Cabin prices in Norway are falling – sellers are cutting prices

Cabin - cottagePhoto: Gorm Kallestad / NTB

After several years of price growth, mountain cabin prices should drop significantly in the coming years, according to mountain cabin brokers.

The cabin prices are expected to fall due to extreme electricity costs and rising interest rates. Geilo broker Christian Haatuft told the newspaper Dagens Næringsliv that he reduced the price of a number of leisure properties in the last month.

“There is a tendency for the market to cool off in September. I am very excited about where the market is going. I don’t think prices will go up, so to speak,” Haatuft said.

By the end of next year, he expects cabin prices to be 5 to 10% lower than they were at their peak.

Real estate agent Stig Svartor at Privatmegleren Lillehammer says they are adjusting the asking price down by up to 10% on some properties now. 

This year, he expects a price drop of up to 10% compared to the peak price period during the pandemic, followed by another 5% in 2023.

The cabin report Eiendom Norge presented in June showed that mountain cabin prices have risen 13.7% in the past year.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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