The drop in real estate prices may be over

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The drop in real estate prices in the past years may be at an end

Big real estate broker chains are all announcing a new climate in the housing market and are experiencing a shift in the situation these past few weeks.

 

“As far as prices are concerned, our figures look as if the decline we have had in Norway has zeroed out,” says Terje Buraas, Managing Director of DNB Eiendom, to Dagens Næringsliv.

The newspaper reports that, against April, prices for the whole country are up 1.5 per cent at DNB, and for Oslo’s part, Buraas believes it is expected to be strong growth in May. Thus, prices are approaching the peak level from April 2017.

At Privatmegleren, CEO Grethe W. Meier says that there are more who come to the open houses and more people are involved in the bidding processs on many of the properties.

At Torshov in Oslo, an apartment of 57 square meters needing renovation was recently sold for NOK 3.7 million, 600,000 over the asking price.

“It was very surprising to me that it was sold at such a high price. It actually went on the market the same price as the other apartments in the area that have already been renovated,” says Lise Søraker, real estate agent in BN Bolig.

 

© NTB scanpix / #Norway Today

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