A Norwegian expression ’it’s lovely to be Norwegian in Denmark’ may apply more than its original intention. Flats in the Danish capital cost under half those in Norway’s.
Property prices have fallen 16 percent in wonderful Copenhagen since the end of 2007.
Statistics Norway (SSB) figures also show Oslo’s have increased by 40 percent in the same period. Sweden’s Stockholm has shown a 6-percent rise.
Whilst average kroner per square-metre prices in Stockholm are 38,200, they are 23,100 and 52,800 in Copenhagen and Oslo, respectively, Aftenposten reports, with some help from Swedbank Securities.
“Oslo’s particular situation is due to Norway’s good economy, high population growth, and a high degree of centralisation compared with Sweden and Denmark,” says Bjørn Erik Øye.
The independent market analysis company Prognosesenteret partner also explains Denmark’s and Norway’s economic developments have gone in opposite directions.
Moreover, what with over-construction pre the property bubble burst, this is “something which helps worsen [price] fall.”
“There’s high unemployment in Sweden and there’s also less immigration than to Norway. That means there’s lower pressure on housing prices,” concludes. Mr Øye.