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 […]

Tycoon wants to take over Oslo tower

Tryvanns Tower still literally towers over Oslo, but it’s been closed and abandoned for the past two years. Now local real estate tycoon Christian Ringnes wants to buy it from the city, and has big plans for a major renovation. “Tryvanns Tower is one of my childhood icons,” Ringnes told Norwegian Broadcasting (NRK). “I want […]

Røkke’s tower can’t save the seas

Norwegian industrialist Kjell Inge Røkke has been met with thumbs down from political leaders in the Oslo suburb of Bærum, who refused to approve his plan for a skyscraper at Fornebu. Now Røkke may take his plan elsewhere, or even out of Norway. The building plans unveiled last year in the presence of Prime Minister […]

Housing prices rose again, sales brisk

January turned out to be anything but a slow month in Norway’s housing market. Prices rose, and the number of homes sold broke a new record. Numbers released this week by the brokers’ association Eiendom Norge showed prices up an average of 3.6 percent over January of 2018. That was described as “moderate” compared to […]

Housing prices rise in line with salaries

Year-end figures showed that housing prices in Norway rose an average of 2.8 percent in 2018, in line with average wage growth. The figures from the real estate association Eiendom Norge also showed that the total number of homes sold was higher than in the record year of 2015. Brokers think the real estate market […]

Prospects bright for Norway’s economy

Norwegian economists agree that New Year prospects are bright for the country’s economy in 2019. They predict economic growth of 2 percent, low interest rates, lots of activity in the oil and oil service sectors and even a “perfect” real estate market. “Oil investments will shoot up, and that yields positive impulses for the rest […]

Housing prices keep sliding

Norway’s real estate brokers’ organization (Eiendom Norge) reported another price decline in the housing market on Wednesday, with figures showing prices to be down another 1.5 percent on average in November. It was even weaker than normal for the month, but widely viewed as another correction after years of price hikes. The brokers stressed 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 […]

Giant skyscraper plan meets fury

Local opposition is strong to wealthy Norwegian industrialist Kjell Inge Røkke’s plans to build a skyscraper at Fornebu in Bærum, west of Oslo. Residents literally in the shadow of the 60-story building are already calling it Norway’s version of Trump Tower. “We are outraged over these plans,” Anne Greve, deputy leader of an organization representing […]

DNB raises its mortage rates

Norway’s biggest bank, DNB, didn’t waste any time in raising interest rates on its home loans. It became the first Norwegian bank on Friday to warn customers that rates would rise by a quarter-point from November 4. DNB’s increase comes just a day after Norway’s central bank announced the same increase in its key policy rate. […]