Where should you buy property in Oslo?

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Where should you buy property in Oslo right now?

For most buyers today, we would start with Gamle Oslo and the Ensjø–Hasle–Løren–Økern corridor rather than Oslo’s most expensive western neighborhoods.

Oslo’s property market has a huge internal price gap. Recent Krogsveen data based on Eiendom Norge, Eiendomsverdi and FINN put borough prices at roughly NOK 53,000 per square metre in Søndre Nordstrand and close to NOK 123,000 in Frogner. That means two apartments in the same city can differ in price by more than 2x before we even compare the street, building or condition.

The more expensive areas are expensive for obvious reasons. Frogner, St. Hanshaugen and Sagene already have the restaurants, architecture, schools, parks and established buyer demand people want. But buyers can currently pay around NOK 80,000–105,000 per square metre in several east-central neighborhoods that still sit close to the centre and continue to receive new housing, public spaces, transport investment and commercial development.

Hovinbyen is the biggest example. Around 10,000 homes had already been built there by the end of 2025, while Oslo’s long-term plan allows for roughly 40,000 homes and as many as 100,000 jobs across areas including Løren, Hasle, Økern, Ulven, Ensjø and Bryn.

Borrowing costs also make the price gap harder to ignore. With Norges Bank’s policy rate currently at 4.25%, paying another NOK 1 million simply to move a few kilometres west has a real annual cost.

So the useful question is how much location, liquidity and future upside we get for the price we pay.

Oslo area	Recent price/m²	Approx. cost of 60 m²	Annual price change	Recent selling time
Frogner	NOK 122,863	NOK 7.37m	0.0%	38 days
St. Hanshaugen	NOK 120,291	NOK 7.22m	+0.3%	27 days
Sagene	NOK 114,979	NOK 6.90m	+1.6%	21 days
Grünerløkka	NOK 108,128	NOK 6.49m	+0.6%	23 days
Gamle Oslo	NOK 105,478	NOK 6.33m	+1.2%	26 days
Bjerke	NOK 84,838	NOK 5.09m	+1.5%	18 days

Is Frogner still worth paying so much for?

Frogner is still one of Oslo’s safest premium locations, but it is hard to call it the best buy at current prices.

Recent borough data put Frogner at roughly NOK 122,900 per square metre. That is around 14% above Grünerløkka, 16% above Gamle Oslo and about 45% above Bjerke.

The area absolutely earns part of that premium. Frogner gives buyers established streets, Frognerparken, large older apartments, high household incomes and a pool of affluent buyers that is difficult to reproduce elsewhere. Good apartments around Majorstuen, Uranienborg and Frogner itself should remain easy to understand and easy to sell over a long holding period.

The current numbers are less impressive from an investment angle. Prices were broadly flat year on year in the recent dataset, average selling time was around 38 days, and five-year appreciation of roughly 17% was not dramatically better than cheaper boroughs such as Gamle Oslo, Bjerke or Sagene.

That makes Frogner especially attractive for buyers who care about prestige, scarcity and long-term capital preservation. For rental yield or stronger upside relative to the initial purchase price, we see better options elsewhere in Oslo.

Is Grünerløkka still one of the best places to buy an apartment in Oslo?

Grünerløkka is still one of Oslo’s strongest apartment markets, especially if we care about resale liquidity and a broad pool of tenants and buyers.

Recent prices are around NOK 108,100 per square metre, so Grünerløkka is no longer cheap. Much of the neighborhood’s transformation has already happened, and buyers now pay a clear premium for the cafés, restaurants, nightlife, tram connections and walkability that made the area so popular in the first place.

What keeps Grünerløkka attractive is how many different people want to live there. Young professionals, couples, students with family support, investors and owner-occupiers all compete for similar one- and two-bedroom apartments.

