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
Oslo is a city of contrasts where waterfront penthouses in Bispevika sit a 20-minute metro ride from affordable family apartments in Vestli, and where understanding these micro-markets can make or break your investment.
We constantly update this blog post to reflect the latest data and market shifts, so you always have fresh insights when planning your property purchase in Oslo.
Whether you are chasing rental yields in the outer east or prime appreciation in Frogner, this guide breaks down every neighborhood with real numbers and practical advice.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Oslo.
What's the Current Real Estate Market Situation by Area in Oslo?
Which areas in Oslo have the highest property prices per square meter in 2026?
As of early 2026, the three most expensive micro-areas in Oslo are Bispevika (in Gamle Oslo borough) at around 140,000 NOK per square meter, followed by Frognerparken and Majorstuen nord (both in Frogner borough) at approximately 130,000 to 131,000 NOK per square meter.
In these premium Oslo neighborhoods, you should expect to pay between 120,000 and 140,000 NOK per square meter for apartments, which translates to roughly 6 to 7.5 million NOK for a typical 50-square-meter two-bedroom unit.
Each of these top-priced areas in Oslo commands high values for distinct reasons:
- Bispevika: brand-new waterfront construction with fjord views and proximity to the Opera House and Munch Museum.
- Frognerparken: limited supply of historic apartments next to Vigeland Sculpture Park and embassy row.
- Majorstuen nord: excellent metro hub with upscale shopping on Bogstadveien and future Fornebubanen connection.
- Uranienborg: elegant late-1800s architecture, quiet streets, and walkable distance to the Royal Palace.
- Skøyen (Ullern): Oslo's emerging corporate district with strong transit links to both the city center and the western suburbs.
Which areas in Oslo have the most affordable property prices in 2026?
As of early 2026, the most affordable areas in Oslo for property buyers are Vestli in Stovner (around 52,000 NOK per square meter), Romsås in Grorud (approximately 56,000 NOK per square meter), Holmlia Nord in Søndre Nordstrand (around 58,000 NOK per square meter), and Furuset in Alna (approximately 58,000 NOK per square meter).
In these budget-friendly Oslo neighborhoods, you can expect to pay between 50,000 and 65,000 NOK per square meter, which means a 50-square-meter apartment would cost roughly 2.5 to 3.3 million NOK.
The main trade-off in these lower-priced Oslo areas is longer commute times to the city center (typically 25 to 40 minutes by metro) and fewer walkable amenities like specialty shops and restaurants, though all have reliable public transit and local services for daily needs.
You can also read our latest analysis regarding housing prices in Oslo.
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.
Which Areas in Oslo Offer the Best Rental Yields?
Which neighborhoods in Oslo have the highest gross rental yields in 2026?
As of early 2026, the Oslo neighborhoods with the highest gross rental yields are Vestli and Rommen in Stovner (around 5.0% to 5.5%), Holmlia Nord and Bjørndal in Søndre Nordstrand (approximately 4.8% to 5.2%), Romsås in Grorud (around 4.7% to 5.0%), and Furuset in Alna (approximately 4.5% to 4.9%).
Across Oslo as a whole, typical gross rental yields in 2026 range from about 2.8% in prime western areas like Frogner to around 5.5% in the most affordable outer-east neighborhoods, with the city-wide average sitting near 3.5% to 4.0%.
These high-yield Oslo neighborhoods deliver better returns than other areas for specific reasons:
- Vestli: rock-bottom purchase prices while rents stay surprisingly resilient due to steady demand from commuters.
- Holmlia Nord: strong tenant pool of families and workers who value space over central location.
- Romsås: very low entry costs and reliable metro access to jobs in Groruddalen.
- Furuset: affordable prices combined with proximity to the E6 highway and industrial employers in Alna.
Finally, please note that we cover the rental yields in Oslo here.
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Which Areas in Oslo Are Best for Short-Term Vacation Rentals?
Which neighborhoods in Oslo perform best on Airbnb in 2026?
As of early 2026, the top-performing Airbnb neighborhoods in Oslo are Grünerløkka (with strong occupancy around 70% to 75%), Gamle Oslo's Bjørvika and Grønland areas (similar occupancy and higher nightly rates of 1,100 to 1,500 NOK), Frogner near Aker Brygge (premium rates around 1,300 to 1,800 NOK per night), and St. Hanshaugen's Bislett area (solid mid-range performance with rates of 900 to 1,200 NOK).
In these high-demand Oslo short-term rental areas, a well-managed one-bedroom apartment can generate between 18,000 and 35,000 NOK per month during peak season, with annual revenues for top performers reaching 300,000 to 400,000 NOK.
Each of these Oslo Airbnb hotspots outperforms others for distinct reasons:
- Grünerløkka: walkable restaurant and bar scene draws weekend visitors and young tourists year-round.
