Oslo housing market is boiling

The housing market in the Norwegian capital is boiling. Almost 70 percent of all the homes advertised for sale in Oslo this past weekend in less than a week.

Even thought the temperature is dropping in the capital, the housing market is hotter than ever. Sales are conducted at record speed.

TV 2 Nettavisen has checked 50 objects that were advertised last week. As many as 34 housing objects were sold within a week.

It is particularly the housing sales in the lower prices groups that increase the average speed of sales. All the objects priced at less than NOK 1 million (USD 145,000) were sold within three days.

«The good sale of small apartments is connected with the fact that many students move in to the cities around the beginning of the school year,» stated Finn Tveter, director of the Norwegian Association of Real Estate Agents (NEF), to TV 2 Nettavisen. «The pressure from these people comes in addition to the pressure that exists in this price group already.»

The students compete with the divorced and people who are buying a home for the first time.

The great interest for the housing in the lower price segment presses the prices up and the objects are sold for several thousands over the appraised value.

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