting museums you can cut these costs significantly by buying the City Card which gives you unlimited free admission to buses, museums and swimming pools for 24, 48 or 72 hours. At a price that starts at 3,800 for a 24h card the investment is quick to pay off!
If you want to sample local beers you should also opt for the happy hour: Almost all bars in Iceland offer happy hours in the afternoon, usually between 16:00 and 19:00 with local beers at up to half-off. This also applies to craft bars, where you can find high quality microbrew beers at a very reasonable price. For fine dining many restaurants, like the Michelin mentioned Matur og Drykkur offer great lunch menus that allow you to sample the best of Icelandic cuisine without breaking the bank!
Check out this article we published in 2015, Reykjavík on a budget … or not!, which is still very relevant.
Read more: A tip on saving money on treats to bring home: Don't buy whimsical candy at a souvenir store!