That demand shows up in transaction data. Around 932 sales were recorded in the latest quarter in the Krogsveen dataset, more than in Frogner, Sagene, Gamle Oslo or Oslo’s outer western boroughs. Homes were also selling in roughly 23 days.

We would still buy in Grünerløkka, but only at the right price. Once an ordinary apartment starts carrying a large premium simply because it falls inside the borough boundary, nearby areas such as Carl Berner, Sinsen, Tøyen or Hasle can become much more interesting.

Is Sagene or Torshov a better buy than Grünerløkka?

Sagene and Torshov are excellent places to own property, but they are currently more expensive than many buyers probably assume.

Sagene’s recent borough average is close to NOK 115,000 per square metre, above Grünerløkka’s roughly NOK 108,000. The idea that Sagene is still the quieter, cheaper alternative no longer really matches the prices.

The appeal is easy to see. Torshov, Sagene and Bjølsen offer older buildings, parks, cafés and short travel times to central Oslo without the same nightlife intensity as lower Grünerløkka. That tends to work particularly well for couples and families who want to stay relatively central.

Demand has also been strong. Recent average selling time was around 21 days, one of the shortest among the boroughs we reviewed, while five-year price growth was roughly 18.5%.

We would therefore choose Sagene or Torshov over Grünerløkka when the property is for long-term owner-occupation. For a buyer mainly chasing value and future upside, current prices make Gamle Oslo and Bjerke harder to ignore.

Is Gamle Oslo the best all-round place to buy property?

Gamle Oslo is currently our strongest all-round borough because it combines central location, strong demand and a lower entry price than Oslo’s premium inner districts.

Recent data put the borough around NOK 105,500 per square metre. That is roughly 14% below Frogner and 12% below St. Hanshaugen while still keeping buyers next to the city centre.

The borough also gives us several very different types of property. Kampen has older low-rise streets and a strong neighborhood feel. Tøyen offers excellent metro access and generally lower prices than the western inner city. Ensjø has newer housing and much more exposure to ongoing redevelopment. Bjørvika sits at the other end of the spectrum, with modern waterfront apartments and much higher individual prices.

That mix matters because Gamle Oslo can attract first-time buyers, investors, families, professionals and high-budget buyers depending on the micro-area.

Liquidity is solid too. The latest Krogsveen figures show around 733 transactions in one quarter, an average selling time of roughly 26 days and five-year price appreciation close to 17.6%.

If we had to pick one Oslo borough without knowing much more about the buyer, Gamle Oslo would probably be the first place we would search.

Is Ensjø still one of Oslo’s best redevelopment bets?

Ensjø remains one of Oslo’s clearest redevelopment plays because buyers can already see the transformation while there is still more to come.

Oslo municipality plans up to roughly 7,000 homes in Ensjøbyen, with the wider district expected to keep changing toward 2030. Former car dealerships and industrial sites have already been replaced by apartment blocks, Ensjø Torg, parks and reopened sections of Hovinbekken.

The metro connection is another big advantage. Ensjø is only a few stops from central Oslo, which gives the neighborhood much better practical accessibility than its former industrial character might suggest.

The biggest risk now is overpaying for new construction. Large redevelopment areas often produce waves of similar apartments, and buyers can end up competing with newer phases from the same project when they eventually sell.

We would therefore look particularly hard at resale apartments in good positions around Ensjø. A slightly older unit bought below the latest new-build price can give us exposure to the same neighborhood improvement without paying the full developer premium.

The wider Hovinbyen plan also strengthens the case. Ensjø is changing alongside Helsfyr, Valle Hovin, Hasle, Økern and Ulven, so the investment story is bigger than one isolated project.

