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Saturday, April 20, 2024

Sellers’ market in real estate

Residential real estate sales remain brisk all over Norway, with prices rising again from December to January and even moreso when compared to January of last year.

The real estate brokers’ association Eiendomsmeglerforetakenes Forening (EFF) has reported a 4.3 percent rise in average sales prices from December to January. Prices were up 7.6 percent in January compared to January of last year.

Single-family homes (eneboliger) rose the most, up 6 percent from December to January, which often is a quiet month in the real estate market. Sales prices of multi-family housing units were up 4.4 percent on average.

Price rises were the strongest in Oslo, Stavanger, Bergen and Trondheim, reported news bureau NTB. In Oslo, small flats in attractive areas were selling for around NOK 60,000 per square meter.

Properties aren’t languishing on the market, either. In Stavanger, it only took an average 18 days from the time a property went on the market until a sale agreement was in place. In rural Oppland County and Østfold, however, it took an average 73 days for a residential property to sell.

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