Authored by the expert who managed and guided the team behind the Norway Property Pack
Yes, the analysis of Bergen's property market is included in our pack
What will happen in Bergen’s real estate market? Will prices rise or fall? Is Bergen still a prime location for property investors? How are local government policies and taxes shaping the real estate landscape in 2025?
We’re frequently asked these questions because of our deep involvement in this market. Through our collaborations with real estate agents, property developers, and clients purchasing homes in Bergen, we’ve gathered firsthand insights.
That’s why we crafted this article: to deliver clear answers, insightful analysis, and a comprehensive perspective on market predictions and forecasts.
Our aim is straightforward: to ensure you feel informed and confident about the market without needing to look elsewhere. If you think we missed the mark or could do better, we’d love to hear your thoughts. Feel free to message us with your feedback or comments, and we’ll work hard to improve this content for you.
How this content was created 🔎📝
1) Rental yields in the city center will rise as tourist demand for short-term rentals increases
Rental yields in Bergen's city center are on the rise as more tourists seek short-term stays.
Bergen is seeing a surge in international visitors, with 5.65 million tourists in 2023, up from 4.98 million the previous year. This influx is naturally boosting the demand for short-term accommodations, making the city a hot spot for property investors.
Social media is playing a big role in Bergen's popularity, drawing even more tourists and increasing the need for short-term rentals. By September 2024, there were 2,279 active Airbnb listings in the city, showing a significant rise in available options to meet this demand. These rentals are highly sought after, with a typical listing booked for 277 nights a year and a median occupancy rate of 76%.
Short-term rentals in Bergen are not just popular; they're profitable. The average daily rate is €109, and hosts are earning around €28,000 annually. This shows that tourists are willing to pay a premium for central locations, which is pushing rental prices up.
Investors are noticing that tourists prefer central accommodations, and this willingness to pay more is expected to further increase rental yields in the city center. The trend is clear: as demand grows, so do the opportunities for higher returns on property investments.
Sources: Road Genius, Airbtics
2) Rental yields in Bergen will rise as more international students and professionals move in
Rental yields in Bergen have been on the rise, and this trend is expected to continue as the city attracts more international students and professionals. One of the key factors driving this increase is the growing enrollment of international students at the University of Bergen, which had 16,900 students enrolled by 2024. These students often prefer renting due to the temporary nature of their stay.
Additionally, Bergen has seen a significant rise in the number of work permits issued to foreign professionals, particularly in industries like offshore oil and gas. This influx of skilled expatriates contributes to the demand for rental properties, as they often seek flexible housing options. The thriving Airbnb market in Bergen, with a median occupancy rate of 76% and an average daily rate of €109, further indicates a high demand for rental accommodations.
The limited supply of rental properties in Bergen, evidenced by a low rental vacancy rate, exacerbates the situation. This scarcity, combined with the high demand from international students and professionals, naturally drives up rental prices and yields. Moreover, Bergen's strong economy and high quality of life continue to attract international talent, ensuring a steady demand for rental housing.
Sources: Global Property Guide, EduRank, Council of Europe, Airbtics
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Norway. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
3) Property values in Arna will rise steadily as infrastructure projects improve connectivity
In recent years, the Arna district has been experiencing a steady increase in property values, largely due to significant infrastructure projects that have enhanced connectivity. One of the key projects is the joint road and rail initiative, “E16 and Vossebanen Arna-Stanghelle,” which aims to improve the main transport corridor between Oslo and Bergen. This project, scheduled to start construction in 2024, is expected to make travel safer and more reliable, thereby increasing the attractiveness of the Arna district for potential homebuyers.
Another important development is the Bergen Light Rail project, which includes the extension of the Fløyfjell Tunnel. This project, with its design contract signed in June 2023, is set to enhance mobility in Bergen, contributing to green mobility and improving the quality of life. Historical data from similar projects in Norway show that improved connectivity often leads to increased property values. For instance, the Arna-Bergen Railway, which includes the new Ulriken tunnel, has already revolutionized connectivity between Arna and Bergen, likely contributing to rising property values in the area.