Ensjø/Hovinbyen signal	Current position	Planned scale	What it means for buyers
Ensjø housing	Transformation already well advanced	Up to 7,000 homes	Much less speculative than it was years ago
Hovinbyen housing	About 10,000 homes built by end-2025	Roughly 40,000 targeted long term	Large structural shift east of central Oslo
Hovinbyen employment	Major business nodes already exist	Up to 100,000 jobs envisaged	Local demand can grow alongside housing
Public spaces	Parks, Hovinbekken and Ensjø Torg delivered in stages	More work still planned	The neighborhood keeps becoming easier to live in
Development timeline	Construction has been running for years	Long-term build-out	Better fit for patient buyers than short-term flippers

Are Løren, Hasle and Økern better value than inner Oslo?

Løren, Hasle and parts of Økern currently give buyers one of the strongest price-to-location combinations in Oslo.

Bjerke borough, which covers much of this general market, is trading around NOK 84,800 per square metre. That is roughly 15% below Oslo overall, around 20% below Gamle Oslo and more than 30% below Frogner.

Those discounts would be less interesting if buyers were getting poor transport or weak liquidity. Right now, the opposite is true. Bjerke homes were selling in roughly 18 days in the latest dataset, faster than the major inner-city boroughs we reviewed.

Prices were also up around 1.5% year on year, while five-year growth of roughly 17.7% was very close to what buyers got in considerably more expensive Sagene and Gamle Oslo.

Løren and Hasle are already mature enough that we would no longer call them undiscovered. They have metro access, supermarkets, gyms, restaurants and large amounts of relatively modern housing. Økern and Ulven still have more visible redevelopment ahead of them, which gives them more upside but also more construction and future-supply risk.

For buyers who care more about a modern apartment and good transport than nineteenth-century architecture, this part of Oslo deserves a serious look today.

Should families buy in Nordre Aker?

Nordre Aker is currently our favorite Oslo borough for families who still want to stay relatively close to the centre.

Recent prices are around NOK 102,200 per square metre, below Frogner, St. Hanshaugen and Sagene. The borough includes areas such as Nydalen, Tåsen, Ullevål, Korsvoll, Kjelsås and Grefsen, so buyers can choose between apartments, townhouses and more traditional family housing.

The attraction is fairly straightforward. Families get better access to green space, schools and Nordmarka without giving up good public transport.

The recent market has also been healthy. Nordre Aker prices were up around 2.2% year on year in the latest borough data, while homes were selling in about 24 days. That compares favorably with several more expensive western districts.

We particularly like Grefsen, Kjelsås and Nydalen because they combine family demand with transport that keeps the rest of Oslo accessible.

For a household expecting to stay seven years or longer, we would usually rather buy more space in Nordre Aker than stretch the same budget into a smaller apartment in Frogner or St. Hanshaugen.

Is Nordstrand the best place to buy a family home for less?

Nordstrand is one of Oslo’s strongest family-value areas because buyers can still get much more space for their money than in the inner city.

The borough average is currently around NOK 83,000 per square metre, although that number covers a very mixed market. Nordstrand, Bekkelaget and Ekeberg can be expensive, especially for houses with views, while apartment-heavy areas such as Lambertseter offer much lower entry prices.

The difference in space can be huge. Moving from an inner-city market around NOK 115,000 per square metre to one around NOK 83,000 theoretically gives a buyer close to 40% more floor area for the same purchase budget.

The compromise is resale speed. Recent average selling time was around 34 days, slower than Sagene, Grünerløkka, Gamle Oslo, Bjerke and Nordre Aker.

For a family planning to stay for many years, we do not see that as a major problem. The extra bedroom, larger living room or outdoor space can easily matter more than selling the property ten days faster.

Will the Fornebu Line make Skøyen and Ullern better places to buy?

The Fornebu Line improves the long-term case for Skøyen, Vækerø and Ullern, although buyers should be careful about paying today for an upgrade the market already knows is coming.

The new metro line will run roughly 7.7 kilometres from Majorstuen toward Fornebu, with stations including Skøyen, Vækerø and Lysaker. Construction is already well underway.

Ullern currently averages around NOK 102,100 per square metre, roughly in line with Nordre Aker and well below Frogner or St. Hanshaugen.

