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Iceland’s Property Sales Fell 8.6% in Week Through Feb. 16

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Feb. 20 (Bloomberg) -- Iceland’s property sales fell 8.6 percent last week as the fallout of the island’s 2008 banking crisis lingers.

There were 96 homes and commercial properties sold in the week through Feb. 16, compared with 105 sales a week earlier, according to an e-mailed statement today from Reykjavik-based Registers Iceland. The value of the properties sold fell 23.8 percent to 2.3 billion kronur ($18.7 million), the office said.

Iceland’s 2008 banking meltdown left in its wake a burst property bubble that wrecked the economy. Housing, measured as a subcomponent in the country’s consumer price index, has yet to regain pre-crisis values and prices remain about 3 percent below levels in September 2008, one month before the country’s biggest banks failed.

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net.

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net

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