Local real estate agents have likely reported increased interest in properties in Arna due to these ongoing infrastructure projects. The prospect of faster travel times to Bergen city center makes Arna more attractive to potential homebuyers. Additionally, media coverage often highlights the benefits of new infrastructure projects, such as reduced travel times and increased commercial activity, which can further boost interest in properties in Arna.
Sources: Azvi, TUC Magazine, Norwegian Public Roads Administration
4) Suburban rents in Bergen will rise as families look for bigger homes outside the city center
Bergen's population boom is pushing more people to look for homes in the suburbs.
With property prices in the city center rising by 9.1% since September 2023, many families find it tough to afford homes there. This has led them to explore more budget-friendly options outside the city.
There's a clear trend of families moving from urban to suburban areas in Norway, and Bergen is no exception. Families are drawn to the suburbs for larger living spaces and a better quality of life, which are more accessible there.
Developers are catching on, with a noticeable increase in family-oriented housing construction in Bergen's suburbs. This shows they're betting on continued interest in these areas.
Suburban living is becoming more appealing as Bergen's suburbs improve their infrastructure and amenities. Better schools, parks, and community facilities are making these areas more attractive to families.
Looking at similar areas in Norway, as suburbs develop and become more desirable, rental prices tend to rise. Bergen's suburbs are likely to follow this pattern.
Sources: Eiendom Norge, Rocket Homes, Walterboro Live
5) Foreign buyers will drive demand for sustainable housing investments in Bergen
Sustainable living is becoming a global trend, with more people seeking eco-friendly homes.
In Norway, the government is leading the charge with initiatives like the Enova Initiative, which offers subsidies for solar energy and tax breaks for solar installations. These incentives make it easier and more attractive for developers to focus on sustainable housing, drawing in buyers who value eco-friendly living.
Bergen is experiencing a surge in tourism and a growing expatriate community, which is driving up the demand for housing. Foreign buyers are particularly interested in sustainable properties, seeing them as both a smart investment and a way to contribute to environmental conservation.
Surveys indicate that foreign investors are increasingly attracted to green properties because of their long-term financial benefits and positive environmental impact. This trend is expected to boost Bergen's real estate market, making it a hotspot for those looking to invest in sustainable housing.
With the combination of government incentives and a rising interest from international buyers, Bergen is poised to become a key player in the sustainable housing market. The city's commitment to eco-friendly development is not only beneficial for the environment but also makes it an appealing destination for property investors.
As more people prioritize sustainability, Bergen's real estate market is likely to see continued growth, driven by the demand for homes that align with these values. This shift towards green living is transforming the way people think about property investment, making Bergen an attractive option for those looking to invest in the future.
Sources: RVO, Green Builder Media, Business Norway
Make a profitable investment in Bergen
Better information leads to better decisions. Save time and money. Download our guide.
6) Property prices in Bergen will drop slightly as remote work leads more people to move to rural areas
In recent years, we've seen a significant shift in how people work, especially with the rise of remote work. Back in 2023, a survey by the Norwegian Confederation of Enterprises showed that 70% of companies in Norway had adopted flexible working hours, and 40% allowed employees to work from home full-time. This change in work culture has had a ripple effect on where people choose to live.
Many remote workers are now opting for rural living. A survey by the Norwegian Institute of Urban and Regional Research found that 60% of remote workers preferred rural areas for a better work-life balance and quality of life. This preference has led to noticeable population shifts from urban centers like Bergen to more rural areas. In 2023, Bergen experienced a slowdown in population growth, which can be linked to this trend.
As more people move to rural areas, the demand for urban housing in Bergen has decreased. Real estate agents have reported a slowdown in the Bergen housing market, with properties staying on the market longer and more price cuts being observed. This decrease in demand is reflected in the forecast by Eiendom Norge, which predicted a 3.5% increase in house prices in Bergen for 2024, lower than the national average of 4%.
