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Experts believe house prices in Oslo will continue to fall

Housing construction Ensjø - OsloPhoto: Lise Åserud / NTB

In March, Oslo house prices fell by 1.2%. Now, several experts in the industry believe that prices will fall further in April.

At the end of March, house prices in Oslo were 15.6% higher than twelve months before. It may have been the corona price peak in the housing market, newspaper Finansavisen writes.

“The market is actually quite similar to what we saw in 2017 when we had a negative development after a very strong 2016,” CEO Stian Kløfta in Krogsveen told the newspaper.

In February 2017, Oslo reached its previous peak with a twelve-month growth of 24%. From top to bottom, prices then fell by 14.5%.

In March, many were surprised that house prices in Oslo fell by 1.2%.

More bidding outside of Oslo

“I think we can see that there are places outside Oslo that get stronger price growth than the capital, percentage-wise. We now see more active bidding rounds outside Oslo than before,” Kløfta added.

Director Terje Buraas of DNB Eiendom says the fall in prices is an adjustment after a sharp development.

“Many are coming to their senses, and people understand that this (prices) can’t grow into the sky,” he said, pointing out that the small apartments, in particular, raised the price level in Oslo.

The price report for April will be available on May 5, when Eiendom Norge presents its housing price statistics.

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

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