the Government pays for research on housing
Norwegian Minister of Finance, Siv Jensen (Progress Party), believes that many speculate and have ideas surrounding Norwegian housing prices. The Norwegian Government now finances a Housing Research Centre.
– Many of those who participate in the housing debate have ideas and speculate a lot on what will happen to prices on housing, turnover, whether more housing is needed and the like, says Jensen to Dagens Næringsliv.
On Friday she opened a Research Centre at the Oslo Met University, which will scrutinize the housing market and, as is the hope of the Norwegian Government, will anticipate changes that may come.
The Government initiative entails a grant of NOK 4.5 million a year for three years, with the possibility of extension for up to five years. Ergo, support in the order of NOK 36 million in total. The centre will be launched effective immediate and will be a collaboration between the Oslo Metropolitan University (Oslo Met) and two private actors, Property Value (Eiendomsverdi) and Socioeconomic Analysis (Samfunnsøkonomisk analyse).
– The housing market is a very big and important market and we have little empirical and research to lean on when trying to look into the crystal ball to assess the challenges that we face. It turns out that much of what is said regarding the short-term perspective. This may not exactly match what actually happens, the Norwegian Minister of Finance explains to the newspaper.
Research Manager in Property Value, Erling Røed Larsen, leads the centre. He says it is important for society to understand the housing market. This is where most Norwegian households invest the lions share of their capital, after all.
Will educate experts
– We need more research to get a better understanding of what affects and operates the Norwegian housing market. – This centre will gather and build a solid and heavy professional environment. This environment will contribute to quality-controlled knowledge of the housing market, Røed Larsen explains in a statement from Oslo Met.
The Research Manager maintain that research-based knowledge about the housing market can help prevent households from taking a too high risk. Furthermore, he believes the same knowledge can be used by the Norwegian authorities to stimulate a sustainable housing market.
– The centre will also help educate housing experts and residential economists at all levels from bachelor studies to doctoral studies, the University emphasises in the press statement.
© NTB scanpix / #Norway Today