Surrounded by farmland and with a population of under 10,000 people, the Norwegian town of Brumunddal might seem like an unlikely setting for a record-breaking high-rise.
As strong as steel and as fire resistant as concrete, but much, much better for the environment: timber is now being used for tall buildings.
It was the fastest annual growth since June 2017, driven by cheaper mortgage rates, as the Norwegian central bank cut its key policy rate to a record low of zero during the coronavirus outbreak.
Housing market dangers are “especially acute” in Australia, Hong Kong, Canada and Sweden, Oxford Economics said, noting this has historically posed a threat to economic activity.
House prices rose by 1.1 % in May from April, real estate industry data showed, while the annual rate of change swung to growth of 1.0 %
The housing market in Oslo is robust at the moment, Mr. Bonde said, and “houses sell really fast.”
Fears that the global surge in asset prices could turn into a crash have heightened after central bankers in Switzerland and Norway indicated they may take hawkish action to address house prices and strained family finances.
Tighter mortgage regulations, lower population growth and a boom in construction have all contributed to weaker demand for housing in recent months
In November, year-on-year prices fell by 0.5 %, the first negative reading since 2014 and down from a February peak of 13 %
On a year-on-year basis prices rose by 0.7 percent in October, below 1.5 percent seen in September and down from 13 percent growth seen as late as February, Real Estate Norway said.
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