The real estate production in Norway has shown a consistent upward trend from 2013 to 2023, despite a slight decline in 2020. In 2023, the production value stood at 425.14 billion NOK. The year-on-year variation from 2022 to 2023 was 2.54%, and the compound annual growth rate (CAGR) over the last five years (2018-2023) was 3.1%. From 2013 to 2023, the CAGR was 4.5%. For the forecasted years (2024-2028), the CAGR is expected to slow down to 1.93%, with an overall growth rate of 10.02% by 2028.
Future trends to watch for:
- Impact of economic policies on the real estate market.
- Changes in interest rates and their effect on housing demand.
- Developments in construction technology improving production efficiency.
- Sustainable building practices and their integration into real estate production.
