Cost of living and prices in Faroe Islands, prices of food, rent, shopping, etc 🇫🇴 Updated Jul 2023

Discover Faroe Islands, a Northern European country with a population of 48,228 people and a land area of 1,399 square kilometres. The population density is 34.47 people per square kilometre, and the official language is Faroese. If you're planning to relocate to this country, it's useful to know that the currency used is the Danish krone or Faroese króna, and the top level domains are .fo.

The Faroe Islands is an archipelago composed of 18 islands located between Iceland, Norway and Scotland. With a thriving fishing industry and stunning natural landscapes, the quality of life is high here, but it's worthwhile researching the cost of living to get an idea of the expenses you'll encounter. The GDP of Faroe Islands is $2,320,000,000, and the GDP per capita is $ 48105, reflecting a well-developed economy. The country is known for its distinctive culture and traditions, so living in Faroe Islands can be an enriching experience.

If you're interested in exploring neighbouring countries, Faroe Islands shares no borders with any other nations, but it's easily accessible by air or boat. Iceland, Norway, and Scotland are all popular destinations for Faroe Islanders to visit, and the Faroes are a great starting point for an adventure in the North Atlantic region.

Cost of Living Estimate in Faroe Islands

Total cost of living in Faroe Islands for two person with average consumption for one month will be 1539.54 USD, no rent price included. Click here to calculate cost-of-living estimate in Faroe Islands

You can calculate cost of living in Faroe Islands by changing quantity using input near each good or service. Resulting total will appear in a floating box in the bottom of your screen.

Restaurants prices

If you're traveling to the Faroe Islands, you'll find a wide range of dining options. Local cuisine focuses on fresh seafood, including Atlantic cod, salmon, and langoustines. Not a seafood fan? Don't worry - many restaurants also offer lamb and beef dishes. Many establishments offer a fusion of traditional Faroese cuisine with international flavors, providing a unique culinary experience for visitors.

One of the highlights of dining in the Faroe Islands is the chance to try traditional dishes like ræst kjøt, which is lamb that has been hung and fermented for several months. It has a sharp, almost cheese-like flavor that's definitely an acquired taste! Other local specialties include skerpikjøt, which is air-dried mutton, and grindadráp, which is a controversial traditional form of whale hunting. Vegetarians and vegans may find options limited, but many restaurants do offer meat-free dishes and are willing to accommodate dietary restrictions.

Meal in Inexpensive Restaurant
18.45 $
Meal for 2 People, Mid-range Restaurant, Three-course
84.26 $
McMeal at McDonalds or Alternative Combo Meal
12.84 $
Domestic Beer, 0.5 liter Draught
8.02 $
Imported Beer, 0.33 liter Bottle
6.42 $
4.56 $
Coca-Cola, 0.33 liter Bottle
2.97 $

Markets prices

Market prices in Faroe Islands might come as a surprise, as the cost of living there tends to be higher than in many other countries. This is mainly due to the geographical location and the limited range of products available. As a result, the market prices for food, transportation, and accommodation can be pretty high. However, the quality of products and services in Faroe Islands is impeccable, and the scenic views are breathtaking, making it all worth it.

Despite the higher-than-average market prices, Faroe Islands have a stable economy thanks to their reliance on aquaculture, fishing, and tourism. The locals take pride in locally-sourced and organic produce, which is reflected in the market prices. Additionally, the government provides excellent social services and free healthcare for its citizens, making it a great place to live. Visitors might notice that market prices in Faroe Islands are a bit steep, but once they experience the community's quality of life, they will understand why it's worth the investment.

Water, 0.33 liter Bottle
2.40 $
Milk, Regular,1 liter
1.71 $
White Rice, 1 kg
3.21 $
Eggs, 12 pack
4.02 $
Local Cheese, 1 kg
4.02 $
Beef Round or Equivalent Back Leg Red Meat, 1 kg
16.05 $
Onion, 1 kg
2.40 $
Lettuce, 1 head
2.89 $
Bottle of Wine, Mid-Range Price
15.24 $
Domestic Beer, 0.5 liter Bottle
1.92 $
Imported Beer, 0.33 liter Bottle
3.21 $
Pack of Cigarettes
9.47 $

Transportation prices

When traveling to the Faroe Islands, one of the best ways to get around is by car. The islands offer a range of car rental options, making it easy to explore every corner of this picturesque country. Driving around the Faroe Islands is a unique experience, with many scenic routes winding through valleys and along the coastline. It's recommended to take your time and enjoy the stunning natural beauty, including the rugged mountains and pristine waterfalls. With a car, you can drive between the different towns and villages, stopping off at quaint cafés and restaurants along the way.

