Property prices skyrocket in Oslo

Bookmark and Share

Not only are prices high for houses and apartments in Oslo, the price of vacant residential lots has nearly doubled in the past two years and now are running more than five times the national average, according to state statistics bureau SSB.

Lots now cost an average NOK 2,704 per square meter, up from NOK 1,586 in 2009, reports SSB. The national average is currently NOK 532, up from NOK 402 two years ago.

The high cost of land in and around Oslo contributes to the high cost of new housing units in, for example, multi-family housing developments. It’s also hitting families wanting to build a house on a single plot of land, though, because developers are bidding against one another for such properties as well, and driving up prices.

One family that wants to move an historic house from an outlying area and re-erect it in a residential neighbourhood in Oslo, told newspaper Aftenposten last week that prohibitive prices are making their project impossible. “We have to just hope there’s someone out there willing to sell off part of their garden to a family with small children,” Gudbrand Vatn told Aftenposten, instead of to developers able to pay more.

newsinenglish.no staff