The output of the real estate sector in Norway has consistently risen from 2013 to 2023, peaking at 449.75 Billion Norwegian Krones in 2023. The annual year-on-year growth rate has varied, with notable increases in 2015 at 6.33% and in 2016 at 5.51%. Growth rates have generally declined over time, with the latest figures for 2023 showing a year-on-year increase of 3.38%. The compound annual growth rate (CAGR) for the last five years was 3.88%, slightly lower than prior periods, indicating a deceleration in growth.
From 2024 onwards, the forecast suggests continued growth, albeit at a slower pace, reaching 521.02 Billion Norwegian Krones by 2028. The five-year CAGR forecast is 2.33%, which is a significant reduction compared to past performance. This slower growth rate indicates a maturing market with less room for rapid expansion. Future trends to watch include changes in demographic demand, shifts in housing preferences, potential regulatory adjustments, and economic conditions that could influence the real estate market's stability and growth trajectory.
