Leiguverð

Leiguverð is a term used in Icelandic law to describe the compensation paid to a tenant for the use of a property. It is a crucial concept in Icelandic property law, particularly in the context of residential tenancies. The term is derived from the Icelandic words "leigu," meaning lease, and "verð," meaning value or price.

Leiguverð is determined by various factors, including the market value of the property, the location, the size of the property, and the condition of the property. It is typically calculated as a percentage of the property's market value. The exact percentage can vary depending on the specific circumstances of the tenancy and the relevant laws.

The purpose of leiguverð is to ensure that tenants have a fair and reasonable compensation for the use of the property. It is intended to protect both the tenant and the landlord, ensuring that the tenant has a secure and stable living situation, while also providing the landlord with a reasonable return on their investment.

Leiguverð is a key component of Icelandic property law and is governed by the Icelandic Civil Code and other relevant legislation. It is important for both tenants and landlords to understand the concept of leiguverð and its implications in order to navigate the property market effectively.