New buildings in Norway
Location and climate
Norway (official name is Kingdom of Norway) - a country located in the north of Europe (Scandinavian Peninsula), as well as on the surrounding small islands, with the capital city of Oslo. The country is included in NATO.
In Norway, at its extreme north, the climate is arctic, in the West - maritime, in the center - continental. In general, during the year it is cold; the best time to visit is summer.
To the information of the investors: Economics, Culture, and Education
Earlier, the economy of Norway was based on fishing and freight shipping. Currently, the country is the largest oil and gas manufacturer, the gas-producing and oil refining industry of the economy play a decisive role. Since more than half of the energy needs are covered at the expense of hydropower plants, which makes it possible to send oil to the external market. Country has low inflation and unemployment rate compared to other European countries, as well as one of the highest GDP indicators per unit of population. Norway uses the most advanced technologies to ensure the safety and compliance with all environmental standards for hydrocarbon production, while it is possible to create a system for reducing carbon dioxide emissions. There are significant reserves of copper, iron, lead and other metals, including silver; aluminum and magnesium are produced here. Norway is also a major supplier of raw materials for the manufacture of synthetic paints and fertilizers. The country produces equipment for oil and gas industry, refining, as well as shipbuilding. Fish processing is practically not inferior in the importance of oil and gas production. The country has a vast experience in feeding and breeding, monitoring and various technologies in this area. Forestry does not lose importance for farmers. Norway leads in the production of cellulose and paper. Opportunities for development in the agricultural industry are limited due to a small period for the growing season, not particularly warm summer and low soil fertility.
Sweden and Denmark had the greatest influence in culture. In the Middle Ages, the Lutheranism of Germany prevailed, and over the past three decades the country has made a large path of multicultural development due to a large number of migrants and it’s built on the principles of egalitarianism (equality of opportunity). Norwegians do not forget the musical traditions of the country: traditional songs Joyk, and folk musical instrument - Hardingfel. The classic of musical culture is Grieg. In the field of literature, the country presented the world such Nobel Prize laureates, as Bienson, Gamsun and others. The work of Ibsen is also very significant for world literature (the writer is translated into many languages.
In Norway, higher education institutions are divided into five categories: universities, specialized universities, colleges, giving higher education (they are also called university colleges), state institutions financed by state, private colleges
Public education in the country is free. There is only a student fee that provides an opportunity to enjoy discounts when paying for food and medical services, when using other social services, which is important, since accommodation here is expensive. About half of the inhabitants have a higher education. There are fifty-three accredited universities: eight universities, eight specialized, thirty-seven colleges, including two art academies.
Why is buying an apartment in Norway in a new building profitable?
According to the estimations of the experts, prices for new buildings in Norway from the developers will grow, which is primarily due to an increase in demand that stimulated the zero interest rate. In addition, the purchasing power of the Norwegians is not reduced, and many are resolved for the purchase of housing. As the economy is restored, the demand for real estate in the new buildings will grow. In addition, the Norwegian market has already observed the problem of limited supply: the number of new projects, as well as complete projects started to decrease. Problems with the offers in the segment arose back in 2019, when the pace of economic development slowed down in Norway. Then the construction of many LCDs was suspended, the developers were waiting for stability and transparency of the situation, which, in turn, increased the demand for mortgage loans. The situation in terms of limited supply will remain difficult, and the prices for residential complexes in Norway will continue to rise. As for the procedure, the sale of apartments from developers is open and not difficult.
The minimum price per square meter of an apartment area in a new building of Oslo, handed over to the buyer in turnkey condition (in accordance with the information of the GEOLN.COM real estate search engine) is 6,500 USD.
Acquisition of the apartments in Norway from the developers by foreign citizens
The country has not established any restrictions on the purchase of real estate in the new buildings for foreigners.
Purchasing an apartment in a new building of Norway is the status and extremely advantageous investment, which will ensure a consistently high rental income and the opportunity to live in the country with the highest standard of living (if the harsh climate does not frighten you).
Off-plan property and other buildings in cities in Norway