Norway’s housing rose 42 per cent year on year in January

Norway’s housing rose 42 per cent year on year in January
16/02/2017 , by , in INTERNATIONAL

The sale of new Norwegian homes rose by 12 percent year-on-year in January, while housing starts increased by 42 percent, the Norwegian Home Builders’ Association (NHBA) said.

Rising demand has propelled the price of existing homes to record highs and has spurred a boom in construction, with a recent forecast predicting housing starts will hit a four-decades high in 2017.

“Barring unforeseen circumstances, the extremely strong sales will translate into very positive housing starts,” Chief Executive Per Jaeger of the NHBA told.

Despite the boom, the capital region is still unable to meet the demand for housing, Jaeger said.

“There’s an upwards trend on housing starts, but Oslo has a need for even stronger growth. That’s our challenge,” he added.

In December, homes sales rose by 26 % from the same month of 2015, while housing starts rose 1 %.

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