How much does an apartment in Norway cost?
Most people's first step on the property ladder will be an apartment. However, rising house prices have made buying a flat in Norway increasingly difficult over the past few years.
The average home price in Norway is around 4,581,993 kroner, according to the industry organisation Real Estate Norway.
Apartments are typically cheaper than detached homes, especially in larger cities where they are more common.
Flats are around 70 square meters on average in cities and 72 square meters in the rest of the country, according to figures from the Norwegian Homeowners Association.
House prices in Norway have skyrocketed over the past five years.
Five years ago, the average cost of a property in Norway per square meter was 43,000 kroner. These days, this has risen to more than 54,000 kroner when using figures from the price index from property firm Krogsveen.
Their calculator uses figures and data from Real Estate Norway, Finn.no, and Eiendomsverdi AS.
When multiplying the square metre price of property in Norway by the average size of a flat, the average cost of an apartment in Norway would, therefore, be around 3.79 million kroner.
A quick search on property listing site Finn.no shows that thousands of properties in Norway are listed with an asking price less than this.
In Norway, you can only get a mortgage for up to 85 percent of the property's value. This means you would need a deposit of around 568,500 kroner.
READ ALSO: What foreign residents in Norway need to know to get a mortgage
If you were to borrow the maximum mortgage rate of 85 percent, or 3.2 million kroner, you would be paying between 18,000 and 19,000 kroner monthly on your mortgage over a 30-year period.
However, if you want a home closer to the average of 70 square metres, your options become more limited.
This is especially true in Oslo. This is because while the average price per square metre nationally is 54,000 kroner, its 94,171 kroner for the capital.
Therefore, when you multiply the square metre price by the average size, a home in the capital should cost around 6.59 million kroner.
With this kind of budget, there would be several hundred properties across the capital larger than 70 square meters for you to choose from. Most of these would be apartments, but it would be possible to get terraced, semi-detached and detached houses at this price point.
To get a mortgage in the capital at this price point you would need a deposit of 988,500 kroner. This equates to monthly mortgage payments of between 31,000 and 32,000 kroner when borrowing the maximum amount.
When purchasing a flat there are also other costs associated too. Plenty of apartments in Norway belong to a housing association. You typically buy into the joint debt of the housing association, and there will also be monthly fees to pay too.
READ MORE: The key things you need to know about Norwegian housing associations
The cost of buying in Norway's other big cities was mostly in line with the national average, which is undoubtedly pushed up by the prices in Oslo.
In Trondheim, the cost of property is around 55,807 kroner per sqaure metre, meaning it would cost around 3.9 million (and in many cases less) to buy a apartment in the city.
Property per square metre was actually below the average in Bergen. There, it costs 53,976 kroner per sqaure metre to get on the property ladder. In total, this means you could expect to pay 3.77 million kroner for a decently sized property.
Stavanger was considerably cheaper than the national square metre average at 45,829 kroner per sqaure metre. This meant that 3.2 million kroner could get you a property of more than 70 square meters in the city.
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The average home price in Norway is around 4,581,993 kroner, according to the industry organisation Real Estate Norway.
Apartments are typically cheaper than detached homes, especially in larger cities where they are more common.
Flats are around 70 square meters on average in cities and 72 square meters in the rest of the country, according to figures from the Norwegian Homeowners Association.
House prices in Norway have skyrocketed over the past five years.
Five years ago, the average cost of a property in Norway per square meter was 43,000 kroner. These days, this has risen to more than 54,000 kroner when using figures from the price index from property firm Krogsveen.
Their calculator uses figures and data from Real Estate Norway, Finn.no, and Eiendomsverdi AS.
When multiplying the square metre price of property in Norway by the average size of a flat, the average cost of an apartment in Norway would, therefore, be around 3.79 million kroner.
A quick search on property listing site Finn.no shows that thousands of properties in Norway are listed with an asking price less than this.
In Norway, you can only get a mortgage for up to 85 percent of the property's value. This means you would need a deposit of around 568,500 kroner.
READ ALSO: What foreign residents in Norway need to know to get a mortgage
If you were to borrow the maximum mortgage rate of 85 percent, or 3.2 million kroner, you would be paying between 18,000 and 19,000 kroner monthly on your mortgage over a 30-year period.
However, if you want a home closer to the average of 70 square metres, your options become more limited.
This is especially true in Oslo. This is because while the average price per square metre nationally is 54,000 kroner, its 94,171 kroner for the capital.
Therefore, when you multiply the square metre price by the average size, a home in the capital should cost around 6.59 million kroner.
With this kind of budget, there would be several hundred properties across the capital larger than 70 square meters for you to choose from. Most of these would be apartments, but it would be possible to get terraced, semi-detached and detached houses at this price point.
To get a mortgage in the capital at this price point you would need a deposit of 988,500 kroner. This equates to monthly mortgage payments of between 31,000 and 32,000 kroner when borrowing the maximum amount.
When purchasing a flat there are also other costs associated too. Plenty of apartments in Norway belong to a housing association. You typically buy into the joint debt of the housing association, and there will also be monthly fees to pay too.
READ MORE: The key things you need to know about Norwegian housing associations
The cost of buying in Norway's other big cities was mostly in line with the national average, which is undoubtedly pushed up by the prices in Oslo.
In Trondheim, the cost of property is around 55,807 kroner per sqaure metre, meaning it would cost around 3.9 million (and in many cases less) to buy a apartment in the city.
Property per square metre was actually below the average in Bergen. There, it costs 53,976 kroner per sqaure metre to get on the property ladder. In total, this means you could expect to pay 3.77 million kroner for a decently sized property.
Stavanger was considerably cheaper than the national square metre average at 45,829 kroner per sqaure metre. This meant that 3.2 million kroner could get you a property of more than 70 square meters in the city.
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