Residential real estate activity declined sharply in the week following the government’s imposition of Corona containment measures. Numbers released last week show a 36 percent decline in sales, to 1,190, compared to the same week last year.
There was also a 9 percent decline in the number of homes put up for sale. Prices seemed to hold up, however, averaging just 1 percent below the prices set by real estate brokers.
“Even though activity has gone down compared to last year, the number of units sold is relatively large in light of the strict government measures in place,” stated Henning Lauridsen, chief executive of the national brokers’ association Eiendom Norge, in a press release. In addition to the measures that have all but shut down much of everyday life in Norway and curtailed property showings, unemployment rates are soaring.
It may take longer to sell properties, brokers warn, but banks also report that the real estate market is holding up better than expected, at least for now.