Prices in Iceland 2019 – Why now is the best time to fly to Reykjavik
As one of the most unique and remote travel destinations, Iceland is known not only for its spectacular views, but also for taking a top spot in the list of expensive countries. Iceland is a small country with a short harvest season, and as a result, it relies a lot on imported products. But even if some price tags are bigger, it doesn’t mean you should avoid Iceland! There are many ways to budget and make sure you get a good value for your hard-earned bucks!
Traveling to Iceland doesn’t have to cost a fortune as long as you take some time to check out the general information about prices and look for some bargains. Or, to ease your worries, simply book an all-inclusive tour. In fact, compared to 2018, most prices for accommodation have visibly dropped! There really hasn’t been a better time to visit Iceland in the past decade than right now.
To help you get an overall impression about prices in Iceland, we gathered recent information about accommodation, food, and transport for the year 2019. Check out this guide and pack your suitcase, because now just might be the best time to visit Iceland!
How much does accommodation cost in Iceland?
The price checks were all carried out for 2 adults sharing a room in downtown Reykjavík.
If you are going out of the city center, which can be great if you have a car rental, then the prices are going to go down. So, if you are staying out of town you can cut your accommodation budget by around 30-50%!
Hotel prices in downtown Reykjavík – Iceland
ISK: 14.008 – 78.391
EUR: 99 – 554
In 2018, the prices were slightly higher: ISK 15.550 ISK – 53.000 / EUR 125 – 426.
The prices were checked out searching on www.booking.com for a twin room for the 1st of July 2019 for the accommodation located less than 3 km from the city center.
As you can see the prices vary quite a lot. This is largely due to the numerous newly-built hotels that offer accommodation in the luxury range. There are certainly more of the kind of room which commands a higher price in Reykjavík than there used to be. The average price would be between 25.000 ISK – 35.000 ISK for a decent hotel room for two in the capital.
Cheaper hotels in downtown Reykjavík – Iceland
The shoulder seasons of March / April and September / October can often offer some bargain prices. Searching booking.com for the 1st October 2019 found some cheaper hotel and guesthouse rooms located less than 3 km from the city center.
ISK: 8.349 – 45. 860, plenty of rooms at good city hotels at 11.920 – 23.088
EUR: 60 – 324, plenty of rooms at good city hotels 94 – 190
USD: 68 – 364, plenty of rooms at good city hotels 161.15 – 235.52
Compared to the last year, prices for hotel rooms have gone down. In 2018 prices for such accommodation would begin at ISK 12.154 / EUR 100 /USD 123.96
Choosing your dates carefully can make your accommodation budget-friendly! Booking last minute can be quite risky in Iceland, throwing up a fabulous bargain, or leaving you with a few quite expensive and/or inconveniently located accommodation.
Hostel prices in downtown Reykjavík – Iceland
Photo from Kex Hostel Facebook page
Dormitory style accommodation was checked out at Loft hostel, Kex Hostel, Bus Hostel, Reykjavik Downtown Hostel & Reykjavík Hostel Village for the 1st July 2019:
ISK: 5.600 – 9.688
EUR: 39.58 – 68.47
USD: 44 – 77
Almost all of these hostels offer private rooms too. A standard twin room at Reykjavik Downtown HI Hostel would cost around 20.500 ISK (Euro 144,88 / USD 163) on 1st July 2019 and just 18.501 ISK (Euro 130.75 / USD 147) on 1st October 2019 – so it is still a little cheaper to stay in Spring or Autumn!
Hostels that are more expensive are usually the “nicer” ones, offering a bar, restaurant or a good café and places to hang out, often there will also be live music or events going on.
My Reykjavík favorites are Loft Hostel and Kex Hostel, both have lively and cozy bars and very individual styles – there is always plenty going on but you can just chill out if you want. Loft offers soups and light refreshments, Kex serves tasty pub style meals and snacks.
