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Thursday, July 18, 2024

Housing prices back on the rise

Housing prices have recorded their strongest growth for the month of April in 10 years, rising an average 1.8 percent over March nationwide. Sale price growth was highest in Bergen, up 2.8 percent, followed by Oslo, up 2.4 percent.

Prices are up by 8 percent so far this year in Oslo, a level that Christian Dreyer of the national real estate organization Eiendom Norge thinks is so high that it can be “unhealthy” for the market. He noted that a lot of property is for sale around the country, which he thinks will lead to more moderate price development than in Oslo.

Carl O Geving of the national real estate brokers’ federation (Norges Eiendomsmeglerforbund) said the market seems to have stabilized after declines following the oil price collapse in 2014 that led to lower prices most everywhere except Oslo.

“Consumers’ expectations are now positive, there’s a lot of activity and supply is meeting demand,” Geving told state broadcaster NRK. “The pendulum is swinging back after the price correction in 2017.” He thinks an expected rise in interest rates later this year, more newly built homes on the market and stricter lending regulations will “balance” price development, also in pressured markets like Oslo. staff 



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