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New build sales and developments in Norway plummet significantly

Frazer Norwell
Frazer Norwell - [email protected]
New build sales and developments in Norway plummet significantly
The number of new builds in Norway is down significantly. Pictured is an apartment block in Norway. Photo by Meriç Dağlı on Unsplash

The number of new builds sold in Norway during the first quarter of the year is at its lowest level for over 20 years, the latest industry figures show.

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The number of new builds sold in Norway during the first quarter of the year is at its lowest level for over 20 years. March was the slowest month for the sale of new builds in Norway since records began in 1999, business news publication E24 reports.

Compared to the same month a year before, the number of new builds sold plummeted by 44 percent, figures from the Forecast Centre show.

The number of new housing building projects commencing also decreased significantly in March, down 64 percent compared to a year ago.

“Now we have a dramatic decline in sales and the start of new homes. We have not measured a weaker first quarter since we started with measurements in 1999,” Lars Jakob Hiim, managing director of the Housebuilders Association, said of the figures.

Compared to the first three quarters of 2022, housebuilding was down by 52 percent. Hiim said that interest rate increases, construction costs and economic uncertainty were behind a decline in new housing developments.

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He said that a serious pattern was developing across the country.

“There is a serious situation in the whole country, and the big engines for housing supply such as Akershus, Trøndelag, Rogaland, Hordaland and Oslo are coming to a standstill,” he said.

In the short-term, housebuilding in Norway will continue to remain at lower levels, Hiim believes.

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