If you want to save money on your accommodation, some hostels which are less stylish, but still comfortable, and not quite in the heart of the city offer cheaper private rooms, so again it depends on your priorities. Another site which is very useful for researching hostels is hostels.is, particularly when you want to arrange stays at various locations around Iceland. Not all hostels are listed there, though, so it is always best to check booking.com as well.
The hostel at Stórholt, Akureyri is my absolute favorite place to stay outside of the capital. Not quite in the center of Akureyri, it has great views of the mountains and is particularly good value. On 1st July 2019 a twin room would cost:
ISK: 11.610 – 12.900
EUR: 82.05 – 91.17
USD: 92 – 102
A higher price gets you a larger room, and if you pay more, you can even have a private bathroom. Stay on the 1st October 2019 and you will pay less:
ISK: 7.920 – 8.800
EUR: 55.97 – 62.19
USD: 63 – 70
Prices for this hostel have gone down as well, compared to last year, when prices for a twin room for July 1 started at ISK 14.400 / EUR 118 / USD 146 and for October 1 at ISK 8.872 / EUR 73 / USD 90.
However, you do need to check out each individual hostel, their prices, and their facilities as they can vary. You can finish up paying more or less in really remote places – there is no hard and fast rule!
Guesthouse prices in Iceland
Guest houses are often charming, with many offering similar facilities to a small hotel. Quite a few have guest kitchens, and cooking for yourself is another great way to keep costs lower. The prices were checked out for the 1 July 2019. You can normally find lower prices in Spring and Autumn. Compared to last year, prices for this type of accommodation fell as well (prices started at ISK 11.545 / EUR 95 / USD 117).
ISK: 6.650 – 13.583
EUR: 47 – 96
USD: 53 – 107
Airbnb prices in Iceland
There is a huge range of Airbnb accommodation in Iceland, and the availability is constantly changing, as this market is very season- and location-dependent. A small private apartment for 2 people or a 2-person room is the best way to go. You might want to check out the facilities, because if you opt for the room, you may be sharing the bathroom with other guests or your host. It’s also good to know that while some hosts share their bathroom or kitchen with the guests, others might refuse to do so.
The prices you might pay for a private apartment with beds for at least two people in Downtown, Reykjavík for 1 July 2019 are the following:
ISK: 11.187 – 41.036 per night
EUR: 79 – 290 per night
USD: 88 – 324 per night
And if you want to be really ‘central’ in Reykjavík, select “Miðbær” from the “Neighborhoods” filter options (there the prices for 1 July 2019 begin at approximately ISK 15.424 / EUR 109 / 121 USD).
Airbnb prices have also reduced compared to the last year when the accommodation began at ISK 12.152 / EUR 100 / USD 124.
If you are willing to stay on the outskirts of Reykjavík it can be easier to find slightly cheaper Airbnb accommodation. Likewise, you can often find lower prices out in the countryside. Although in areas where the demand is very high and only a few accommodation options, prices can be pushed up. Spring or Autumn mean slightly cheaper available options.
Campervan prices in Iceland
Combining your accommodation and transport gives you freedom and flexibility. Plus, there’s nothing better than non-stop driving around Iceland’s natural beauty and stopping at majestic landscapes. Camper vans will be a great option if you want to travel the whole Golden Circle, take the Ring Road, and see the world-famous Northern Lights and hot springs. So, how does the cost of hiring a two-berth campervan from the 1st to the 5th of July 2019 check out?
ISK: 50.947 – 198.000
EUR: 360 – 1.386
USD: 403- 1.564
Companies will not normally rent a van to you for less than three days, especially in the summer. The most expensive vehicles come with extras, for example, a shower and/or a roof tent. Standard insurance coverage is included, with extra options being available for an additional fee. Some, but not all vehicles, can be insured for driving on F roads. The items that the basic rental fees will cover varies from company to company, so this is something you should check up on too.
Between October 1st and the end of March, these prices reduce by around 33%.
Gas, alcohol and food prices in Iceland
How much does food cost in Iceland?
