Society

A house in Tórshavn costs almost thrice as much as a house in a smaller village

314 residential houses were sold in the Faroe Islands in 2019. Although most residential houses are located in the capital area, most of the houses sold were in large villages and other cities. The reason for this could be the price difference.

According to Statistics Faroe Islands, the average price for a home in Tórshavn was 3,1 million DKK, and the average price in the large villages and other cities was 1,4 million DKK. The average price in smaller villages was 1,2 million DKK.

The last couple of years the number of homes sold each year has been pretty much the same, though still significantly lower than in 2015, when a record of 398 houses were sold.

Last year, the number of residential houses sold in large villages and cities was 123, 96 in the smaller villages and 95 in Tórshavn.

Before the recession 10-11 years ago, the average residential house in Tórshavn cost 2,3 million DKK – 35 percent less than in 2019. In the large villages and cities it was 1,2 million DKK – 15 percent less than last year, and in the small villages the price was about a million DKK – 16 percent less than last year.

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