Apartment rentals in Norway are getting more expensive

Apartment rentals in Norway are getting more expensive
Apartment rentals in Norway are getting more expensive
The cost of apartment rentals in Norway in the first quarter of 2012 increased by 0.8% compared to the same period of 2011. These data were presented in the study of the rental market of this Scandinavian country, conducted by Statistics Norway.

The most expensive city of the country by rental prices is Oslo. In the capital of Norway the average cost of renting an apartment was about 8900 Norwegian kroner (about $1490) for square meter per year.

The highest growth in rental prices in Norway was among the two-bedroom apartments. Here the cost of housing increased by 1.1%. The lowest growth was recorded in a segment of one-bedroom apartments.

Average apartment rental price (for one sq m. per year) in Norway in the 1st quarter of 2012 for each segment:
1-bedroom apartment: 2027 NOK
2-bedroom apartment: 1399 NOK
3-bedroom apartment: 1157 NOK
4-bedroom apartment: 952 NOK
5-bedroom apartment: 843 NOK

Currently the market of property rental in Norway is one of the most expensive in Europe. At the same time Norway is among the most popular real estate markets in the world. According to the Global Real Estate study, conducted by the Knight Frank agency, this country holds the eighth place in the world by the level of real estate prices. Property prices in Norway for the last five years have increased by 28.7%. According to this indicator, Norway stands in line with Canada and ahead of Switzerland.

As for short-term rental, prices for tourist accommodation and booking of real estate in Norway for holidays are available on cottages-for-holidays.com. At present the database includes more than 3000 online booking offers in Norway.

Ilya Kalachev

Date: 15/05/2012

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