Iceland is not a cheap country when it comes to food but there certainly are ways to keep the costs down. If breakfast is included in your accommodation, then go for it! If your accommodation gives access to a kitchen, you can cut costs a lot. Preparing your own food and going for a picnics is always going to be cheaper than eating out all the time.
Reykjavik has a good selection of supermarkets with a wide choice of Icelandic food. Shopping tips can help a lot – Bónus stores offer the best value, there are a few in the city and, also, in various country towns. 10 to 11 is great if you run out of something essential but it is quite expensive. Krónan and Hagkaup offer a good choice of high-quality products but they are also more expensive than Bónus. You will also find village shops are a little more expensive than city stores, such as Kjörbúðin and Samkaup, which you will find in the countryside.
In terms of street food and cheap places to eat in Reykjavik, we’ve made a separate blog post about the places for foodies with meals that cost around 1000 ISK / less than 10$.
Restaurant and café prices:
Meal in a cheap restaurant 1.700 – 3.000 ISK (Euro 12.01 – 21.20 / USD 13.50 – 23.82)
Soup and bread 1.200 – 2.900 ISK (Euro 9.87 – 23.86 / USD 12.25 – 29.61)
3 course meal medium price for 2 people 8.000 – 16.000 ISK (Euro 56.54 – 113.08 / USD 63.51 – 127.02)
McDonalds or combo meal deal 1.490 – 1.890 ISK (Euro 10.53 – 13.38 / USD 11.83 – 15.03)
500 ml beer (domestic) 1.000 – 1.290 ISK (Euro 7.07 – 9.12 / USD 7.94 – 10.24)
Standard glass of wine 900 – 1.400 ISK (Euro 7.40 – 11.52 / USD 9.19 – 14.29)
Regular filter coffee 350 – 600 ISK (Euro 2.88 – 4.94 / USD 3.57 – 6.13)
Cappuccino 418 – 649 ISK (Euro 2.96 – 4.59 / USD 3.33 – 5.16)
Grocery prices in Iceland:
1 liter milk 142 – 179 ISK (Euro 1.00 – 1.27 / USD 1.13 – 1.42)
500g white bread loaf 260 – 450 ISK (Euro 1.84 – 3.18 / USD 2.06 – 3.57)
1 kg white rice 200 – 578 ISK (Euro 1.41 – 4.08 / USD 1.59 – 4.59)
1 kg pasta 300 – 500 ISK (Euro 2.47 – 500 / USD 2.51 – 5.08)
12 eggs 500 – 750 ISK (Euro 3.53 – 5.30 / USD 3.97 – 5.95)
1 kg boneless chicken 1,600 – 2,300 ISK (Euro 11.31 – 16.25 / USD 12.70 – 18.26)
1 kg beef steak 2,000 – 4,000 ISK (Euro 14.13 – 28.27 / USD 15.88 – 31.76)
1kg oranges, apples or bananas 200 – 417 ISK (Euro 1.41 – 2.95 / USD 1.98 – 3.31)
1 kg potatoes 200 – 390 ISK (Euro 1.65 – 3.04 / USD 1.59 – 3.10)
1 kg tomatoes 300 – 600 ISK (Euro 2.12 – 4.24 / USD 2.38 – 4.36)
1 kg onions 80 – 300 ISK (Euro 0.57 – 2.12 / USD 0.64 – 2.38)
1 kg carrots 350 to 650 ISK (Euro 2.88 – 5.35 / USD 3.56 – 6.60)
Pack of salad leaves 199 – 800 ISK (Euro 1.64 – 6.58 / USD 2.02 – 8.13)
Single lettuce 189 – 400 ISK (Euro 1.34- 2.83 / USD 1.50 – 3.18)
Cucumber 150 – 400 ISK (Euro 1.23 – 3.29 / USD 1.57 – 4.06)
How much does wine/alcohol cost in Iceland?
Normal-strength alcohol is only sold at Vínbúðin stores. The only way to buy alcohol cheaper is to maximize your duty-free limit when you come into the country.
