New report: Housing prices in Norway will grow by 12% in the next three years

Oslo buildingPhoto: Marius Niveri / Unsplash

Over the next three years, house price growth will amount to 12% on a national basis, analysts believe.

The figures were revealed in the latest report from Samfunnsøkonomisk analyze. 

The entire report will be presented on Friday at the housing conference of the Norwegian Real Estate Association and Selvaag Bolig, according to newspaper Dagens Næringsliv.

The last time they presented their forecasts for the Norwegian housing market, the conclusion was that inflation would be very low for several years in the wake of the pandemic. 

They envisioned a moderate growth of 6.2% until the end of 2023.

Price spike in Oslo

Prices are expected to rise most in Oslo. 

It is estimated that inflation will be 4.9% this year, and 18.8% in the 2020-2023 period.

The reason for the sharp upward adjustment in the forecast is that the Norwegian economy has gradually recovered from the corona crisis, the researchers noted in the report.

A surprising trend

The forecast in June was a fall in house prices of 0.4% this year.

Instead, house prices have risen. 

House price growth in September was the strongest in the last 14 years.

“After a short downturn, turnover has been high, and prices are rising. It is probably the combination of low rents and temporary easing in the mortgage regulations that have contributed to this,” chief economist Andreas Benedictow at Samfunnsøkonomisk analyze noted.

© NTB Scanpix / #Norway Today

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