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Wednesday, July 17, 2024

Bad weather hits high hytte prices

Two unusually cold winters in a row, a late Easter this year and heavy rains this summer have put a damper on sales of holiday cabins and homes known as “hytter,” reports newspaper Dagens Næringsliv (DN). The highest-priced hytter are also being hit by turbulence in the finance markets.

Hytter come in many shapes and sizes but they generally all represent a sizeable investment. PHOTO: Tinde Hytter

“It’s terrible to say it, but it’s actually a buyer’s market in the mountains right now,” Morten Høegh, a real estate broker for Nordvik & Partners told DN just before Norwegians started heading for the hills for this year’s annual høstferie (a week of autumn school holidays).

Newspapers were packed with ads for hytter and the most expensive ones are the hardest to sell. With some of them priced at as much as NOK 15 million (nearly USD 3 million), that may not seem so unusual. There’s a limit to even how much money affluent Norwegians have to spend on luxury holiday properties.

Bente Holen Bergseng of Eiendomsmegler 1 in Lillehammer confirmed that there aren’t many prospective buyers attending the visninger (showings) the brokers conduct. “There’s been so much grey weather and fog,” Bergseng said. Buyers apparently are more interested and in a better mood when the sun is shining.

The multiple listing service has advertised more than 4,000 hytter for sale in the mountains so far this y ear. That’s around 10 percent more than last year, while sales are down.

The most properties listed for sale are in Trysil, in eastern Norway, followed by Hovden due north of Kristiansand and Geilo, where prices are highest. Then come Sjusjøen not far from Lillehammer, Hafjell just north of Lillehammer and Norefjell, about a two-hour drive from Oslo.

At Geilo, average prices were around NOK 4.3 million, with Norefjell next-most-expensive at NOK 3.8 million. In third place were hytter around the alpine ski report of Kvitfjell, famed for hosting the men’s downhill in the Winter Olympics at Lillehammer.

Average prices for hytter at Hafjell were NOK 3.4 million, just below those at Svingvoll (Skeikampen), where prices average NOK 3.5 million.

Views and News from Norway/Nina Berglund
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