According to a New York Times article, foreign investors are profiting from good house buying deals in Iceland because of the property market depression following the banking crash.
The journalist spoke to Gudrun Jonsdottir at Statistics Iceland about the number of annual house sales since the crash. The market seems to be showing signs of life again now.
The article continues that now is proving a good time for investors from Europe and the USA to get in on the Icelandic property market while it is still suppressed — especially as there are no restrictions on foreign real estate ownership and the fees and charges are relatively simple and reasonable, the journalist concludes.
Source: http://www.icenews.is/index.php/2011/03/17/new-york-times-on-trail-of-icelandic-real-estate-bargains/