Skøyen is especially interesting because it already has train, tram and bus connections. The metro therefore makes a strong transport hub even stronger. Vækerø has a different profile: the relative improvement is larger because the new station changes its accessibility much more noticeably.

We would currently see Skøyen as the safer choice and Vækerø as the more speculative one.

Location	Transport today	What changes	How we see it
Majorstuen	Major metro hub	Connected directly to Fornebu Line	Excellent, but already expensive
Skøyen	Train, tram and bus hub	Gains a metro station	Strong all-round western option
Vækerø	More limited rail access	Gains underground metro	Bigger relative upgrade
Lysaker	Major train and employment hub	Gains metro	Very strong regional connectivity
Fornebu	Large business and housing district	Direct metro into Oslo	Major improvement, but outside Oslo municipality

Are Vestre Aker and Holmenkollen good investments?

Vestre Aker and Holmenkollen make more sense today as long-term lifestyle purchases than as places where we would chase the strongest returns.

Recent borough figures put Vestre Aker around NOK 86,300 per square metre. That looks cheap beside Frogner, but the latest market data have been softer: prices were down roughly 1.3% year on year, the latest quarterly movement was around -1.5%, and average selling time was close to 46 days.

Five-year price growth of roughly 10.8% also trails several denser east-central areas.

Housing type explains some of the difference. Large detached and semi-detached homes naturally take longer to sell than small apartments, so it would be unfair to interpret all of the slower turnover as weak demand.

There is also a future transport complication around the Holmenkollen Line. Ruter is currently planning for trains on the line to terminate at Majorstuen from 2032, meaning some passengers heading farther into central Oslo would need to change trains.

We would happily buy in Vinderen, Slemdal, Holmenkollen or Røa for the forest, views and long-term family lifestyle. For rental yield, resale speed or redevelopment upside, other parts of Oslo look stronger.

Should budget buyers go farther east in Oslo?

Going farther east can make a lot of sense for budget buyers, but we would choose transport nodes and improving neighborhoods rather than simply buying wherever the price per square metre is lowest.

Søndre Nordstrand currently averages roughly NOK 52,700 per square metre, less than half Frogner’s level. Other outer-eastern boroughs also trade at large discounts to central Oslo.

A NOK 5 million budget shows just how big the gap has become. At NOK 120,000 per square metre, that budget buys roughly 42 square metres before costs. At NOK 85,000 it buys about 59 square metres. At NOK 53,000 it buys close to 94 square metres.

The cheaper price also puts these neighborhoods within reach of more households when mortgage rates are high.

Still, cheap has not automatically meant better performance. Søndre Nordstrand’s five-year appreciation in the recent Krogsveen data was around 12.8%, below Bjerke, Gamle Oslo, Grünerløkka, Sagene and Nordre Aker.

So our preference is fairly specific: we would look for lower-priced areas with metro or rail access, decent local services and some reason for demand to improve. A random cheap apartment far from transport does not become a good investment just because Frogner costs twice as much.

Where do Oslo rental yields look best right now?

Oslo’s rental numbers currently look better in moderately priced, well-connected districts than in the expensive western inner city.

Hybel’s latest advertised-rent statistics put the Oslo average at roughly NOK 14,800 per month for a one-room apartment, NOK 19,300 for a two-room and NOK 23,700 for a three-room. Separate Hybel and Menon Economics data on active contracts measured around NOK 16,000 for a two-room apartment, with Oslo rents roughly 5% higher year on year.

A rough screening calculation shows what purchase price does to yield. If we apply a monthly rent of NOK 19,324 to a 50-square-metre apartment, the implied gross yield is around 5.5% in Bjerke, 4.4% in Gamle Oslo, 4.3% in Grünerløkka, 4.0% in Sagene and 3.8% in Frogner.

