Residential

Investor interest in the residential segment has remained high in the first half of 2025, making it the largest sector in the Norwegian market. Both rental portfolios and development projects attract significant attention, driven by structural supply shortages and continued urban demand.

Transaction Market

Residential remains the largest segment in the Norwegian investment market in 2025, accounting for 38 percent of total transaction volumes year-to-date. Several deals have exceeded NOK 1 billion, the largest being Selvaag’s sale of a rental housing portfolio to pension fund KLP, marking its entry into the rental housing segment. Several sold rental buildings are expected to be converted into owner-occupied apartments, as private rental operations are being phased out following changes in taxation and valuation rules.

Akershus Eiendom served as advisor to OBOS in the partner search for the residential projects Oksenøya Bruk and Flytårnet Stasjon at Fornebu. Photo: Lundhagem

Rental Market

The Norwegian rental market continued its upward trajectory in the first half of 2025, albeit with notable quarterly fluctuations. Following moderate growth in Q1, rental prices increased sharply in Q2, the strongest quarterly rise on record. According to Eiendom Norge, average rents have risen by around 6 percent year-to-date and by more than 25 percent since early 2022. This sustained growth is driven by strong demand, limited supply, and a slow pace of new housing completions.

Akershus Eiendom served as exclusive sales advisor to URSUS Real Estate Management in the divestment of Sandslimarka 249A.

New housing prices, regions

Price Development

Following strong growth in 2024, the housing market has continued its upward momentum in 2025. Prices have risen 6–7 percent year-to-date nationally, with Stavanger, Bergen, and Tromsø as the strongest performers, while Oslo and Trondheim have seen more moderate trends.

Photo: Adobe Stock

Resale property

Outlook

Norges Bank projects housing prices to increase by around 6.3 percent in 2025, down from earlier forecasts of 8.1 percent. This reflects expectations of gradual mortgage rate reductions, with the policy rate expected to stabilize near 3 percent. Rental prices are expected to remain high, particularly in central areas, due to limited supply. Low levels of new housing completions combined with strong demand are expected to support continued price growth in both the resale and rental markets.