The property market in Norway is controlled, steady, and distinguished by a significant level of ownership and strict standards.
The mean cost of a residence in the country is about 45,500 NOK per sq. meter, which is equivalent to about 4300 EUR. The costs vary depending on the sort of land and the location. The median cost of a home is, nevertheless, less expensive at 31500 NOK, which is equivalent to 3000 EUR. With this, a 150 square meter typical Norwegian family home costs about 4,725,000 NOK.
The costliest houses are in urban regions, and prices there have increased most dramatically over the past ten years. The countryside regions are generally far less expensive. To learn more about housing rates in Norway, keep on reading below.
Average property rates in Norway
The typical land or house in the country costs roughly 45,500 kroner per square meter. Despite being the mean, there are substantial pricing variations in different parts of the country. Additionally, there are major price disparities between multi-unit residential and houses/family residences as well as new builds costing more than older properties.
The average cost per square meter for newly constructed family residences in Norway in 2019 was 37,400kr, based on the Norwegian Department of Statistics. In 2019, the cost per square meter for family residences was 25,700kr.
In-expensive homes
The cheapest places to live are typically in rural locations, particularly those distanced from amenities and cities. Statistically speaking, there are a lot of varying ways of looking at the average price. According to 2019 data, the top 5 least expensive regions are Oppland (24,200NK), Sogn & Fjordane (25,250NK), Telemark (25500NK), Finnmark(25,550NK), and Vest Agder (26,050NK). All rates are the prices per square meter.
Expensive homes
As previously stated, there are significant pricing variations within the country. Urban locations are generally pricier. The costliest regions are Oslo (61,900NK), Akershus (43,350NK), Buskerud (33,050NK), Bestfold (32,550NK), and Hordaland (31,950NK).
Renting a property
In Norway, a large number of individuals own their residences, although renting is becoming a more common practice, particularly in urban areas.
There are significant pricing variations for rentals here. For about 100 NOK per square meter, you may rent decent homes and flats in remote regions. Prices in Oslo’s downtown districts can range from 250 to 400 NOK per square meter.
Expats buying property
In Norway, there are no limitations on expats who seek to own real estate. Most people who want to buy a house will need to loan funds from a bank. The majority of local banks demand a 15% down payment for a mortgage
Key things to remember when making a purchase
Only 80% of the price of any residential property can be borrowed from Norwegian banks as a result of a rule that was passed in 2011. Most purchasers would require NOK 840.000 in the account before asking for a mortgage since the median price of a home is NOK 4.2 million. It helps to be realistic while purchasing. Being the signee of a loan is a huge obligation that comes with regulatory and economic responsibilities.
It is wise to visit several lenders to learn about their lending rates, the maximum loan amounts, and other terms. The cost will eventually depend on the sort of property you are looking for, as well as the area. Living a little further from a city center or in a less upscale or rich neighborhood are a few simple strategies to reduce that cost. In Norway, placing a bid on a property that you cannot buy or do not have a spending plan for could result in severe financial consequences.