Actual rents vary by neighborhood, so those figures are not precise local yields. Frogner apartments generally rent for more than equivalent apartments in Bjerke. But the exercise shows how much additional rent an expensive neighborhood needs just to offset its higher purchase price.

With the policy rate currently at 4.25% before the bank adds its mortgage margin, a gross yield around 4% leaves very little room once common charges, repairs, vacancy and tax are included.

For buy-to-let investors, Bjerke and other east-central areas therefore deserve more attention than Oslo’s prestige postcodes.

Borough	Price/m²	50 m² screening price	Monthly rent used	Indicative gross yield
Bjerke	NOK 84,838	NOK 4.24m	NOK 19,324	5.5%
Gamle Oslo	NOK 105,478	NOK 5.27m	NOK 19,324	4.4%
Grünerløkka	NOK 108,128	NOK 5.41m	NOK 19,324	4.3%
Sagene	NOK 114,979	NOK 5.75m	NOK 19,324	4.0%
Frogner	NOK 122,863	NOK 6.14m	NOK 19,324	3.8%

Which Oslo neighborhoods are easiest to resell?

If resale speed matters, we currently like Bjerke, Sagene, Grünerløkka, Nordre Aker and Gamle Oslo more than Oslo’s expensive villa-heavy districts.

Recent average selling times were around 18 days in Bjerke, 21 in Sagene, 23 in Grünerløkka, 24 in Nordre Aker and 26 in Gamle Oslo.

Frogner was closer to 38 days, while Vestre Aker was around 46.

Property mix explains part of that. A NOK 4–7 million apartment naturally has more potential buyers than a NOK 15–25 million family house. Still, the gap is useful because it shows where buyers currently have the deepest resale pool.

Grünerløkka is especially strong on this measure. As noted above, close to 1,000 transactions were recorded there in the latest quarter. Gamle Oslo and Frogner also had more than 700 each.

For an investor, we would usually favor one- or two-bedroom apartments near metro, tram or major bus lines where tenants and future owner-occupiers want the same property. That gives us more ways to exit if the market changes.

Should you buy a new-build apartment in Oslo’s redevelopment areas?

We would currently prefer a well-priced resale apartment over an expensive new-build in many Oslo redevelopment areas.

Oslo municipality still has a large pipeline. Its planning reserve includes roughly 13,100 homes in approved detailed plans, while larger area plans account for another approximately 38,600 potential homes.

A lot of that future stock sits in transformation districts. That can create an awkward situation for buyers who pay a premium for a brand-new two-bedroom apartment and then try to sell while a developer nearby is launching another 50 almost identical units.

Older apartments have a different advantage. Properties in Kampen, Torshov, Grünerløkka or established parts of Frogner often sit in buildings and streets that cannot easily be reproduced.

We would still buy new construction when the exact location, floor plan or energy standard justifies it. Around Ensjø, Økern and Hovinbyen more broadly, though, we would compare every new unit with resale apartments within a 10- or 15-minute walk before paying the developer premium.

If the new-build costs 15–20% more mainly because nobody has lived in it yet, we would usually take the better-priced resale property.

Where should you buy in Oslo with NOK 5 million?

With roughly NOK 5 million today, we would look first at Løren, Hasle, Økern, Sinsen, Ensjø and selected parts of Tøyen rather than forcing the budget into Frogner or St. Hanshaugen.

The price gap changes what type of property we can buy. At Frogner’s recent borough average, NOK 5 million represents only about 41 square metres before transaction costs. In Gamle Oslo it buys roughly 47 square metres. In Bjerke it is closer to 59.

That extra 10–18 square metres can mean a real separate bedroom, better storage, a balcony or enough space for two people to stay in the apartment for several years.

We would prioritize a short walk to the metro over a famous postcode. In Oslo, strong public transport makes the real-world difference between many neighborhoods much smaller than the property-price difference suggests.

At this budget, Løren, Hasle and Sinsen would probably be our first searches, followed by Ensjø, Økern and Tøyen when the individual property stacks up.

