House prices in Norway Continue to Increase

Photo : Asbjørn Floden

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According to SSB (Statistical Bureau of Norway), Prices of flats in blocks had the highest growth by 3.4 per cent.

Compared to the first quarter of 2016, the prices of small houses and detached houses have increased by 2.5 and 1.0 per cent respectively.

House prices in the regions Oslo and Bærum and Northern Norway had the highest growth in the last quarter, by 4.4 and 4.0 per cent respectively. Western Norway excluding Bergen had the largest decrease of house prices by 3.4 per cent.

Strongest price development in Oslo last year

House prices in Oslo and Bærum increased on average by 12.7 per cent from the 2nd quarter of 2015 to the 2nd quarter of 2016. In this region the prices of flats in blocks increased by 13.5 per cent. Detached houses and small houses increased by 11.8 and 11.2 per cent respectively.

Stavanger is the region with the largest price decrease since the 2nd quarter of 2015, with an average fall of 7.8 per cent. The decrease was around 8 per cent for all dwelling types.

House prices in Norway increased on average by 5.5 per cent in this period.

A total of 27 083 house sales were used in the index calculations for the 2nd quarter of 2016.

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