Housing prices in Norway will continue to rise until 2023, analysts believe

BjørvikaPhoto: Håkon Mosvold Larsen / NTB
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Housing prices in Norway will rise by 12% over the next three years, double than what estimates from June predicted, according to analysts from Samfunnsøkonomisk Analyze.

In the wake of the corona outbreak, in June, the researchers at Samfunnsøkonomisk Analyze believed that house prices in Norway would be very low in the years ahead. 

They envisioned a moderate growth of 6.2% towards the end of 2023, according to newspaper Dagens Næringsliv.

When the institution presented its latest report on Friday, its view of the Norwegian economy seemed different. 

New forecast

In their new forecast for the next three years, analysts now believe that house prices across the country will rise by 12% on average.

“The housing market performed better than we expected when we made forecasts at the end of May. 

“After a short downturn, turnover has been high, and prices are rising,” chief economist Andreas Benedictow at Samfunnsøkonomisk Analyze told the newspaper.

The reason for the new projections? The low interest rates and the temporary relaxations in the mortgage regulations. 

According to the researchers, in Oslo, prices will rise by 18.8% during the period, who point out that Rogaland will register the lowest increase in value over the next three years, 4.9%.

© NTB Scanpix / #Norway Today

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