Cost of living and prices in Reykjavík, prices of food, rent, shopping, etc. 🇮🇸
Updated Jul 2023

Reykjavík, Iceland is a small city with plenty of food options. From cozy little cafes to upscale restaurants, the city is a foodie's paradise. For the adventurous eaters, there are unique Icelandic food options like fermented shark, whale meat, and puffin. Seafood lovers will be in heaven with the fresh fish options, especially salmon and cod. There are also plenty of vegan and vegetarian options available. Restaurants range from casual and laid back to fine dining with an emphasis on local ingredients. Whether you're looking for seafood, Icelandic cuisine, or international options, Reykjavík has it all.

For those looking for something more casual, Reykjavik has plenty of street food vendors and food trucks. Icelandic hotdogs are a popular option - made with lamb, pork and beef and served with crispy onions, ketchup, mustard and a remoulade sauce. For a sweet treat, try a waffle topped with cream and fresh berries or a traditional Icelandic ice cream cone. For those on a budget, grocery stores and convenience stores offer plenty of snack options including skyr, a popular Icelandic yogurt. Whatever your taste buds desire, Reykjavik has something for everyone.

Reykjavík, Iceland is known for its breathtaking scenery and unique culture, but one thing to be mindful of when planning a trip is the cost of living. Market prices in Reykjavík tend to be on the higher end compared to other countries, especially for tourists. One reason for this is due to the country's isolation and dependence on imports, which can contribute to higher prices for basic goods such as food and toiletries. However, it's important to note that Reykjavík is a modern, developed city with a variety of shopping options, from local markets to high-end boutiques, so there are ways to find affordable prices if you know where to look.

When it comes to dining out, Reykjavík offers a range of options from fast-food chains to high-end restaurants, but be prepared to pay a premium for a meal. With fresh seafood being a staple in Icelandic cuisine, seafood restaurants tend to be popular and relatively expensive. However, there are cheaper alternatives such as cafes and food trucks that offer simple yet tasty meals. Additionally, purchasing groceries at local markets or supermarkets can be a more cost-effective way to enjoy Icelandic cuisine. Overall, market prices in Reykjavík may be higher than what you're used to, but with some research and planning, you can still have a budget-friendly trip without sacrificing the experience.

Reykjavík is a beautiful city to explore on foot, but if you're looking for other transportation options to get around, there are plenty to choose from. The city has an extensive bus system that runs throughout the day and night, making it easy to get from one place to another. You can purchase tickets on board, at special vending machines, or through a mobile app for added convenience. In addition to the bus system, there are also taxis available, which can be hailed on the street or via a phone app. Just keep in mind that taxis tend to be more expensive than the bus, so it's best to use these when necessary.

If you're looking for a more unique transportation experience, you may want to consider taking a ride on one of Reykjavík's famous "super jeeps." These vehicles are designed to navigate Iceland's rugged terrain and can take you on an exciting off-road adventure. Tours can be booked in advance through local tour companies, or you can ask your hotel to arrange a ride for you. Another fun option is to rent a bike and explore the city's many bike paths and trails. Bike rentals are available throughout the city, and it's a great way to see the sights while getting some exercise at the same time.

When planning a trip to Reykjavík, Iceland, it's important to keep in mind that the cost of utilities can be higher than what you might be used to. This is partially due to the fact that Iceland relies heavily on geothermal energy for heating and electricity. While this is great for the environment, it does mean that utility bills can be quite steep. Visitors may notice higher prices for items such as food, transportation, and accommodations as a result of these higher utility costs.

Despite the higher costs, there are ways to save money on utilities while visiting Reykjavík. One option is to plan your trip for the summer months, when the days are longer and the weather is warmer. This means you'll spend less on heating, electricity, and other utilities. Additionally, there are many budget-friendly attractions and activities available in the city, such as visiting museums, exploring parks, and hiking through scenic areas. By being mindful of your spending and focusing on affordable experiences, you can have an amazing time in Reykjavík without breaking the bank.

If you're a sporty person, Iceland is the perfect place to come and be active. In Reykjavík, you can find a wide range of sports and outdoor activities to suit all ages and abilities. From hiking, running, and cycling to sailing, surfing, and swimming, you're guaranteed to find something that will keep you active. If you're feeling adventurous, why not try kayaking along the coastline or take a guided glacier hike? There are also plenty of indoor sports facilities, including swimming pools, gyms, and indoor climbing centers, so you can stay active whatever the weather. Reykjavík is a thriving sports city, with plenty of opportunities to get involved or simply watch the action.

