Norway’s housing market slowing
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Norway’s housing market is slowing sharply, after almost four years of house price rises. Property demand is declining and residential construction activity is falling.
During the year to end-Q3 2013, the nationwide house price index rose by 2.95%, the slowest y-o-y increase since Q3 2009, according to Statistics Norway. In inflation-adjusted terms, house prices actually dropped by 0.11% over the same period. House prices fell by 1.76% (-2.04% inflation-adjusted) in Q3 2013 from the previous quarter.
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