The Norwegian real estate market – 2022 summary
In the most recent reports and statistics, we see a total transaction value pr. December close to NOK 85 billion so far in 2022, compared to NOK 160 billion in 2021. Even though the aggregate numbers for 2022 are not yet available, we see a significant decline compared to the 2021-level. The project finance facilitators remain active, but less active in the last quarter. The gap between buyers’ and sellers’ view on pricing in this volatile market, seems to be more prominent than last year. We also see tendencies to a more restrained willingness to invest and to grant financing for new projects. After several increases in 2022, the policy rate is now at 2.75%, which makes credit facilities less accessible and more expensive. The increase of interest rate also contributes to an increase in the short-term yields.
Overall, we have experienced high activity and a great demand for SVW’s services in commercial real estate, transaction and project finance- market in 2022. We look forward to new challenges and assignments from our clients in 2023, presumably in a bit less volatile real estate market.