- Bjørvika: iconic Opera House and Munch Museum location appeals to culture-focused travelers.
- Frogner: proximity to the Royal Palace and Vigeland Park attracts upscale international guests.
- Bislett: central residential feel with easy access to Holmenkollen and ski areas in winter.
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Oslo.
Which tourist areas in Oslo are becoming oversaturated with short-term rentals?
The three Oslo areas showing signs of short-term rental oversaturation are Grünerløkka (with over 2,300 active listings), Gamle Oslo's central neighborhoods (approximately 2,200 listings), and the Frogner-Skillebekk corridor near Aker Brygge (around 1,700 listings).
In these oversaturated Oslo zones, you will find roughly 15 to 25 active short-term rental listings per 1,000 residents, which is significantly higher than the city average of about 7 listings per 1,000 residents.
The clearest sign of oversaturation in these Oslo neighborhoods is compressed nightly rates during shoulder seasons, where hosts increasingly compete on price, and review velocity has slowed as guests spread across more options.
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.
Which Areas in Oslo Are Best for Long-Term Rentals?
Which neighborhoods in Oslo have the strongest demand for long-term tenants?
The Oslo neighborhoods with the strongest long-term tenant demand are Grünerløkka (especially Grünerløkka øst and Sofienberg), St. Hanshaugen (particularly Bislett and Fagerborg), Gamle Oslo (notably Kampen, Vålerenga, and Ensjø), and Skøyen in Ullern borough.
In these high-demand Oslo rental areas, vacancy rates typically hover between 1% and 2%, and well-priced apartments often find tenants within one to two weeks of listing.
The dominant tenant profiles driving demand in each of these Oslo neighborhoods are:
- Grünerløkka: young professionals aged 25 to 35 working in tech, media, and creative industries.
- St. Hanshaugen: graduate students and early-career professionals valuing quiet streets near the center.
- Kampen and Vålerenga: couples and small families attracted by historic charm and community feel.
- Skøyen: corporate professionals and expats working at nearby company headquarters.
The key characteristic making these Oslo neighborhoods attractive to long-term tenants is a combination of reliable metro or tram access (under 15 minutes to the city center), walkable daily amenities, and a distinct neighborhood identity that goes beyond generic apartment blocks.
Finally, please note that we provide a very granular rental analysis in our property pack about Oslo.
What are the average long-term monthly rents by neighborhood in Oslo in 2026?
As of early 2026, average monthly rents in Oslo range from about 12,000 NOK for a two-bedroom apartment in outer areas like Stovner to over 28,000 NOK for the same size in premium central neighborhoods like Frogner or Bjørvika.
In the most affordable Oslo neighborhoods (Stovner, Søndre Nordstrand, Grorud), entry-level two-bedroom apartments rent for approximately 12,000 to 15,000 NOK per month.
In mid-range Oslo areas (Bjerke, Alna, Nordstrand), a typical two-bedroom apartment rents for around 16,000 to 20,000 NOK per month.
In the most expensive Oslo neighborhoods (Frogner, Bjørvika, Majorstuen, Skøyen), two-bedroom apartments command rents of 22,000 to 28,000 NOK per month, with premium renovated units pushing above 30,000 NOK.
You may want to check our latest analysis about the rents in Oslo here.
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Which Are the Up-and-Coming Areas to Invest in Oslo?
Which neighborhoods in Oslo are gentrifying and attracting new investors in 2026?
As of early 2026, the Oslo neighborhoods actively gentrifying and attracting new investors are Ensjø (in Gamle Oslo), Tøyen (undergoing major urban renewal), Løren and Hasle (on the Grünerløkka border), and Ulven and Refstad (in Bjerke borough).
These gentrifying Oslo neighborhoods have experienced annual price appreciation of roughly 6% to 10% over the past three years, outpacing the broader Oslo market average of around 5% to 6%.
Which areas in Oslo have major infrastructure projects planned that will boost prices?
The Oslo areas with major infrastructure projects expected to boost property prices are the western corridor along the Fornebubanen metro line (especially Skøyen, Lysaker, and Majorstuen), the Filipstad waterfront redevelopment zone, and the Ensjø transformation area.
The most significant project is the Fornebubanen metro extension, an 8-kilometer underground line connecting Majorstuen to Fornebu with six new stations, scheduled to open in 2029 at a cost of roughly 23 billion NOK, while the Filipstad waterfront project will add thousands of new homes and public spaces to Oslo's western harbor.
Historically in Oslo, areas receiving new metro stations have seen price increases of 10% to 20% above the city average in the five years following project completion, as seen with the Ring Line extension in 2006.
You'll find our latest property market analysis about Oslo here.
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.
Which Areas in Oslo Should I Avoid as a Property Investor?
Which neighborhoods in Oslo with lots of problems I should avoid and why?