Individual bottle of Brennivín 404 ISK (Euro 3.32 / USD 4.10)
Individual vodka & lemon 779 ISK (Euro 6.41 / USD 7.91)
Individual bottle of wine (187ml) 399 – 650 ISK (Euro 3.28 – 5.35 / USD 403 – 6.56)
Bottle of wine – cheap to middle range 1.500 – 3.000 ISK (Euro 12.34 – 24.68 / USD 15.24 – 30.48)
Bottle of dessert wine 1.899 – 6.164 ISK (Euro 15.62 – 50.71 / USD 19.29 – 62.63)
Medium bottle of brandy 2.299 ISK – 19.898 ISK (Euro 18.91 – 163.69 / USD 23.36 – 202.16)
Bottle of port – cheap to middle range 2.900 – 5.500 ISK (Euro 23.86 – 45.25 / USD 29.46 – 55.88)
Bottle of Brennivín (schnapps) 3.499 – 9.099 ISK (Euro 28.78 – 74.85 / USD 35.55 – 92.45)
Bottle of Harveys Bristol Cream Sherry 3.499 ISK (Euro 28.78 / USD 35.55)
Kirsberry Cherry Speciality Wine 2.899 ISK (Euro 23.85 / USD 29.45)
Bottle Tequila 6.499 – 11.999 ISK (Euro 53.46 – 98.71 / USD 66.03 – 121.99)
Bottle of whisky 5.499 – 14.999 ISK (Euro 45.24 – 123.39 / USD 55.87 – 152.39)
Bottle of best whisky 52.999 ISK (Euro 435.99 / USD 538.47)
How much does beer cost in Iceland?
500 ml of beer will set you back between 900 and 1.500 ISK with prices of 1.000 to 1.200 ISK being typical. 1 liter of beer does not cost much more than 500 ml. Happy hour will get you a great reduction on these prices and sometimes a 2 for 1 offer. However, the price of beer in Iceland may differ from one place to another.
How high are gas prices in Iceland?
Many visitors say gas is expensive in Iceland, however, the prices are not very different from those in the UK. People from Norway say Icelandic fuel prices are lower than they are used to be, although it’s true that most other countries have cheaper petrol.
Petrol prices currently vary between 205.00 to 235.00 ISK per liter, with 222.20 ISK being typical, and diesel price in Iceland is 225.60 ISK per liter as of 17 June 2019. Filling up the tank of a small petrol car usually costs around 8000 ISK.
And if you want to rent a car in Iceland, the price will begin somewhere around 20.184 ISK / 141 EUR / 159 USD for 24 hours.
How much does it cost to ship a car to Iceland?
The Smyril Line Ferry Company can ship your car from Denmark to Seyðisfjörður, a charming port on a magnificent fjord in East Iceland. The journey on a ferry from Denmark to Iceland takes 3 days, and the rates given below are per person for 2 people making a return trip with their vehicle.
- Winter 52.858 ISK (Euro 435 / 535.46 USD)
- Low season 66.831 ISK (Euro 550 / 677.02 USD)
- Middle season 84.451 ISK (Euro 695 / 855.51 USD)
- Summer 115.436 ISK (Euro 950 / 1,169.40 USD)
- Winter 83.234 ISK (Euro 685 / 842.25 USD)
- Low season 106.928 ISK (Euro 880 / 1,082.01 USD)
- Middle season 184.086 ISK (Euro 1.515 / 1,862.78 USD)
- Summer 196.237 ISK (Euro 1.615 / 1,985.74 USD)
Ready to book your trip to Iceland? Check out our multiday vacation packages to get the most bang for your buck!
Spending time traveling you often spend much of your money of food especially when traveling to Iceland. Iceland can be quite an expensive place but there is a way to do it on a more cheaper matter.
Eating in Reykjavík can be expensive. We are here to help! These bargain meals are great options for budget friendly eating in Reykjavík.