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Housing sales are falling

The financial crisis is scaring people from buying houses and cottages.

Housing sales are falling

Housing sales are falling

– Think Long Term

Real estate sales fell 9 percent in the third quarter. House sales fell 15 percent, figures from Statistics Norway.

The fresh statistics confirm the weak October figures from the Real Estate Association, published at the beginning of the month. They showed an almost shocking fall in housing turnover.

Read more about Octoberfall in the Nettavisen.

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According to Statistics Norway, 20,600 residential properties were traded in the third quarter of this year. This is a decline of 9 percent compared with the same period last year. Total sales value for the properties was NOK 50.1 billion, which gives an average purchase price of NOK 2.4 million. This is 6 percent higher than at the same time last year.

For the cabin market, the decline is even more dramatic. There were 2,500 free property properties in the third quarter, down 15 percent from the same period last year.

Read more about Cabin.

The average purchase price for these properties was 1.4 million. Vestfold had the highest average of NOK 3.6 million. Here you will find Tjøme and Nøtterøy, which are among the country’s most attractive cottage areas.

Following Vestfold followed Telemark and Vest-Agder – with popular cottage areas like Kragerø, Portør and Blindleia – with an average of about two million kroner.

The turnover of holiday properties on party sites is not included in the statistics from Statistics Norway.

More about the housing market in Nettavisen.

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