Oslo leads property price rise / News / The Foreigner

Oslo leads property price rise. August price increases were also above Norges Bank’s expectations, economists say. Property prices in capital Oslo rose by 16.3 percent year-on-year. This was up from 15.2 per cent in July. “The relative acceleration in Oslo compared to other major Norwegian cities has occurred over the past half a year. Prior to that, house price growth in Oslo since 2003 has been toward the lower end of the distribution,” commented Handelsbanken economist Halfdan Grangård.

property, prices, oil, economy, mortgages, paywall



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Oslo leads property price rise

Published on Tuesday, 6th September, 2016 at 12:16 under the news category, by Sarah Bostock and Michael Sandelson   .

August price increases were also above Norges Bank’s expectations, economists say.

House on lists
House on lists
Photo: Daft_Lion_Studio/Istockphotos


Property prices in capital Oslo rose by 16.3 percent year-on-year. This was up from 15.2 per cent in July.

“The relative acceleration in Oslo compared to other major Norwegian cities has occurred over the past half a year. Prior to that, house price growth in Oslo since 2003 has been toward the lower end of the distribution,” commented Handelsbanken economist Halfdan Grangård.

South-east Norway property prices showed the biggest increase for August. All counties have seen growth rates increase since the start of the year, however.  

On a national level, seasonally-adjusted month-on-month figures show a 1.1 per cent increase on a national level.

Real Estate Norway, the National Association for Norwegian Realtor Brokerages, also reports that this is slightly up from the 1 per cent recorded for July.

“Norwegian house prices continue to grow at a markedly higher pace than forecast by Norges Bank,” Handelsbanken’s Mr Grangård stated.

In its June Monetary Policy Report, Norway’s central bank had assumed a house price growth of 7.3 percent in Q3 2016.

 “So far in Q3, 12-month growth in house prices has, on average, been more than 1.5 percentage points higher than NB’s forecast, something that will surely concern the central bank.

Stavanger and Sandnes, two cities located in oil county Rogaland, saw respective declines of 6.2 and 4.7 per cent in the last 12 months.



Published on Tuesday, 6th September, 2016 at 12:16 under the news category, by Sarah Bostock and Michael Sandelson   .

This post has the following tags: property, prices, oil, economy, mortgages, paywall.





  
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