In the News - The Small Capital, Reykjavik

With just 200,000 residents, Reykjavík ranks as one of Europe’s smallest capital cities. But when Iceland’s total population only hovers around 300,000, it makes sense that the capital is known as the “big city” and offers all the cultural perks of a much larger place.

From live music almost every night to cozy cafes, colorful houses and friendly cats roaming the street, Reykjavík has all the charms of a small town in a fun capital city. The city has a surprisingly lively nightlife for its size; it’s always buzzing during weekday happy hour and can go on until the early morning on weekends. According to some, the city has a laid-back hipster vibe, thanks to its independent, hard-working, friendly residents.

The spectacular scenery surrounding the city, entrances locals as much as visitors. It has even served as a filming location for many scenes in the popular Game of Thrones television show.  If you are in Reykjavik, which is by the oceans, you can see distant landscapes easily from the downtown center and there are very few skyscrapers to block the views. 

According to locals, downtown is where all the action is and you have to visit it to really appreciate and enjoy the city.  That said, the popular downtown areas are becoming increasingly expensive. For less pricey options, Seltjarnarnes, a peninsula 3 miles to the west has plenty of walking trails along the coast, or Laugardalur, the hot spring valley 3 miles to the east, is known for having the city’s largest outdoor geothermal pool.

Vesturbær (West Side) is home to the University of Iceland and is another affordable location that’s close to downtown. For expats looking for peace and quiet,  Garðabær and Kópavogur are good places with each suburb about 6 miles and 2 miles south of the city center respectively.

Where Can You Travel?
While travelers flock to Iceland for its scenery and geothermic wonders, residents also appreciate the country’s beauty and love how easy it is to get out of the city. Þingvellir National Park, located just 31 miles west of Reykjavík’s center, has fishing, hiking and scuba diving, as well as a historic monument commemorating the Iceland’s first parliament, assembled in 930 AD. Here you can see the beautiful two-cascade Gullfoss waterfalls, In the geothermal area around the Geysir hot springs, you can see the Strokkur hot spring spout every six to eight minutes.

Since Reykjavik is the only large city in the sparsely populated island-country, anyone looking for another big city experience can hop over to Europe on numerous short flights. Tickets aren’t exactly cheap, however; European flights costs at least 66,300 Icelandic krona.

How Much Does It Cost?

The small capital does come with big city prices. Residents say it’s comparable to other European cities, while cost-of-living  ranks Reykjavík as the 35th most expensive city in the world. 

Housing is becoming increasingly costly, especially close to downtown, with an 915 square foot apartment renting for 213,600 Iceland krona ($1,609 U.S. currency) per month. Luxury goods like big screen TVs and clothes are particularly expensive, costing 30% to 60% more than in London due to hefty import taxes. In turn, many residents shop for their clothes and electronics abroad.

For residents living in a geological hotspot, does have its advantages, however. Since nearly all of Iceland’s energy is produced by renewable hydroelectric and geothermal power sources, energy and utility bills can be almost 60% cheaper than in other cities.

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