If you prefer not to drive, there are plenty of other transportation options available. The Faroe Islands have an extensive bus network, providing regular services between most towns and villages, as well as to some of the more remote areas of the country. The buses are comfortable and reliable, making them a great option for those who prefer not to rent a car. For those looking for a more unique experience, there are also ferries that can take you between the different islands. These ferries offer stunning views of the surrounding landscapes and provide an excellent opportunity to see the country from a different perspective.

Taxi Start, Normal Tariff
12.84 $
Taxi, price for 1 km, Normal Tariff
1.61 $
Taxi, price for 1 hour Waiting, Normal Tariff
64.05 $
Gasoline, 1 liter
1.48 $
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car)
40,124.92 $
Honda Civic 1.6 Or Alternative New Car
47,347.41 $

Utilities Per Month prices

When traveling to Faroe Islands, it's important to keep in mind that utilities costs may be higher than what you're accustomed to. This is due in part to the remote nature of the islands, which makes it more difficult and expensive to supply and maintain utilities infrastructure. It's also worth noting that many of the utilities are provided by the same companies, so you may notice some variation in pricing depending on which services you're using.

One of the biggest factors contributing to the high cost of utilities in Faroe Islands is the cost of energy. The islands rely heavily on imported oil and gas to generate electricity and heat, which can be expensive to transport. In addition, the harsh climate and rugged terrain make it difficult to install and maintain renewable energy sources. Despite these challenges, the Faroe Islands government has made a commitment to transitioning to a more sustainable energy system in the coming years, so it's possible that the cost of utilities may decrease as a result.

Basic utilities for 85m2 Apartment including Electricity, Heating or Cooling, Water and Garbage
170.72 $
Prepaid Mobile Tariff Local, price per 1 min, No Discounts or Plans
0.26 $
Internet, 60 Mbps or More, Unlimited Data, Cable/ADSL
72.07 $

Sports And Leisure prices

Fishing is a significant part of the Faroese culture and leisure activities, and locals and tourists alike can enjoy this traditional way of life. With 18 islands to explore, there are plenty of fishing spots to choose from, including the iconic Gasadalur waterfall. This beautiful waterfall offers a once-in-a-lifetime fishing experience in the middle of the stunning natural beauty of the Faroe Islands. Fishing trips can be arranged with local guides who will take you to some of the best locations and provide all the necessary gear, making it an easy and enjoyable experience.

The Faroe Islands are also a great destination for hiking enthusiasts with a variety of trails suitable for all levels of fitness and experience. The islands offer a unique hiking experience with stunning views of the dramatic landscape, including rugged cliffs, expansive rolling hills and wide open spaces. Some popular hikes include the picturesque path to the lighthouse on Kallurin, the scenic route to the Trælanípa cliff on Vágar Island with views of the Atlantic ocean, and the challenging hike to the highest peak in the Faroe Islands, Slættaratindur. Whatever your level of fitness and experience, there is sure to be a hiking trail to suit you in the Faroe Islands.

Fitness Club, Monthly Fee for 1 Adult
57.70 $

Salaries And Financing prices

Salaries and financing in the Faroe Islands may vary depending on your profession and industry. However, the average salary in the Faroe Islands is relatively high compared to other countries in Europe. The cost of living can also be quite high, especially in urban areas where rent prices can be steep. Make sure to research the living expenses before traveling to the Faroe Islands to budget accordingly.

Funding your trip to the Faroe Islands can also be manageable with a bit of planning. There are a variety of credit cards and banks available, and ATMs are widely accessible. However, it's important to note that the use of cash is still quite common in rural areas. Additionally, credit cards may not be accepted in some smaller shops and restaurants, so it's helpful to carry some cash as a backup. Overall, financing your trip to the Faroe Islands can be relatively easy and painless as long as you plan accordingly and are aware of the potential expenses.

