According to Views and News from Norway, the tempo of residential construction projects keeps rising in Norway, fueled by low interest rates and strong demand for new housing units. State statistics bureau SSB (Statistics Norway) confirmed the building boom in new figures released this week.
SSB said that housing starts jumped 40% during the first quarter of this year, compared with housing starts from January to April in 2010. Building permits were issued for 9 994 new residential units this year, compared to 7 147 in the same period last year.
All told, nearly 3 300 000 sq. m. of new residential space was under construction, up 14% from the amount last year.
The residential real estate market all over Norway remains hot, with prices still going up. But some analysts are warning that the housing boom may go bust when prices exceed affordability levels, especially for families with small children.
Source: http://www.newsinenglish.no/2011/06/07/new-jump-in-housing-starts/