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 […]

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 […]

‘Hytte’ sales soar as conflicts rise

Never have so many of the once-humble Norwegian mountain cabins called a “hytte” been sold as last year, and sales during the Easter holiday week have shocked brokers. At the same time, though, conflicts are rising over everything from new developments to the high property taxes charged by the local governments where hytte communities are located. […]