Where should families with a bigger budget buy in Oslo?

Families with a larger budget should currently look hardest at Nordre Aker, Nordstrand and selected parts of the western corridor around Ullern and Skøyen.

Once a household needs three bedrooms, storage, outdoor space and good schools, paying NOK 115,000–123,000 per square metre in the inner city becomes much harder to justify.

Nordre Aker is our strongest all-round choice. Grefsen, Kjelsås, Tåsen and Nydalen give families different combinations of apartments, houses, public transport and access to Nordmarka.

Nordstrand gives more space for the same money and works especially well for households that expect to stay for a long time.

Higher-budget buyers should also look at Skøyen and Vækerø. The Fornebu Line will improve an already important employment and transport corridor, and current Ullern borough prices remain well below Frogner.

Vestre Aker comes into the conversation when lifestyle matters more than investment efficiency. Families planning to stay 10 or 15 years may reasonably care more about a garden, forest access and views than whether the borough has the fastest resale market.

So where should you actually buy property in Oslo?

For most buyers right now, Gamle Oslo is our best all-round choice, while Ensjø, Hasle, Løren and Økern offer the strongest mix of lower entry prices and future development.

Gamle Oslo gives us central access without Frogner or St. Hanshaugen pricing. Recent transaction volumes remain strong, selling times are reasonable, and the borough contains several very different micro-markets rather than depending on one type of buyer.

The Hovinbyen corridor is where we see the clearest value gap. Bjerke prices remain around 15% below Oslo overall and more than 30% below Frogner, while recent liquidity has actually been stronger than in many premium areas. At the same time, tens of thousands of homes and a large amount of employment growth are still planned across the wider redevelopment zone.

Grünerløkka stays near the top for buyers who value liquidity and proven demand. We like Nordre Aker best for families, while Nordstrand is the better choice when space per krone matters more.

Skøyen and Vækerø make sense for higher-budget buyers looking west, particularly with the Fornebu Line under construction.

Frogner still deserves a place in the conversation, especially for buyers who want a scarce, premium address and expect to hold for many years. The current price, slower selling time and modest recent growth simply make it harder to rank first for investment returns.

The broad pattern is clear enough now. Several cheaper east-central boroughs have delivered five-year appreciation comparable with more expensive parts of Oslo, while major development is still shifting housing, jobs and infrastructure toward areas around Hovinbyen. We would rather buy into that combination of transport, demand and incomplete transformation than pay the maximum possible premium for a neighborhood whose best qualities are already fully established.

Buyer objective	Our first choice	Strong alternatives	Why we like it	Main risk
Best overall	Gamle Oslo	Grünerløkka, Sagene	Central, liquid and cheaper than premium inner west	Big differences between micro-areas
Best value + upside	Løren / Hasle / Økern	Ensjø, Sinsen	Lower entry price plus Hovinbyen development	Large new-housing pipeline
Best redevelopment bet	Ensjø	Økern, Ulven	Transformation is already visible but unfinished	New-build premiums
Best rental economics	Bjerke / east-central nodes	Gamle Oslo	Purchase prices are lower relative to rents	Financing costs still eat into yield
Best liquidity	Grünerløkka	Sagene, Gamle Oslo	Deep apartment market and broad buyer base	Already expensive
Best for families	Nordre Aker	Nordstrand	Transport, greenery and strong resale demand	Bigger homes still cost a lot
Best family value	Nordstrand	Østensjø	Much more space for the money	Slower resale than inner Oslo
Best western growth angle	Skøyen / Vækerø	Ullern	Fornebu Line plus employment corridor	Part of the upside is already priced in
Best prestige purchase	Frogner	St. Hanshaugen	Scarcity, architecture and affluent demand	High entry price and weaker yield
Best lifestyle purchase	Vestre Aker	Nordstrand	Space, views and access to nature	Slower market and weaker recent growth

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