Real estate expert: The house price peak in Oslo is behind us

Houses - OsloPhoto: Håkon Mosvold Larsen / NTB

According to the head of the Norwegian Real Estate Association, Carl O. Geving, the price peak in the capital is now behind us. The national price peak will also be reached soon, he believes.

“After falling prices two months in a row, we note that Oslo has reached the price peak for now, and we believe that the national price peak will soon be reached,” CEO Carl O. Geving of the Norwegian Real Estate Association told newspaper Finansavisen.

On Wednesday, the monthly figures for house prices showed that the fall in prices in Oslo ended at 0.6% on a monthly basis in April. Nevertheless, prices in the capital today are 15.7% higher than a year ago.

Good news?

But falling house prices are good news, chief economist Christian Frengstad Bjerknes of the Norwegian Housing Association (NBBL) noted.

“Double-digit house price growth weakens financial stability and long-term growth potential in the Norwegian economy.

“At the same time, a class divide is created between those who own housing and those who are outside the housing market,” he added.

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

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