Authored by the expert who managed and guided the team behind the Norway Property Pack
Yes, the analysis of Oslo's property market is included in our pack
What do the latest numbers reveal about Oslo’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Oslo, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
How this content was created 🔎📝
1) Residential buildings in Oslo are on average 50 years old
Oslo boasts a remarkable number of older residential buildings, particularly those constructed before 1960.
In fact, Oslo has the highest percentage of buildings from the 1890s and the early 20th century, specifically between 1901 and 1945. This abundance of historic architecture naturally contributes to the average age of residential buildings being quite high.
Unlike Oslo, regions such as Finnmark have fewer older buildings, largely due to wartime destruction that reshaped their architectural landscape. This makes Oslo's collection of aged buildings unique in Norway.
While the exact average age of 50 years isn't explicitly confirmed, the prevalence of these older structures strongly suggests that the average age is relatively high in Oslo.
Sources: Norwegian Government, Prognosesenteret
2) Oslo's population growth of 1.2% in 2024 is driving housing demand
In 2024, Oslo's population grew by 1.2%, fueling housing demand.
During the first quarter, Oslo welcomed 2,150 new residents, pushing the population to 719,850 by March's end. By September, this number had climbed to 723,200, driven by both births and immigration.
With more people moving to or being born in Oslo, the city's housing needs naturally surged. This demand was compounded by an already tight housing market.
Oslo's property market was under pressure, with property prices in Norway rising by 0.9% in May 2024. The average time to sell a property in Oslo was just 23 days, underscoring the market's competitiveness.
Limited housing supply in Oslo has made it a seller's market, where properties are snapped up quickly. This situation is a direct result of the city's growing population and the subsequent demand for homes.
For potential buyers, understanding these dynamics is crucial, as Oslo's housing market remains highly competitive and fast-paced.
Sources: Oslo Kommune Statistics, Oslo Kommune Statistics, Deleiebolig Insights
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.
3) In Oslo, the average price per square meter for a home is 90,000 NOK
In Oslo, the average price per square meter for a home is around 90,000 NOK.
Oslo stands out with the highest average prices per square meter in Norway. According to Aparthotel.com, as of March 2024, the average price in Oslo was about 89,100 NOK per square meter. This is significantly higher than the national average of 45,500 NOK, showcasing Oslo's unique market position.
Experts foresee a substantial price increase in Oslo's housing market. Finansavisen reports that many experts predict a two-digit price growth, with prices potentially rising from 67,000 NOK to over 100,000 NOK by 2025. This trend highlights the ongoing demand and limited supply in the city.
The City of Oslo's official website confirms that housing prices in Oslo are generally high, reinforcing the idea that the average price per square meter is much higher than in other regions of Norway.
These factors collectively support the notion that Oslo's real estate market is distinct, with prices reflecting its unique demand and supply dynamics.
Sources: Aparthotel.com, Finansavisen, City of Oslo
4) Oslo's average mortgage interest rate is currently 3.5%
In Oslo, the average mortgage interest rate is now 3.5%.
Back in 2023 and 2024, Norway's mortgage rates hovered around 5% due to economic factors like national monetary policies and global conditions. This was a common trend across the country, reflecting broader economic influences.
Different lenders had their own rates, which varied based on loan specifics. For example, Husbanken offered a range of rates for different loans, but none specifically averaged 3.5% for Oslo. This variation often led to fluctuations in the average rates seen by borrowers.
With the general trend being around 5%, Oslo's current rate of 3.5% might be a localized adjustment or a specific lender's offer. This rate isn't necessarily reflected in the national data, suggesting a unique market condition in Oslo.
Such a rate could be due to a particular lender's strategy or a temporary market condition, making it an attractive option for potential buyers in the city. It's important to consider that this rate might not be available everywhere in Norway, highlighting Oslo's distinct market dynamics.
Sources: Husbanken, Renteradar Blog, Finansplassen
5) Solar panel installations in Oslo cost an average of 100,000 NOK
In Oslo, the average cost of installing solar panels is around 100,000 NOK.
Back in 2023 and 2024, the cost for a typical 3-6 kW solar setup for a single-family home in Norway ranged from 70,000 to 120,000 NOK. This variation depends on several factors, including the project's complexity and size.
The condition and accessibility of your roof can significantly affect the price. If your roof is tricky to access or needs extra work, expect the costs to rise. The choice of solar panels and components also plays a role, with premium options costing more.
Another factor is the distance an electrician has to travel. If you're far from the nearest service provider, travel costs can add up, impacting the overall price.
While we don't have a precise figure specifically for Oslo, it's safe to say the average cost likely falls within the mentioned range. Regional comparisons and tips for finding local electricians can help you estimate a more accurate cost.
For more detailed insights, check out the provided sources, which offer guidance on regional pricing and finding the right professionals for the job.
Source: PrisNorge
Get to know the market before you buy a property in Oslo
Better information leads to better decisions. Get all the data you need before investing a large amount of money. Download our guide.
6) Renovating a kitchen in Oslo costs an average of 150,000 NOK
In Oslo, renovating a kitchen costs about 150,000 NOK on average.
When planning a kitchen renovation, it's essential to consider factors like the project's scope, materials, and complexity of work. Byggstart, a trusted Norwegian platform, notes that costs can range from 75,000 NOK to 300,000 NOK, with 150,000 NOK being the median. This range reflects the variety of choices homeowners make, from basic updates to high-end transformations.
PrisNorge offers a detailed breakdown of these costs, highlighting expenses for removing old elements, installing new cabinets, and updating flooring and electrical systems. Each of these components can significantly impact the total cost, depending on the choices made.
For instance, the size of your kitchen and the materials you select play a crucial role. Opting for smart material choices can reduce costs by up to 55%, making it possible to achieve a stylish look without breaking the bank.
Understanding these elements helps explain why the average cost hovers around 150,000 NOK. It's a balance between achieving the desired aesthetic and managing expenses effectively.
Whether you're going for a sleek modern design or a cozy traditional feel, knowing these details can help you plan your renovation budget wisely.
7) Oslo's residential property market saw a 2% rise in eco-friendly homes in 2024
In 2024, Oslo's residential property market saw a 2% increase in eco-friendly homes.
This shift is part of Oslo's broader mission to reduce its carbon footprint and promote sustainable living. The city is on a path to become nearly carbon-neutral by 2030, aiming to cut down greenhouse gas emissions across various sectors. This ambitious goal is driving changes in the housing market, encouraging the development of more environmentally friendly homes.
Oslo is known for its high property prices, particularly in the city center, and offers a mix of housing types, from block apartments to smaller houses. The city is also investing in upgrading older buildings, like the renovation of Sofienberggata 7, which now features modern climate walls and geothermal energy systems. These upgrades are part of the city's strategy to enhance sustainability.
While we don't have specific data for 2024, the trend towards sustainability is evident. The rise in eco-friendly homes is likely influenced by these ongoing efforts to improve environmental standards. Oslo's commitment to sustainability is reshaping the housing landscape, making eco-friendly homes more common.
These initiatives are not just about new constructions; they also involve retrofitting existing structures to meet higher environmental standards. This approach is helping to increase the number of eco-friendly homes in the city, aligning with Oslo's sustainability goals.
As Oslo continues to push for greener living, the property market is responding with more sustainable options. This trend is expected to grow as the city moves closer to its 2030 carbon-neutral target.
Sources: Oslo Kommune, Direktoratet for Byggkvalitet, Oslo Kommune Climate Statistics, Oslo Kommune Housing Market
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.