House prices fell by 0.5 per cent in November, figures from Eiendom Norge show. Adjusted for seasonal variations, prices rose by 0.4 per cent. So far this year, housing prices in Norway have risen by 6.3 per cent. Increase in Bergen In Bergen, prices fell by 0.4 per cent in November, but corrected for seasonal variations, prices rose by 0.8 per cent. The hot housing market especially for those who want to buy a home in Bergen. – There were a lot of people at the screening. I don’t think I have a chance, actually. First-time buyer Sunniva Bauck Dahl (27) looks around a three-room self-catering flat on Laksevåg in Bergen. – It’s the first viewing in a while where I can actually afford to buy. She is one of many who dream of buying their own home. – I try to find something that suits me, that looks good, is properly placed, and is within my budget. Sunniva Bauck Dahl Photo: Silje Rognsvåg / news Knivar on the strongest price growth Bergen had the strongest price growth in October, and took over from Stavanger as the strongest housing market. Managing director Henning Lauridsen of Eiendom Norge explained the price increase by saying that it is in Bergen that the export-oriented business world thrives, and which also pulls up an otherwise rather weak Norwegian economy in the blink of an eye. Figures for November show that housing prices in Norway fell by 0.5 per cent. Bergen and Stavanger are the cities with the highest price increases this year. 12.5 for Stavanger and the surrounding area and 12.1 per cent for Bergen since the turn of the year. There may be tension around the talk for December. – Stavanger and Bergen are vying for the strongest price growth in 2024, says Lauridsen in Eiendom Norge. Few homes on the market In Bergen it is definitely a seller’s market at the moment. The demand is far higher than the supply, says property broker Trude Gunnlaugsson at Kaland & Partners. – The market is a bit empty of houses right now. We therefore see that a great many housing estates are now going over assessment, says Gunnlaugson and add: – In particular, housing in the 3-5 million class is going over assessment. Some go well over, almost 1 million, says Gunnlaugsson. Estate agent Trude Gunnlaugsson from EiendomsMegler1 – Photo: Silje Rognsvåg / news On Tuesday evening, 20 interested parties accompanied a viewing at the apartment in Laksevåg. The apartment has a rate of just around 3 million. – There were a lot of registrations today and yesterday. Many people can afford this price range, says the broker. Sunniva Bauck Dahl checks out one of the bedrooms in the flat. Photo: Silje Rognsvåg / news I had hoped it was easier – I had hoped that the housing market would be a little easier to deal with. I thought that the market was perhaps a bit quieter than other cities, at least Oslo, says Sunniva Bauck Dahl and adds: – But it is a nice city, so I understand that many people want to live here. Despite the demanding market, she tries to stay positive. – It’s a bit awkward if you have to have parents to help. Then you don’t feel so independent. But I hope to find something, and then it will take the time it takes. NHH professor: – In the short term, those entering the housing market will win In 2025, you will need 10 and no longer 15 percent equity to buy a home. Professor Trond M. Døskeland at NHH has divided opinions about the change. – In the short term, those who are going to enter the housing market will win. When they need less equity, they will get into the housing market more easily, says Døskeland and adds: – But what one is worried about in the long term is that housing prices are already high and may increase even more. If you then get a persistently high housing interest rate, or a higher housing interest rate, there will be people who will start struggling to pay off the housing loan. The NHH professor refers to the requirement of 15 percent equity as a security. – Those who can now buy a house with only 10 percent equity will have to sell with a high interest rate or an unexpected drop in house prices and then have problems. That is why there has been a requirement of 15 per cent equity, the requirement has protected people from themselves, says Døskeland. – The banks now have an increased responsibility. It will now be more up to the banks to select those who can afford a home loan, and those who cannot. Published 04.12.2024, at 10.59 Updated 04.12.2024, at 11.26
ttn-69
Sunniva (27) will buy a house in Bergen, one of Norway’s hottest housing markets – news Vestland
