Corona failed to hit housing prices

There was no sign of Corona gloom and doom when Norway’s national real estate federation released monthly housing sales statistics on Wednesday. Average prices were actually higher than April last year, but it did take longer to sell. Sales tempo “was a bit weaker than a normal April,” said the chief executive of Eiendom Norge, […]

Housing sales fell but prices stable

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 […]

Residential high-rise evacuated

More than 90 residents of a high-rise residence in Oslo, in which they shared bathroom and laundry room facilities, were evacuated on Sunday after one resident tested positive for the Corona virus. Nearly all residents of the apartment building in the Teisen district of Oslo were moved to a hotel in the downtown area. The […]

Household debt continues to rise

Norway’s financial authority (Finanstilsynet) is worried about new figures showing how Norwegians’ household debt remains high and keeps rising. The most vulnerable are both young first-time home buyers with large mortgages and senior citizens who’ve borrowed against their equity. The annual figures released by the regulators now show total debt as a portion of gross […]

Housing market keeps cooling off

Housing prices have tumbled again on a monthly basis, and are now just 2.4 percent higher than they were at this time last year. It’s also taking longer for homes to sell, leading real estate analysts to believe that the market is cooling down. That’s actually been a political goal, after years of ever-rising prices […]

Oslo set to refund some property tax

The City of Oslo, which lost a key portion of a lawsuit filed by more than 1,000 property tax payers, is now poised to refund NOK 388 million to 55,000 of its residents. Officials promise no city services will be cut in return. The Labour Party-led city government in Oslo was simply too quick to […]

Housing prices slid but market still strong

Prices for residential property in Norway were down an average 1.1 percent in July, but economists don’t see any negative trend. Prices rose in Oslo, Bergen and in Western Norway as a whole. “We were prepared for weaker residential price development in July,” Marius Gonsholt Hov, senior economist for Handelsbanken Capital Markets, told newspaper Dagens […]

Central bank raises interest rates

Interest rates rose another quarter-point on Thursday, after Norway’s central bank decided that it was time to gently step on the country’s economic brakes. Norges Bank‘s governor, Øystein Olsen, also warned that another interest rate hike looms later this year. “Our current assessment of the outlook and balance of risks suggests that the policy rate […]

Debt adds to the oil dependency threat

NEWS ANALYSIS: Norway’s dependency on its oil and gas industry isn’t the only thing threatening the economy. After a week of falling oil prices, state financial regulators are also sounding alarms over Norwegians’ record high household debt at a time when interest rates are due to rise. “The household debt burden, measured in terms of […]

Supreme Court hears property tax case

A class action lawsuit against Oslo’s property tax system, filed on behalf of 3,400 Oslo residents, made it into the Supreme Court this week. It claims the Labour Party-led Oslo city government’s property tax is illegal because its burden isn’t equally shared. “We hope we win the court’s support for our objection in principle that […]