Even though Norway’s economy is slowing down and unemployment is rising, prices have jumped for holiday homes that are near the sea. Buyers have been willing to pay an average price of NOK 5 million (USD 625,000) in the most popular areas.
The country’s real estate brokers’ association Eiendom Norge reported that the average seaside holiday home price on a nationwide basis was NOK 2.2 million and that some areas have seen a price rise of as much as 20 percent. There also were a total of 2,344 sales reported during the past year, up from 198 the year earlier, so brokers could note that both prices and sales rose.
Prices were highest on the island of Tjøme southwest of Oslo, where the average amounted to NOK 5.4 million. Next came Lillesand on Norway’s southern coast, with an average price of NOK 5.3 million, followed by the island of Nøtterøy, adjacent to Tjøme and just beyond Tønsberg, where prices averaged NOK 4.88 million.