Wednesday, 17 October 2012

Nor"th"way


Norway’s Housing Boom Could Lead to Spain-Style Bust, Say Some


Norway’s housing sector, which has seen prices jump by almost 30 percent since 2006 — could end up replicating a pattern of housing booms and busts seen across the globe, from the U.S. to Japan to Spain and Ireland, according to a report by Bank of New York Mellon.

The rest of the article can be found here : http://www.cnbc.com/id/49443611

I wonder if Northern real estate is overheating...

Also it is interesting to see that Finnish mortgage rates are the lowest in Europe (since there all based roughly on variable interest rates based on 1 year Euribor)


6 comments:

Anonymous said...

A bubble in rents?

"Rents rose by 3.9 percent on average during the third quarter of this year. "

http://yle.fi/uutiset/rise_in_rents_nationwide/6361766

"Island Crow"

HousingFinland said...

Actually, I think it's logical that rents rises since people cannot afford to buy ...

I'm just wondering how people under the current housing pricing and economical situation are able to get a loan from the bank and courageous enough to buy a house.

I suppose when you have had almost two decades of housing price growth , mindset do not change overnight...unfortunately it has always to turn due to a shock and sharp reversal i.e US, Ireland, Spain etc...

Andrew said...

Obviously with the lowest mortgage rates in Europe people in Finland *can* afford to buy, and fewer people are therefore renting.

A significant part of the high rent high house price situation in Finland since the great global economic meltdown, must surely be that Finland has *very* significantly increased the national debt.

The same is the case in the USA.

Finland can reasonably be expected to have the 'opportunity' to be able to buy more time using more of the same, and therefore you just have to consider how much time is needed to be bought and how much it will cost and if Finland can afford it before better times come or Finland collapses due to too much debt.

More or less 100% guaranteed if Finland finds economic conditions are worsening due to falling house prices it will act against that by some method somehow.

In the end Finland could be a pile of rubble and chaos but we just do not know how long that will take to happen if it is going to happen during a time when it would be advantageous to us to not be a property owner.

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