Oslo neighborhoods where investors should exercise extra caution include parts of Romsås in Grorud, certain blocks in Vestli (Stovner), and specific pockets of Grønland where older housing stock dominates.
The main issues affecting each of these Oslo areas are:
- Romsås: very limited buyer pool for resale and large homogeneous housing blocks that create competition when selling.
- Vestli: longer commute times and fewer walkable amenities can make tenant turnover higher.
- Grønland older blocks: aging infrastructure requiring significant maintenance and noise from busy streets.
For any of these Oslo neighborhoods to become strong investment options, they would need sustained public investment in amenities, improved transport frequency, or a significant reduction in competing supply from similar housing stock.
Buying a property in the wrong neighborhood is one of the mistakes we cover in our list of risks and pitfalls people face when buying property in Oslo.
Which areas in Oslo have stagnant or declining property prices as of 2026?
As of early 2026, the Oslo areas showing the weakest price performance include parts of Stovner (where 2025 growth trailed the city average by 2 to 3 percentage points), some new-build pockets in Ensjø (where supply has temporarily outpaced demand), and certain sections of central Oslo affected by landlord sell-offs.
These underperforming Oslo areas have seen price growth of only 1% to 3% over the past year, compared to the city-wide average of around 5%, though outright declines remain rare in Oslo's tight market.
The underlying causes of weaker price performance in these Oslo areas are:
- Stovner outer sections: distance from the city center and competition from similar affordable stock in neighboring municipalities.
- Ensjø new-builds: large pipeline of similar apartments hitting the market simultaneously, creating temporary buyer fatigue.
- Central sell-off zones: former rental properties flooding the market as landlords exit due to tax changes and higher costs.
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Which Areas in Oslo Have the Best Long-Term Appreciation Potential?
Which areas in Oslo have historically appreciated the most recently?
The Oslo areas that have delivered the strongest appreciation over the past five to ten years are Løren and Hasle (on the Grünerløkka border), Ensjø (Gamle Oslo), Skøyen (Ullern), and the traditional prime zones of Frogner like Uranienborg and Homansbyen.
The approximate appreciation these top-performing Oslo areas have achieved includes:
- Løren and Hasle: roughly 70% to 90% total appreciation over the past decade as the area transformed from industrial to residential.
- Ensjø: approximately 60% to 80% over ten years, driven by the city's official transformation program.
- Skøyen: around 50% to 70% appreciation as corporate headquarters relocated and transit improved.
- Uranienborg and Homansbyen: steady 40% to 60% growth with lower volatility than emerging areas.
The main driver behind above-average appreciation in these Oslo areas was the combination of new metro access, deliberate city planning that added green spaces and amenities, and limited competing supply in already-built neighborhoods.
By the way, you will find much more detailed trends and forecasts in our pack covering there is to know about buying a property in Oslo.
Which neighborhoods in Oslo are expected to see price growth in coming years?
The Oslo neighborhoods expected to see the strongest price growth in coming years are Skøyen and the Lysaker corridor (benefiting from Fornebubanen), Ensjø (as the transformation program reaches completion), Filipstad-adjacent areas (once waterfront development advances), and Tøyen (as urban renewal projects mature).
Projected annual price growth for these high-potential Oslo neighborhoods includes:
- Skøyen corridor: 6% to 8% annually through 2029 as Fornebubanen approaches completion.
- Ensjø: 5% to 7% annually as housing supply stabilizes and amenities improve.
- Filipstad-adjacent: 4% to 6% annually with acceleration expected once construction visibly progresses.
- Tøyen: 5% to 7% annually as the neighborhood sheds its transitional reputation.
The single most important catalyst expected to drive future price growth in these Oslo neighborhoods is improved transit connectivity, particularly the Fornebubanen line opening in 2029, which will cut travel times to the city center and unlock development potential.
We made this infographic to show you how property prices in Norway compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What Do Locals and Expats Really Think About Different Areas in Oslo?
Which areas in Oslo do local residents consider the most desirable to live?
Oslo locals consistently rank Frogner (particularly Uranienborg and Homansbyen), St. Hanshaugen (especially Bislett and Fagerborg), and the family-friendly parts of Nordre Aker (like Ullevål Hageby and Grefsen) as the most desirable places to live.
The main qualities making these Oslo areas most desirable to locals are:
- Uranienborg and Homansbyen: elegant architecture, mature trees, quiet streets, and walking distance to everything.
- Bislett and Fagerborg: central location with a cozy neighborhood feel and excellent schools.
- Ullevål Hageby: garden-city charm with larger homes, close to hiking trails in Nordmarka.
- Grefsen: family-oriented with good schools, parks, and views over the Oslo Fjord.
These locally-preferred Oslo areas tend to attract established Norwegian families, senior professionals, and academics who prioritize stability, quality schools, and access to nature over nightlife or trendy restaurants.
