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The financial crisis has continued to impact the real estate market in Europe, and this also applies in the Nordics. Growth recovery has been delayed, which has resulted in downward revisions in GDP forecasts.
Despite this, the Nordics have been resilient com- pared to the rest of Europe, and Norway in particular stands out with a GDP growth forecast of 2.4 percent for the full year 2013, compared to the estimated euro zone average of minus 0.4 percent.
Rental markets, particularly in Oslo and Gothenburg, have been strong, with record low vacancy rates and rising rents. Leasing activity has been high, and new office buildings are fully let on completion, even for speculative developments.
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03 September 2013