In the third quarter of 2020, more than 5,500 holiday homes were sold throughout the country, an increase of 48% cent from the same period last year.
According to Statistics Norway (SSB), the average price of the cabins was NOK 2.1 million, which is an increase of 11% from last year’s prices.
Most holiday homes were sold in Oslo and Viken and Innlandet with 1,125 and 1,101 sales, respectively.
The most expensive cabins are in Vestfold and Telemark, with an average purchase price of NOK 2.9 million, upfront.
Holiday homes in Oslo and Viken and Agder have an average purchase price of NOK 2.6 million.
Record-low interest rate
Experts believe the reason for the large spike in cabin sales in the third quarter is that many of those who have wanted a cabin in Norway have hurried up with their cabin purchase.
For example, the season for selling mountain cabins typically starts when the summer is over.
This year, mountain cabins have been sold since early summer.
“Some of those who wanted holiday homes abroad have started to look around for something here at home instead,” segment manager for cabins in DNB Eiendom, Tone Cecilie Krange, told NTB in September.
A record-low interest rate level also contributes to more cottage purchases.
© NTB Scanpix / #Norway Today