Local preferences in Oslo largely align with what foreign investors target, though locals often place higher value on school quality and proximity to nature, while investors may focus more on rental yield and metro access.
Which neighborhoods in Oslo have the best reputation among expat communities?
The Oslo neighborhoods with the best reputation among expats are Frogner (especially Majorstuen and Skillebekk), Grünerløkka, St. Hanshaugen, and the western suburbs of Bærum for families with children.
The main reasons expats prefer these Oslo neighborhoods include:
- Majorstuen and Skillebekk: proximity to international schools like the French Lycée, embassy district, and upscale amenities.
- Grünerløkka: vibrant social scene, English-friendly cafes, and easy networking with other internationals.
- St. Hanshaugen: central yet residential feel with good public transit and parks.
- Bærum suburbs: excellent international schools, family-friendly environment, and larger homes.
The typical expat profile in these popular Oslo neighborhoods includes corporate professionals on international assignments, embassy staff and diplomats, tech workers at multinational companies, and families seeking English-language education options.
Which areas in Oslo do locals say are overhyped by foreign buyers?
The Oslo areas that locals commonly consider overhyped by foreign buyers are Bjørvika and Bispevika (the waterfront new-builds), the most central blocks of Grünerløkka, and Aker Brygge and Tjuvholmen.
The main reasons locals believe these Oslo areas are overvalued include:
- Bjørvika and Bispevika: very high prices for relatively small apartments with ongoing construction nearby and a somewhat sterile atmosphere.
- Central Grünerløkka: premium prices for older buildings that can have noise issues and limited parking.
- Aker Brygge and Tjuvholmen: tourist-heavy with restaurants that locals find overpriced and lacking authenticity.
What foreign buyers typically see in these Oslo areas that locals do not value as highly is the postcard-perfect waterfront aesthetic and proximity to tourist attractions, while Norwegians often prefer quieter, greener neighborhoods with more space and local character.
By the way, we've written a blog article detailing the experience of buying a property as a foreigner in Oslo.
Which areas in Oslo are considered boring or undesirable by residents?
The Oslo areas that residents most commonly describe as boring or undesirable are outer sections of Stovner (like Vestli and Fossum), parts of Søndre Nordstrand (particularly older housing blocks), and some monotonous 1960s-era developments in Grorud.
The main reasons residents find these Oslo areas less appealing include:
- Vestli and Fossum: limited cafes, restaurants, and cultural venues within walking distance.
- Older Søndre Nordstrand blocks: uniform architecture lacking distinctive character or charm.
- 1960s Grorud developments: dated building stock and a perception of being disconnected from central Oslo life.
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What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Oslo, we always rely on the strongest methodology we can, and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| Oslo Kommune Bydelsfakta | Official City of Oslo statistics portal with verified neighborhood data. | We extracted price-per-square-meter benchmarks for each delbydel (sub-district) in Oslo. We grouped these into prime, core, and value categories for investor guidance. |
| Statistics Norway (SSB) | Norway's official national statistics agency with rigorous methodology. | We anchored all price indices and rental estimates to SSB's published data. We used their housing price calculator to validate recent market momentum. |
| Eiendom Norge | Norway's real estate industry association tracking monthly transaction data. | We referenced their 2026 price forecasts and transaction volumes. We used their regional breakdowns to identify areas outperforming the Oslo average. |
| Inside Airbnb | Independent research dataset with documented methodology and regular updates. | We analyzed the September 2025 Oslo snapshot for listing concentration by neighborhood. We used occupancy proxies and review velocity to assess saturation risk. |
| Oslo Kommune - Fornebubanen | Official city page for Oslo's largest metro expansion project. | We documented the timeline, stations, and investment figures for the 2029 opening. We mapped which neighborhoods will benefit from improved accessibility. |
| Oslo Kommune - Ensjøbyen | Official city redevelopment program description with planning details. | We used it to explain why Ensjø offers long-term upside despite near-term supply. We flagged both the opportunity and the oversupply risk for investors. |
| Finanstilsynet | Norway's financial supervisory authority setting binding lending rules. | We explained how stress-test rates, LTI caps, and LTV limits shape buyer demand. We used this to contextualize why certain price segments move differently. |
| Skatteetaten | Norwegian tax authority with definitive information on transaction costs. | We documented the 2.5% document duty for property transfers. We incorporated this into net yield calculations for investors. |
| Oslo Kommune - Property Tax | Official municipal source for current property tax rates and exemptions. | We explained the 2026 rate of 1.7 per mille and the 4.9 million NOK allowance. We showed how many mid-priced homes effectively pay zero property tax. |
| Global Property Guide | International property research site with standardized yield comparisons. | We used their Norway yield estimates as a cross-check for our calculations. We referenced their historical price data for long-term trend context. |
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