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 […]

Suspicion swirls on holiday island

The mayor of an island community that’s a popular holiday destination in Southern Norway has asked local police to look into suspected irregularities regarding its building permit process. Speculation is rising over whether some wealthy owners of holiday homes will be ordered to tear down the so-called hytter they may have been illegally allowed to build. […]

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) […]

More good news for Norway’s economy

There’s been another rush of good economic news for Norway, just a week ahead of Monday’s parliamentary elections. The crisis in Southwestern Norway that was set off by the collapse in oil prices has also been called off, by the chief economist of the region’s largest bank. New numbers for August show that unemployment fell […]

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 […]

Old US Embassy waits for a buyer

The “Stars ‘n’ Stripes” no longer fly over the old US Embassy building in Oslo, and its police guard house across the street seems as abandoned as the darkened structure itself. Sale of the now-strangely quiet property has been delayed, but its real estate agent still expects a buyer to emerge by the end of the year. […]

‘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’ […]