Property for sale in Faroe Islands

Is the capital of the Faroe Islands. It is located in the southern part on the east coast of Streymoy. To the north west of the town lies the 347-metre (1,140 ft) high mountain Húsareyn, and to the southwest, the 350-metre (1,100 ft) high Kirkjubøreyn. Get more information on property for sale in Torshavn.

Are a group of islands in Northern Europe, between the Norwegian Sea and the North Atlantic Ocean. They have been an autonomous province of the Kingdom of Denmark since 1948, making the islands a member of the Rigsfællesskab.

The Faroe Islands offers some incentives designed to encourage industrial growth, research and export. Eligible activities for subsidy consideration include development of product and production facilities, improvement of sales and management activities, education, and research. Currently, there are no specific incentives designed to attract foreign investment.

The Faroese economy in 1995 and 1996 saw a noticeable upturn after several years of decline brought on by a drop in fish catches and declining prices and by over-spending by the Faroese Home Rule Government (FHRG). In the early 1990s property values plummeted and the FHRG had to bail out and merge the two largest Faroese banks. Fishing is now improving; wage costs are increasing; the FHRG's budget is almost in balance; and the large foreign debt has come down significantly.

The rate of inflation in the Faroe Islands has been low in recent years and prices have been stable. The cost of food, durable consumer goods and clothing usually corresponds to, but may be slightly higher, than the average cost levels found in most other Western European countries. The cost of purchasing a private car or house is significantly higher than in most other countries, although not as high as in Denmark.