Expansion looms for former Olympic ski resorts 

Investors have big plans for the two Norwegian ski resorts Hafjell and Kvitfjell. The new owners claim it will represent the biggest investment since both were first developed for the Olympics at Lillehammer in 1994. Newspaper Dagens Næringsliv (DN) reported that state-owned Investinor sold its 49 percent stake in Alpinco, the company that owns and […]

Housing market starts year with weak prices

Housing prices slid again during the first month of the new year, sliding 2.2 percent in January on a national average. Real estate brokers’ association Eiendom Norge called it the weakest January in 10 years. Sales and prices often pick up after the Christmas holidays, but not this year. Average prices were down, fully 9.4 […]

Housing prices still scare analysts

Housing prices were down another 1.1 percent in November and it hasn’t taken so long to sell a home since the finance crisis in 2008. International credit analysts and economists, however, still think Norwegian housing prices are too high and that a so-called “market correction” will hurt the economy. It now takes an average of […]

New homes designed for divorced couples, students

A socially conscious housing project in Oslo, still under evaluation by local building authorities, aims to help take the financial sting out of divorces and lessen stress on the children. It can also help students buy their own portion of a residential unit, instead of paying high rent with no returns. Real estate development firm […]

Housing prices keep sliding, debt rising

State financial authorities at Finanstilsynet report that housing prices are likely to keep falling through 2018 before they start rising again. Prices have fallen more than 10 percent in Oslo since April. “This is a natural chill in the market after the strong price growth we had last year,” said Morten Baltzersen, director of Finanstilsynet, […]

Tycoon emerges as US Embassy buyer

A Norwegian mountain climber and real estate tycoon who owns thousands of condominiums has emerged as the successful bidder for the former US Embassy building in Oslo. The landmark building reportedly fetched as much as half-a-billion Norwegian kroner, or around USD 63 million. Newspaper Finansavisen reported over the weekend that real estate investor Ivar Tollefsen […]

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 […]