Scope of Oslo’s housing scandal grows

Nearly NOK 700 million worth of residential real estate purchases by the City of Oslo, for use as housing units for troubled or financially strapped welfare clients, are now the target of various investigations. The purchases were made from serial bankruptcy filers who are believed to have logged huge gains at the expense of Oslo […]

Loan demand falls with housing sales

Construction cranes remain a common sight in the Norwegian capital, but homebuilders have seen a dramatic sales decline in recent months and home loan demand has also fallen. Norwegian banks are reporting the biggest fall in lending inquiries since 2010, and some may trim interest rates to levels even lower than they are now. As […]

Man charged in city housing scandal

UPDATED: Norway’s economic crime unit Økokrim has launched an investigation of its own into the City of Oslo’s questionable purchases, at inflated prices, of residential housing units. A man who’s been buying apartment buildings for the city since 2014 has been arrested and charged with misappropriation of funds and breach of trust. Newspaper Dagens Næringsliv […]

Housing scandal unfolds in Oslo

Political and administrative officials at Oslo’s City Hall are alarmed, and accused of lacking control, after newspaper Dagens Næringsliv (DN) revealed a pattern of suspicious real estate deals over the past week that’s left the city paying inflated prices for public housing units. All purchases of residential units for welfare clients have been halted and an […]

Housing price fall turns into a dive

New figures released by Norway’s national real estate brokers’ association on Wednesday show prices declining and even diving in some areas. Average prices in Oslo, for example, fell for the fifth month in a row and are now 8.4 percent lower than in April. “We have to go back to the finance crisis (in 2008-2009) […]

Oslo’s population growth flattens out

Norway’s capital city of Oslo has been among the fastest-growing in Europe for several years, but new figures show that’s not necessarily so any longer. More people are now moving out of Oslo than moving in, and only the city’s birth rate has prevented a population decline. There’s no question that Oslo has been booming […]

Housing prices tumble again

The latest statistics for housing sales in July, released on Thursday, showed another overall decline of 1.2 percent from June. In Oslo, the decline was the steepest ever registered for the month of July, but Finance Minister Siv Jensen calls it a “natural cool-down” after years of an overheated market. “Just last year everyone was concerned […]

‘Dramatic’ fall in real estate prices

The cost of housing is still high in Norway, but brokers report another decline in prices for the month of June that’s been described as “dramatic.” Prices fell the most in Oslo, where they’ve been highest and where supply has jumped while demand has fallen because of tougher financing requirements. The national real estate brokers’ […]

Svalbard tackles ‘housing crisis’

Bulldozers rumbled onto the sites of abandoned housing in Norway’s Arctic city of Longyearbyen on Svalbard over the weekend. The homes were badly damaged in the latest avalanches to hit Longyearbyen last winter, adding to a housing shortage that some call a “crisis” in the booming outpost. “We have torn down six flats so far,” Frank […]

Court upholds property tax

The much-disputed property tax levied by Oslo’s newly elected Labour Party-led city government last year is not illegal, ruled a local court on Tuesday. The national organization representing homeowners (Huseiernes Landsforbund) had sued the city, arguing that it’s paid by far too few Oslo residents, based on their home values. The organization, which filed suit on […]