Housing construction is leveling off and sales of new homes are slow. Homes are being built here at Fornebu. Photo: Frederik Ringnes / NTB
New home sales in Eastern Norway have fallen by 58 per cent in two years. Now new housing projects are being put on hold.
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– This summer we saw a sharp increase in cancellations of housing projects. We have to go back to the financial crisis to find higher figures, says chief economist Andreas Benedictow in Samfunnskonoknis analysis to DN.
The decline in new home sales has been large following the pandemic.
– New home sales in Eastern Norway are down a whopping 58 per cent since August 2021 and are 56 per cent lower than the average August sales for the past ten years. That’s a big drop.
He states that the situation is even more serious in Oslo.
– New home sales in Oslo have been poor in the last two years. This means that few homes will be completed in the coming years, while many people want to live in the capital. In turn, this could lead to a significant increase in the price of housing in Oslo, he says.
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Published: 05.09.23 at 06:43
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2023-09-05 04:43:01
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