If you're looking for some more laid-back leisure activities, Reykjavík has plenty to offer as well. The city is renowned for its hot springs and thermal baths, where you can soak and relax in the naturally heated waters. Reykjavík also has a vibrant arts and culture scene, with numerous galleries, museums, and theaters to explore. For those looking to explore the great outdoors at a slower pace, why not take a leisurely walk along the waterfront or relax in one of the city's many parks? Whatever your interests, Reykjavík is sure to have something to keep you entertained and relaxed.

Salaries and financing in Reykjavík, Iceland are usually higher than in many other European cities. The country's economy is primarily based on tourism, fishing, and manufacturing industries. This leads to a higher level of disposable income for individuals, which is reflected in the prices of goods and services. Travelers are advised to keep this in mind when budgeting for their trip, as some expenses may be higher than anticipated. However, the high salaries and relatively stable economy also mean that Reykjavík can be an attractive destination for job seekers.

Financing in Reykjavík is dominated by the Icelandic krona (ISK), which is the currency of Iceland. ATMs are widely available throughout the city and credit cards are widely accepted, but travelers should be aware that some businesses may not accept foreign currency. The cost of living is generally higher in Reykjavík than in many other European cities, however, the city offers a variety of options for budget-conscious travelers. It's also worth noting that Iceland is known for its low crime rate and high level of social welfare, which can give visitors peace of mind during their stay.

Childcare prices in Reykjavík can be quite steep, especially when it comes to schools and kindergartens. Parents should expect to pay a significant amount to ensure their child receives high-quality care and education. Many of these facilities offer a range of services, such as nutritious meals and various extracurricular activities, which can add to the overall cost.

Despite the high price tag, the level of care and education offered in Reykjavík's schools and kindergartens is typically excellent. Parents can feel confident that their child will receive personalized attention from qualified professionals, and will have access to a wide range of learning activities and resources. Whether you're looking for a bilingual education, a licensed facility that adheres to strict health and safety regulations, or simply a enriching environment for your child to learn and grow, there are many quality options available in Reykjavík.

Reykjavík, Iceland, has a variety of options when it comes to clothing and shoes. From high-end designer stores to more affordable chain shops, there is something for everyone. Most stores are located within close proximity to each other, making it easy for shoppers to spend a day exploring the city's shopping scene.

One popular area in Reykjavík for shopping is Laugavegur street. This bustling street is home to many shops and boutiques, ranging from souvenir shops to high-end fashion stores. It is also in close proximity to the city center and many tourist attractions, making it a convenient location for travelers to shop. Other options for clothing and shoes in Reykjavík include larger shopping centers like Kringlan, which has a variety of stores and food options, and Smáralind, one of the largest shopping centers in Iceland.

Reykjavík offers a variety of short term rent and stay options for travelers looking to experience the city's unique culture and natural beauty. From cozy apartments to luxury hotels, there's something to suit every taste and budget. Depending on your needs, you can choose to stay in the heart of the city or in quieter residential areas, with options ranging from studios to multi-bedroom apartments.

Prices for short term rentals and stays in Reykjavík can vary depending on the location, size, and amenities of the accommodations. However, even the most budget-friendly options offer comfortable and convenient lodging, allowing you to explore all that Reykjavík has to offer. With so many options available, it's easy to find a short term rental or stay that fits your needs and budget, making your trip to Reykjavík an unforgettable experience.

When it comes to buying real estate in Reykjavík, Iceland, there are several options to consider. One popular choice is purchasing an apartment in the city center. These apartments offer easy access to all of the best shopping, dining, and entertainment options Reykjavík has to offer, all within walking distance. Another option for those seeking a quieter lifestyle is purchasing a house in one of the many suburbs surrounding the city. These areas provide the perfect balance of peace and tranquility while still allowing easy access to the city center for work, school, and play.

While prices for real estate in Reykjavík can vary depending on the type of property and location, there are plenty of affordable options to consider for those on a budget. For those looking for luxury properties, there are plenty of high-end options available as well. Whether you're a first-time homebuyer or a seasoned real estate investor, there's something for everyone in Reykjavík.