Country: Norway
4. Property in Norway Sales in Norway have nosedived over the past year or so, as residential values have cooled.
However, the Norwegian property market downturn, which has not been anywhere near as severe as in other neighbouring countries, appears to have already bottomed out, and looks ready to lead the Scandinavian property market recovery.
The key to the Norwegian property market is the strength of the country’s economy, which has made it one of the wealthiest in the world, while new housing output has dropped below average, which could fall short of demand next year.
Norway is rich in both gas and oil and this helps to support the country’s economy and ensure that its currency also stays strong – both alluring to property investors.
The country’s population is estimated to increase by 23% - approximately one million people – over the next 40 years, which should make sure that long-term residential demand is robust.
Another positive is the fact that unemployment is extremely low – approximately 3% - compared to its European counterparts.
Almost half of the Norwegian population resides in the counties of Oslo, Rogaland, Akershus and Hordaland, and so this is where property investors should focus their attentions. Property prices in these places remain relatively cheap compared to wages in Norway.
See Also: Marc Da-Silva, Norway