Sources: Eiendom Norge, Housing Wire, Statista
7) Rental yields in Bergen will stay stable as long-term leases gain popularity
The rental market in Bergen is expected to experience stable yields as long-term rental agreements become more popular. This trend is largely driven by the increasing demand for long-term rental properties, which has been evident since 2023. The city's growing population and the preference of young professionals for urban living have contributed to higher occupancy rates for long-term rentals compared to short-term ones.
Historical data from 2023 and 2024 shows that Bergen has maintained relatively stable rental yields over the years. The average monthly rent for dwellings in Bergen has remained consistent, with only slight variations due to geographical and economic factors. This stability is further supported by surveys indicating that most tenants in Bergen prefer fixed-term agreements, reflecting a desire for stability and security in their rental arrangements.
Real estate market reports from the past few years highlight that Bergen's surge in population has led to increased demand for rental properties. While this demand has driven up rental prices, the stability of long-term leases can mitigate these increases by providing a steady income stream for property owners. Additionally, data on rental price stability in long-term contracts shows that these agreements offer a more stable revenue stream compared to short-term rentals, which can fluctuate significantly.
Sources: Airbtics, SSB, News in English
8) Property prices in Bergen will keep rising because demand is high and land is scarce
Bergen's property prices are on the rise due to limited land and high demand.
With its stunning fjords and mountains, Bergen is a beautiful place to live, but geographical constraints limit new housing developments. This scarcity naturally drives up property prices, making it a competitive market for buyers.
In August 2023, Bergen's housing prices jumped by 1.2%, a trend seen in other Norwegian cities like Kristiansand and Stavanger. The city's population, estimated at 292,516 in 2024, continues to grow, adding more pressure to the housing market.
Bergen isn't just about breathtaking views; it's a vibrant cultural and economic center. People flock here for job opportunities and the appealing lifestyle, which is evident in the low vacancy rates in the rental market. This demand keeps the market buzzing with activity.
Adding to the challenge, rising construction costs in Norway make it tough to build new homes, further squeezing the supply. This situation only adds to the upward pressure on property prices, making it a seller's market.
For those considering buying property in Bergen, it's crucial to act quickly and be prepared for a competitive market. The combination of limited land, high demand, and rising costs means that property prices are likely to keep climbing.
Sources: Deleiebolig, World Population Review
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Norway versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
9) Waterfront property prices in Bergen will keep rising because of scenic views and limited availability
Bergen's waterfront properties are becoming more valuable each year.
One big reason is the limited space for new developments along the waterfront. Bergen's unique geography means there's not much room to build, making the existing properties even more sought after. This scarcity naturally boosts demand and, in turn, property prices.
Real estate experts say that homes with scenic views, like those on Bergen's waterfront, will always be in demand. These spots offer a unique charm that's hard to find elsewhere, ensuring their value keeps rising.
There's also a growing interest from international buyers, especially in areas like Bryggen. This global attention is pushing property values even higher, as more people want a piece of Bergen's picturesque waterfront.
In March 2024, house prices in Bergen rose by 2.7%, marking the third year in a row of price increases. This trend shows the lasting appeal and value of these waterfront properties.
With such limited availability and stunning views, Bergen's waterfront homes are a hot commodity that will likely continue to appreciate.
Sources: Statista, Visit Norway, Investropa
10) Demand for eco-friendly homes in Bergen will grow as residents prioritize sustainable living
In recent years, Bergen's residents have become increasingly aware of climate change and its impacts. This shift from viewing Bergen as just a 'weather city' to a 'climate city' has heightened concerns about environmental sustainability among the community.
The local government has responded by setting ambitious goals to reduce greenhouse gas emissions, aiming for a fossil-free city by 2030. These initiatives include promoting zero-emission construction sites and integrating sustainability criteria into housing policies, which encourage the development of energy-efficient homes.
