Investment in Norway Commercial Real Estate
Refresh Your Business by Means of the Norway Commercial Real Estate
Together with Switzerland, Norway commercial real estate can be easily considered to be the only European countries that make the list of the worldâ€™s hottest housing market. It is no wandering because the Norway has prosperous mixed economy, with a vibrant private sector and a large state sector, not mentioning the extensive social safety net. The major cities of this beautiful country are:
- Oslo. It is the capital of Norway and most populous city. Oslo is theÂ economicÂ andÂ governmentalÂ centre of Norway. The city is also a hub of Norwegian trade, banking, industry and shipping. It is an important centre for maritime industries and maritime trade in Europe. The city is home to many companies within the maritime sector, some of which are among the world’s largest shipping companies, ship brokers and maritime insurance brokers. Oslo is considered aÂ global cityÂ and ranked “Beta World City” in studies performed by the Globalization and World Cities Study Group and Network in 2008.
- Bergen. Â It is a cityÂ andÂ municipalityÂ inÂ HordalandÂ on the west coast of Norway. The city is an international centre for aquaculture, shipping, offshore petroleum industry and sub seaÂ technology, and a national centre for higher education, tourism and finance.
- Trondheim. It is an old city in centralÂ Norway. With a population of 179,123, it is the third most populous municipality in Norway, although theÂ fourth largestÂ urban area. Trondheim is the oldest of Norway’s major cities, and its old heritage can still be traced in and around the city centre.
With its 0.78 GDP, Norway is definitely becoming the sweet piece of cake for many foreign investors. Unlike most European countries that currently face the gloomy economic situation, oil-rich Norway is about to expand 2.2 percent in the nearest future. Another reason why you should consider on buying properties is in a 28 percent tax deduction on interest payments.
The investment code is efficiently administrated, but foreign economic area investors are favored in some sectors. The financial sector is market-driven, although the state retains ownership of the largest financial institution.
No matter what, according to the Statistics Norway, the countryâ€™s house price index was up to 6.7% during the year 2012, that was backed by low mortgage rates and recovering economy. If you are seriously considering on making your real estate investment in Oslo, then it may cost you around $7,000 per sq.m, depending in the size of the property of course. The general price of the monthly rents would be around $850 to $2.700. For the cheaper alternative you can check in the Bergen and Fjordâ€™s rental markets, where the general price of the properties achieves the price of $2,500 to $3,800 per sq.m., and monthly rents would be ranging from $550 to $1,400.
Hence, due to the low interest rates and income growth, the house prices in Norway commercial real estate are likely to continue rising in the year 2013, with 6.2% price rise by the year 2014 and 5.9% by the year 2015. The Norwayâ€™s economy will be getting stronger with a predicted expansion of 2.8%.
After hearing the necessary facts, numbers and statistics, itâ€™s highly important to simply understand how beautiful this country really is. Not to mention its pure ecology, that could be perfect for any family and people who want to live the stress free life, and be surrounded with the outstanding mountains and nature. Although it may seem like a cold country for the first site, but eventually you realize that warm people and attitude changes your opinion. If you want to both make the wise high ROI investment and try a bit of refreshing Norway real estate, you are more than welcome!