Prices cut on high-end real estate

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Sagging demand for large, expensive homes in Oslo, including at least one ambassador’s residence, has led to price cuts of as much as 30 percent or more in recent weeks. One large villa in the fashionable Holmenkollen district was newly advertised earlier this month after having its price cut from NOK 50 million (USD 8.3 million) last summer to NOK 32 million.

That’s still a lot of money, even in Oslo, but newspaper Dagens Næringsliv (DN) reported that real estate brokers have advised clients to lower their price expectations if they want to attract buyers. There’s no set percentage for price cuts, because properties and prices vary so much in quality and location, but DN reported that seven out of 10 of Oslo’s most expensive homes on the market have had their prices slashed. The market has turned, brokers say, with buyers now more cautious than they were just a year ago.

Canadian authorities, meanwhile, are still trying to sell their country’s mansion that has housed Canada’s ambassador to Norway on the popular Bygdøy peninsula in Oslo. It’s been on the market for nearly two years, but the Canadians reportedly have resisted major price cuts.

The property was originally listed at NOK 120 million in the summer of 2012. That price was cut a few months later to NOK 110 million, reported DN, and that’s what it’s still being offered for, making it the most expensive residential property for sale on the open market.

newsinenglish.no staff