‘Hytte’ sales soar as conflicts rise

Never have so many of the once-humble Norwegian mountain cabins called a “hytte” been sold as last year, and sales during the Easter holiday week have shocked brokers. At the same time, though, conflicts are rising over everything from new developments to the high property taxes charged by the local governments where hytte communities are located. […]

‘Hytte’ sales pick up with economy

Norwegians still love having a hytte, their own holiday cottage in the mountains or by the sea, and prices are picking up. A sure sign of the current winter holidays in Norway have been all the ads for vacation properties with ski trails nearby. “All signs are pointing upwards in our market, and have been […]

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 […]