Trått Oslo-marked: – Har vært bortskjemt i ti år

Oslo's real estate market has been underperforming compared to other major cities for the past ten years, according to property broker Jonas Ekse Hovland. Despite this, sales have still occurred, often after multiple viewings and with buyers being very selective. In August, Oslo home prices decreased by 0.8 percent since the last drop in July.

The market typically sees price increases after summer vacations, with declines usually occurring in the fall and late year. Some former rental properties have absorbed the price growth, while Norges Bank has already raised interest rates once this year, with a possible further increase in the autumn. Eiendom Norge warned that Oslo could see price drops in the single digits this year if the pattern repeats.

The last significant decrease in Oslo's prices happened in 2017, when they fell by more than 10 percent. Since 2024, changes and revisions have been made to Eiendom Norge's housing price statistics, differing from the previous figures. In 2022, there was a slight decline. Oslo property brokers describe the market as still somewhat competitive, with many listings taking longer to sell and buyers often being hesitant to make offers, leading to more selective buyers.

With many sellers waiting to sell before buying themselves, it naturally takes longer for transactions to happen. Agents advise sellers to set realistic expectations and prices, as the market is moving slower than before. Stress levels among sellers vary, with some having adjusted to the new market conditions. Recently, many buyers are entering the market, making it easier for them to find properties, potentially offering larger discounts than sellers.

None of the brokers expect a drastic change in Oslo's market situation in the near future, predicting a flat but predictable development for the next six to eight months. They believe Oslo will remain an attractive place to live, with plenty of activity in the market despite the lack of price growth. The brokers agree that Oslo will continue to be a popular place to live, with many properties moving relatively quickly.