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Housing is most expensive in Norway

A survey conducted by Nordea Bank indicates that housing costs in Norway are the highest in Scandinavia. The main reasons are low housing tax and higher salaries.

“The price per square meter in Norway is about NOK 5,000 (USD 714) more than in Sweden and Denmark,” said Steinar Juel, chief economist in Nordea, to the Norwegian television channel NRK.

According to Juel, the price for housing is in average NOK 13,500 (USD 1928) per square meter. The price in Sweden and Denmark is about NOK 8000 or 9000 (USD 1142 or 1285).

There are two factors which affects this, according to Juel. Firstly, the salary level is higher in Norway and Norwegians can therefore buy more expensive housing, and secondly, the housing tax is much lower in Norway than the other Scandinavian countries.

Juel claimed that it is possible that the Norwegian housing costs may increase even more due to the low interest rate. He estimates an increase of as much as 25-30-40 percent during the next couple of years if the interest level stays the same.

Per Eiken, head of the construction company Selmer Skanska, said Thursday afternoon to the Norwegian financial paper Dagens Næringsliv, he thinks there will be a building boom next year after the interest cut yesterday. Leif Johansen, head of Veidekke Eiendom, claims that an interest cut will prolong the positive attitude in the Norwegian housing market.

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