Cinema ticket, 1 Seat
15.24 $
Average Monthly Net Salary, After Tax
2,608.13 $
Mortgage Interest Rate in Percentages for 20 Years Fixed-Rate, Yearly, Fixed-Rate
0.09 %

Childcare prices

Childcare prices in Faroe Islands can be quite expensive, especially for those seeking high-quality schools and kindergartens. Families who choose to send their children to these childcare institutions can expect to pay a premium for the level of education and care they receive. However, many parents find that the benefits of sending their children to the best schools and kindergartens in the Faroe Islands far outweigh the costs, as their children receive a first-class education and the opportunity to interact with other children from diverse backgrounds and cultures.

In recent years, there has been an increasing focus on improving the quality of childcare in Faroe Islands, with a particular emphasis on early years education. As a result, the standard of education provided by schools and kindergartens in the country has improved considerably in recent years, making it a more attractive option for parents looking for high-quality childcare. While prices may remain relatively high, the quality of education and level of care that children receive is excellent, making it a worthwhile investment for many families.

Private Preschool or Kindergarten, Monthly for 1 Child
449.39 $

Clothing And Shoes prices

When it comes to clothing and shoe prices in Faroe Islands, the cost is comparable to other European countries. The best option for those looking for affordable prices is to head to malls or shopping centers where they can find a great selection of clothing and shoes. However, keep in mind that most stores are closed on Sundays, so plan your shopping accordingly.

For those who are looking for high-end designer clothing, Faroe Islands does not have many options. However, there are a few boutique shops that offer unique and handcrafted clothing and shoes. Additionally, tourists might enjoy shopping for traditional Faroese clothing made from sheepskin and wool. These items can be found in various shops located in the traditional fishing villages around Faroe Islands.

Pair of Jeans in a Chain Store Like George, H&M, Zara, etc.
155.15 $
Pair of Running Shoes, Mid-Range Price
149.74 $
Pair of Leather Business Shoes
192.60 $

Rent Per Month prices

If you're planning to visit the beautiful Faroe Islands, short rent and stay options are available to accommodate your needs. Whether you're interested in exploring the lush landscapes or discovering the rich culture of the island, you'll find a range of affordable options to choose from. Many accommodations offer fully furnished apartments, cozy guest houses, and rooms in traditional Faroese homes.

When it comes to pricing, options vary depending on the type of accommodation and location. However, you can expect competitive rates for short rent and stay options in Faroe Islands. With a little research, you'll find plenty of options to fit your budget. Additionally, many short rent and stay options come equipped with modern amenities, ensuring your stay in Faroe Islands is as comfortable and convenient as possible.

One bedroom apartment in city centre
963.01 $
One bedroom apartment outside of city centre
882.75 $
Three bedroom apartment in city centre
1,605.00 $
Three bedroom apartment outside of city centre
1,444.50 $

Buy Apartment prices

The Faroe Islands, an archipelago located in the North Atlantic, presents a small yet unique real estate market. With only 18 inhabited islands, the choices for property buying are limited and vary from traditional Faroese houses to modern villas. The prices for real estate in the Faroe Islands have seen a general upward trend in the past years, with the demand for housing exceeding the supply. However, the market is still relatively affordable compared to other Nordic countries, making it an attractive option for investment and vacation homes. Despite the challenges of buying property in a small market, the Faroe Islands offer buyers a breathtaking natural landscape and a sense of community that is hard to find elsewhere.

Finding the perfect property in the Faroe Islands requires some homework and patience. Due to the size of the housing market, properties typically stay on the market for a short period. One of the advantages of the Faroe Islands is that foreign buyers are allowed to acquire properties without the need for residency or citizenship. However, buyers should be aware of the restrictions for owning houses in designated conservation areas or across landed property. Overall, the Faroe Islands provide a rare opportunity to own a unique piece of property in a captivating setting at a reasonable price and become part of a close-knit community.

Price per m2 to Buy Apartment in City Center
4,814.99 $
Price per m2 to Buy Apartment Outside of City Center
2,942.44 $