Oslo was the Norwegian city with the highest rental prices in the country in 2024. Renting an apartment in the Norwegian capital cost nearly 29,000 Norwegian kroner per month on average, whereas Bergen ranked second, with an average monthly rent of 24,000 Norwegian kroner. The average price of residential housings in Norway was also highest in Oslo. The Nordic market Not only was Oslo the city with the highest rents in Norway, but also in the Nordic region. The capital cities of Denmark (Copenhagen) and Finland (Helsinki) ranked second and third respectively, whereas Stockholm ranked last within a list of 12 Nordic cities. In contrast, Stockholm was the most expensive city to buy an apartment in. Homeownership in Norway The high renting prices in the Norwegian capital could be explained by the renting market trends in the country. The homeownership rate fluctuated over the past decade, but overall decreased, reaching its lowest rate so far in 2020.

The average monthly rent of residential housing in Norway in 2023 was most expensive in the capital Oslo, amounting more than 26 euros per square meter. Trondheim had an average monthly rent of around 21.2 euros per square meter, while it was around 20.1 euros per square meter in Bergen.

As of the third quarter of 2023, Oslo was the city with the highest apartment rent cost within the Nordic countries. It cost around 27 euros on average per square meter to rent an apartment in the Norwegian capital at that time. Copenhagen followed closely with an average rent of 25.4 euros per square meter. The Swedish capital Stockholm was among the most affordable cities in the ranking, although that was one of the most expensive cities to buy an apartment in.

The house price to rent ratio in Norway declined slightly in 2023, after peaking in the second quarter of 2022. In the third quarter of 2024, the house price to rent index stood at 117.4 index points, down from 118.7 index points during the same period the year before. The house price to rent ratio is calculated by dividing nominal house prices by rent prices, with 2015 as a base year when the index value was set to 100. A value of 130 shows that house price growth has outpaced rental growth by 30 percent since 2015. Norway's house price to rent ratio was below that of the OECD average.

Stavanger and Sandnes had the highest increase in rental house prices in Norway in the first quarter of 2023. Rental house prices in Stavanger and Sandnes increased by 14.3 percent in that period. During the same period, the prices increased by 1.7 percent in Bergen.

Norway NO: Standardised Price-Rent Ratio: sa data was reported at 167.018 Ratio in Dec 2024. This records an increase from the previous number of 165.870 Ratio for Sep 2024. Norway NO: Standardised Price-Rent Ratio: sa data is updated quarterly, averaging 87.960 Ratio from Mar 1979 (Median) to Dec 2024, with 184 observations. The data reached an all-time high of 178.048 Ratio in Jun 2022 and a record low of 45.498 Ratio in Mar 1993. Norway NO: Standardised Price-Rent Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Norway – Table NO.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Quarterly. Nominal house prices divided by rent price indices. The long-term average is calculated over the whole period available when the indicator begins after 1980 or after 1980 if the indicator is longer. This value is used as a reference value. The ratio is calculated by dividing the indicator source on this long-term average, and indexed to a reference value equal to 100.

Norway NO: Total Natural Resources Rents: % of GDP data was reported at 5.814 % in 2016. This records an increase from the previous number of 5.434 % for 2015. Norway NO: Total Natural Resources Rents: % of GDP data is updated yearly, averaging 6.127 % from Dec 1970 (Median) to 2016, with 47 observations. The data reached an all-time high of 12.061 % in 2008 and a record low of 0.340 % in 1972. Norway NO: Total Natural Resources Rents: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Norway – Table NO.World Bank: Land Use, Protected Areas and National Wealth. Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents.; ; World Bank staff estimates based on sources and methods described in 'The Changing Wealth of Nations 2018: Building a Sustainable Future' (Lange et al 2018).; Weighted Average;

The prime rent for office real estate in Oslo, Norway has increased since 2015. It can be seen that in 2024, the annual square meter rent of prime office space reached 548 euros, which was an increase from the previous year being the second-highest record in the time period analyzed. In Europe, London, Paris, and Stockholm were the markets with the most expensive rents.

The highest prime rent for office properties in Norway was in Oslo, where the prime rent was 6,000 Norwegian kroner per square meter per year in the second quarter of 2023. The second-highest prime rent was in Bergen and Stavanger CBD, where the prime rent was half of the one in Oslo, at three 3,200 Norwegian kroner per square meter per year.

In the first quarter of 2024, Stockholm was the Nordic city with the most expensive apartments. The average square meter price of apartments was around 7,700 euros per square meter. The capital cities of Norway and Denmark followed in the ranking, with apartments costing respectively 7,430 euros and 6,350 euros per square meter.

Oslo was the Norwegian city with the most expensive apartments and houses in 2024. In March that year, the average price per residential property in the Norwegian capital was approximately 6.4 million Norwegian kroner. The city above the polar circle, Tromsø ranked second, with housing units costing on average nearly 4.6 million Norwegian kroner. In 2019, there were over nine thousand dwellings sold in Norway. Housing types The largest share of Norwegian residential housing units in 2023 were detached houses, accounting for nearly half of the total housing market in the country. Moreover, a quarter of all occupied and vacant dwellings that year were blocks of flats and over one fifth were houses with two dwellings or row houses. Where are properties the most expensive? Within selected global property markets, Hong Kong had the most expensive housing prices in 2020. An average property would cost roughly 1.25 million U.S. dollars in the former British colony. Munich ranked second, where the average property price amounted to roughly one million U.S dollars.

Oslo was the Norwegian city with the highest average price per square meter for residential property in March 2024. The prices in the Norwegian capital reached over 94,000 Norwegian kroner per square meter. The country's average that year was around 54,000 Norwegian kroner.

The United Kingdom (UK) is the most expensive European country for annual costs of prime industrial rent at about 300 euros per square meter of industrial space in London Heathrow per year in 2023. Switzerland, Norway, Ireland, Finland, and Luxembourg were the other European countries where the average annual cost of industrial prime rents in the capital city exceeded one hundred euros per square meter.

In 2024, Switzerland had the highest average annual rent for self-storage facilities in Europe. The average annual rental price for self-storage facilities in Switzerland was 456 euros per square meter. Austria and the United Kingdom (UK) followed closely, with the mean annual average rent for self-storage stores ranging from 330 to 340 euros per square meter. On the other hand, the rents for self-storage spaces in Norway and Lithuania were relatively low, with both places paying 201 and 196 euros per square meter, respectively.

The house price ratio in Norway fluctuated between 2012 and 2024. The ratio measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. Norway's index score in the first quarter of 2024 amounted to 110, which means that house price growth had outpaced income growth by 10 percent since 2015. This was lower than the average house price to income ratio in the Euro area 16.

The prime rent for leased industrial properties increased during the first half of 2021, compared to the first half of 2020. The rental price for warehouses during the first half of 2021 was 11.5 euros per square meter per month, and nine euros per square meter per month for logistic and distribution space.

Prime rents in the major office markets in the Nordics are expected to grow year-on-year between 2024 and 2028, according to a May 2024 forecast. The Norwegian capital Oslo is expected to achieve the highest rental growth by 2028, at 2.9 percent per annum, 0.8 percentage points above the average rental growth forecast for the major European markets. In Europe, central city offices had better investment and development prospects.

The annual headline prime rent costs per square meter for warehouses over 5,000 square meters in the occupier logistics markets in the United Kingdom has increased since 2014. In London, the annual rent for the properties of highest quality and specification and in the best locations amounted to 310 euros per square meter annually. This figure refers to the rent payable after rent-free periods and incentives, and excludes taxes and charges. After London, the capital of Norway, Oslo, was the city with the most expensive warehouse rents.