‘Culture of fear’ prompts new city probe

Oslo’s Labour Party-led government has another problem on its hands, following complaints of a “culture of fear” within the city’s planning and building agency (Plan- og bygningsetaten). The city politician in charge has felt compelled to order an external probe. Hanne Marcussen of the city government said she ordered the probe following “serious claims” that […]

Housing prices are down nationwide

Average prices of both new and used homes fell in Norway last month, another sign that the country’s once-red-hot residential real estate market has cooled off. While many cite a better balance between supply and demand, it’s not good news for builders of all the housing projects now underway. “It seems like there’s been a […]

Oslo blasted over its housing scandal

A new 600-page report by auditing firm Deloitte confirms what can only be described as the City of Oslo’s utter lack of control over a major public housing project. Deloitte has determined that the city paid as much as NOK 115 million too much for residential units in the scandal within its housing agency known […]

State builds more student housing

Norway’s education ministry announced that it will soon break ground for construction of 2,188 new student housing units, to be built in 14 Norwegian cities. The goal is to be able to offer housing to at least 20 percent of the country’s college and university students. “More student housing ensures a reasonable and predictable offer […]

Record home sales, but prices stable

Record numbers of homes were sold in Norway in June, but prices were relatively stable compared to both last year and to the month of May. Housing prices in Oslo, which has long topped price growth lists, seem to have flattened out. “We have unchanged prices when we correct them for seasonal variation,” said Christian […]

Jensen keeps mortgage rules strict

Finance Minister Siv Jensen has decided to extend some strict mortgage rules imposed last year on capital requirements and fewer tax breaks for investors. The goal is to keep speculators from driving up real estate prices in an already hot housing market. Analyses from financial authorities and the central bank show that the rules imposed […]

Oslo still expensive in world rankings

The latest survey of the world’s most expensive cities for companies sending employees abroad places Oslo in ninth place, and Stavanger in 12th. Copenhagen was the only other Scandinavian city to hit the list of the 20 most expensive cities in which to live. The survey, compiled by consulting and advisory firm ECA International, calculates […]

Hot housing market still scares experts

Norway’s high and still-rising housing prices have prompted the International Monetary Fund (IMF) to warn Finance Minister Siv Jensen against loosening up the financing rules she tightened less than two years ago. Local economists and even real estate brokers also think capital requirements need to remain strict. An IMF delegation was in Norway this week […]

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 […]

No rise in interest rates, for now

Norwegians with big mortgages could breathe another sigh of relief on Thursday, after the country‘s central bank board refrained once again from raising interest rates. Rates are still expected to rise later this year, but Norges Bank’s Executive Board decided to keep its key policy rate at 0.50 percent unchanged for now. “The outlook and […]