Wednesday, January 19

Prices for Obos homes continue to fall in Oslo

The housing developer’s prices have risen 4.3 per cent in the last 12 months, but from November to December prices fell 0.8 per cent.

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– This is as expected, house prices tend to fall in December, says chief economist Sissel Monsvold in Obos in the press release.

Prices for Obos’ second-hand homes fell 0.8 per cent in Oslo in December, and down 2.1 per cent throughout the country.

In the last twelve months, the prices of Obos homes in Oslo have risen 4.3 percent, while in the rest of the country they have risen 3.6 percent, according to the press release.

– The housing market seems to be in good balance and activity remains high, this applies to both used and new homes, Monsvold says in the report, and points out that new home sales picked up in the latter part of December.

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In Oslo, fewer used Obos homes were sold in December 2021, compared with the same time in 2020.

– Compared with December the last five years, activity was high. In Oslo, it was 16 percent above the average for the period, Obos writes in the report.

Had expected reaction in December

The broker managers in DNB Eiendom and Privatmegleren have previously said that there was high activity for them in December.

– November was an extremely strong month, so I thought we would get a reaction in December, but on the contrary, said Grethe Meier, CEO of Privatmegleren to E24 on Sunday.

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In November, Eiendom Norge also reported high sales figures. More than 8,500 homes were sold, up more than 5 percent compared to the same month in 2020.

– A very strong volume, and a very large assurance that we will get that year throughout history with the largest sales figures, said CEO Henning Lauridsen, after the November figures were presented.

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The Obos statistics cover approximately 25 per cent of the second-hand market in Oslo. The capital had the largest November fall in Obos prices in 12 years in November.

Prices then fell by 1.7 per cent in Oslo, and 1.4 per cent for the whole country as a whole. In the same month, Eiendom Norge’s statistics showed that house prices fell by 0.6 per cent for the whole country.

Expects price growth of around 3 percent

For the time being, Monsvold in Obos expects a “cautious price increase” of around 3 percent.

– Low unemployment and prospects for higher wage growth may counteract a larger fall in prices as a result of higher interest rates. Although closures for infection control reasons may lead to a temporary increase in unemployment in some sectors, there is a need for a labor market with many vacancies and higher wage growth, she explains.

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Eiendom Norge has previously stated that they expect house price growth of 4 per cent, while Norges Bank raised its estimate to 2.8 per cent in December.

Reference-www.aftenposten.no

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