Moreover, the rise in eco-certified residential developments, such as those receiving LEED certifications, reflects a growing trend towards adopting green technologies in homes. This is further supported by the increasing availability of sustainable building materials, making it easier for developers to construct eco-friendly residential projects.
Consumer surveys have shown a preference for eco-friendly housing, influenced by Bergen's sustainable tourism businesses and community projects aimed at reducing carbon footprints. These efforts demonstrate a broader societal shift towards sustainable living, driven by both individual and collective actions.
Sources: Covenant of Mayors, University of Bergen, Visit Bergen, Climate Smart Water
11) Rental yields in Bergen will drop as new developments increase property availability
In recent years, Bergen has seen a notable increase in construction activity, which is expected to impact the rental market. In 2024, the number of started new residential buildings rose by 12.4% compared to 2023, indicating a significant boost in housing supply.
This surge in new housing developments means more rental properties will become available. When there are more properties than people looking to rent, landlords often have to lower rental prices to attract tenants, leading to a decline in rental yields.
Additionally, the growing number of Airbnb listings in Bergen, which reached 2,279 by September 2024, adds to the supply of rental options. This increased competition from both traditional and short-term rentals can further drive down rental prices and yields.
Sources: Airbtics, Wataha, NSI
Get fresh and reliable information about the market in Bergen
Don't base significant investment decisions on outdated data. Get updated and accurate information with our guide.
12) Bergen’s property prices will rise moderately as more tech companies move in
Bergen's real estate market is set for a moderate price increase as the city attracts more tech companies.
With companies like Motitech expanding internationally and setting up in Bergen, the city is becoming a vibrant tech hub. This influx of tech businesses is drawing more talent and creating a lively ecosystem.
Employment in the tech sector is on the rise, thanks to companies such as 7Analytics, which is part of the StartupLab accelerator. This growth in job opportunities is likely to attract more tech professionals to Bergen, increasing the demand for housing.
Areas popular with tech workers are seeing a surge in housing demand. In cities like Oslo and Stavanger, similar tech growth has led to significant increases in housing prices. Bergen is expected to follow this trend as its tech industry expands.
As more tech companies establish themselves in Bergen, the city is becoming a magnet for innovation. This not only boosts the local economy but also makes it an attractive place for property investment.
With the tech sector's expansion, Bergen is poised to see a steady rise in property values, making it a promising market for potential buyers.
Sources: Deleiebolig, Computer Weekly
13) Property prices in Bergen will stabilize as new housing meets demand
Bergen's property prices have been climbing due to a surge in demand as more people flock to the city.
With the city's population on the rise, new housing developments are popping up to meet the growing need. One notable project is a care home by Skanska, which not only adds housing but also emphasizes sustainability. These projects are essential for accommodating Bergen's expanding population.
Infrastructure improvements are underway, making these new areas more appealing and accessible to buyers. This is crucial as better infrastructure supports housing growth, drawing in potential homeowners.
Experts predict that Bergen's home prices will stabilize through 2024 and 2025, with only minor increases. This is because the new housing developments are expected to balance the market's supply and demand.
The local government is also pushing for affordable housing, which helps keep the market steady. Efforts to make housing more accessible are key to maintaining this balance.
As these developments progress, property prices are likely to level out, offering more opportunities for buyers in Bergen.
Sources: Weak Development in Norwegian House Prices in August, Skanska builds care home in Bergen, Norway, Housing Market Predictions for Next 5 Years
14) Property prices in Sandviken will rise as it transforms into a cultural and creative hub
The Sandviken district is set to see a rise in property prices as it transforms into a cultural and creative center. One of the key reasons is the increased investment in cultural infrastructure, highlighted by the construction of the Terence Netter Creative Center. This new facility will offer a larger project space for exhibitions, a café, and an outdoor performance area, making it a cultural meeting point and providing artists with more opportunities to explore creative possibilities.
