Iceland’s decision to partially reopen its borders to tourism on June 15 added fuel, creating “an even livelier summer market than usual,” Mr. Stefansson said. (Along with European nations, Iceland isn’t allowing Americans to visit unless they are romantically linked with an Icelandic national and can provide proof of previously living together.) Sales fell by 30 to 40 percent during March and April, he said, but rebounded in May as local buyers returned to the market. Last fall, the newly appointed director of the Central Bank of Iceland’s financial stability department lowered market rates from 4.5 to 1.7 percent after the collapse of WOW Air. “There’s economic uncertainty here that will probably affect the decisions of local and foreign buyers for years to come,” he said.

Source: International New York Times August 05, 2020 13:30 UTC