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. […]

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 […]