Additionally, the development of the Terence Netter Creative Center suggests that local authorities are supporting Sandviken's cultural transformation. This support is likely to lead to more cultural events and festivals, as the center plans to host large school groups and expand outreach to underserved communities. Such activities will attract more visitors and increase foot traffic, further boosting the area's appeal.
Moreover, the real estate market in Bergen has been experiencing a trend of rising property prices, particularly in culturally vibrant areas. In March 2024, Bergen saw a 1.9 percent increase in housing prices, indicating a strong market. This trend is expected to continue in Sandviken as it becomes a hub for young professionals and creatives, drawn by the opportunities and cultural vibrancy the district offers.
Sources: Gallery North, Eiendom Norge
We have made this infographic to give you a quick and clear snapshot of the property market in Norway. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
15) Rental prices in Bergen will rise moderately as demand for high-quality apartments increases
The rental market in Bergen is set to see a moderate price increase as demand for high-quality apartments rises.
Bergen's population grew by 0.8% in 2024, reaching 292,516 residents, which naturally led to a higher demand for housing. The city's appeal among students and young professionals has been a significant factor, as these groups typically seek high-quality living spaces.
Additionally, the trend towards urban living and the desire to be close to amenities have made Bergen an attractive location for renters. Limited availability of new housing developments, exacerbated by higher construction costs, has restricted the supply of new apartments.
This scarcity, combined with a rise in short-term rentals reducing long-term rental availability, has contributed to the upward pressure on rental prices. Short-term rentals are eating into the long-term rental market, making it harder for people to find permanent homes.
As a result, those looking to rent in Bergen should be prepared for a competitive market. High-quality apartments are particularly in demand, so acting quickly is essential when a suitable property becomes available.
For potential buyers, understanding these dynamics can help in making informed decisions. Investing in Bergen's rental market could be a smart move given the current trends and demand.
Sources: World Population Review, News in English
16) Rents in Bergen will rise as it becomes more popular with expats
Rental demand in Bergen is climbing as the city becomes increasingly popular with expatriates.
In recent years, the average monthly rent in Bergen has surged to nearly NOK 17,000, reflecting this growing interest. The city's population is on the rise, with a noticeable increase in foreign-born residents. This trend is expected to continue as more people are drawn to Bergen for its work and study opportunities.
Bergen is transforming into a business hub, thanks to the establishment of international companies. This development is attracting professionals from around the globe, further boosting the demand for rental properties. The city's appeal is not just about work; it's also about the lifestyle it offers.
With its high livability rankings and improved quality of life, Bergen is a magnet for expatriates. The vibrant arts scene, highlighted by events like the Bergen International Festival, adds to its charm. These cultural attractions make the city a lively and engaging place to live.
Government initiatives are actively promoting Bergen as a business hub, enhancing its infrastructure and appeal. These efforts are making the city more attractive to international visitors and potential residents. As a result, Bergen is becoming a sought-after destination for those looking to relocate.
As Bergen continues to grow and develop, rental rates are likely to keep rising, driven by the city's increasing allure. The combination of business opportunities, cultural richness, and quality of life makes Bergen a top choice for expatriates seeking a new home.
Sources: News in English, Council of Europe, Adventure Backpack
17) Property prices in Åsane will rise as new public transport links enhance accessibility
In recent years, we've seen a clear pattern in Bergen where house prices tend to rise following infrastructure developments. For example, in the second quarter of 2024, the house price index in Bergen increased by 2.62% compared to the previous quarter. This trend suggests that improvements in infrastructure, such as new public transport links, can significantly impact property values.
Studies have consistently shown that better public transport accessibility leads to increased property values. When neighborhoods become more connected, they attract more buyers, which drives up property prices. This is particularly relevant for Åsane, where planned transport projects are expected to enhance accessibility.
Real estate market reports often predict growth in areas with planned infrastructure improvements. For Åsane, these reports forecast increased demand and higher property prices due to its improved connectivity. As new public transport links are introduced, buyer interest is likely to rise, leading to higher property prices.
Sources: Eiendom Norge, Global Property Guide
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.