Published on and written by Cyril Jarnias
Norway, with its majestic fjords, snow-capped mountains, and exceptional quality of life, is attracting an increasing number of international real estate investors. However, the Norwegian real estate market shows significant disparities between different regions of the country. In this article, we will explore in detail real estate prices in major Norwegian cities and examine future market trends.
Oslo vs Bergen: The Duel of Norwegian Real Estate Giants
Oslo, the Norwegian capital, stands out as the country’s most expensive real estate market. With a constantly growing population and a dynamic economy, housing demand is particularly high there. In 2025, the average price per square meter in Oslo amounts to approximately 85,000 Norwegian kroner (NOK), or about 7,500 euros. Apartments in the city center are the most sought-after, with prices reaching up to 120,000 NOK/m² in the most desirable neighborhoods like Frogner or Majorstuen.
Bergen, the country’s second-largest city, shows prices significantly lower than those in the capital. The average price per square meter there is about 55,000 NOK (4,850 euros). Central neighborhoods like Sandviken or Nordnes are the most expensive, with prices around 70,000 NOK/m². However, Bergen offers a quality of life comparable to Oslo’s, with easy access to nature and a more relaxed atmosphere.
Trondheim and Stavanger: Expanding Real Estate Markets
Trondheim, Norway’s third-largest city and an important university center, is experiencing steady population growth that stimulates its real estate market. The average price per square meter there is about 50,000 NOK (4,400 euros). Neighborhoods near the university, like Møllenberg or Bakklandet, are particularly sought after by investors targeting the student rental market.
Stavanger, Norway’s oil capital, has long been one of the country’s most expensive cities. However, the drop in oil prices in recent years has led to a slight decline in real estate prices. In 2025, the average price per square meter in Stavanger is about 45,000 NOK (3,970 euros). Residential neighborhoods like Eiganes or Madla nevertheless remain highly sought after.
Tromsø and Kristiansand: Opportunities in the North and South
Tromsø, nicknamed the “Gateway to the Arctic,” offers a unique real estate market in Norway. Despite its extreme geographical location, the city attracts many residents and tourists, which supports real estate prices. The average price per square meter there is about 55,000 NOK (4,850 euros), with significant variations depending on proximity to the city center and views of the fjords.
At the opposite geographical end, Kristiansand, located at the southern tip of Norway, offers more affordable real estate prices. The average price per square meter there is about 35,000 NOK (3,090 euros). The city benefits from a milder climate than the rest of the country and attracts many Norwegian retirees, which supports the local real estate market.
Comparison table of average prices per m² in major Norwegian cities (2025):
- Oslo: 85,000 NOK (7,500 €)
- Bergen: 55,000 NOK (4,850 €)
- Trondheim: 50,000 NOK (4,400 €)
- Stavanger: 45,000 NOK (3,970 €)
- Tromsø: 55,000 NOK (4,850 €)
- Kristiansand: 35,000 NOK (3,090 €)
Good to know:
Real estate prices in Norway vary considerably from one city to another, with Oslo leading the ranking. Investors must consider not only prices but also the economic and demographic prospects of each city before getting started.
Future Outlook: Towards Stabilization of the Norwegian Real Estate Market?
After several years of continuous increase, the Norwegian real estate market appears to be entering a stabilization phase. Several factors influence this trend:
1. Monetary Policy and Interest Rates
The Norwegian Central Bank (Norges Bank) has gradually raised its key interest rates in recent years to counter inflation. This policy could slow the rise in real estate prices by making loans more expensive. However, Norway maintains relatively low interest rates compared to other European countries, which continues to support the real estate market.
2. Demographic Evolution
Norway’s population growth, although positive, tends to slow down. This could moderate housing demand in some regions. Nevertheless, large cities like Oslo and Bergen are expected to continue attracting new residents, thus maintaining pressure on prices.
3. Rental Market Regulation
The Norwegian government is considering strengthening rental market regulations to make it more accessible. These measures could impact rental investments and, consequently, real estate prices in urban areas.
4. Energy Transition
Norway has committed to an ambitious energy transition. New construction and renovation standards could lead to increased construction costs, which might be reflected in new real estate prices.
Forecasts for 2026-2027:
– Oslo: A slight price increase is expected, around 2-3% per year, mainly due to continued demographic pressure. – Bergen and Trondheim: Price stabilization is likely, with moderate increases of 1-2% per year. – Stavanger: The market should gradually recover, with a possible increase of 3-4% per year if oil prices remain stable. – Tromsø: The growth of Arctic tourism could support a price increase of 2-3% per year. – Kristiansand: Moderate growth of 1-2% per year is expected, supported by the city’s appeal to retirees.
Good to know:
Although the Norwegian real estate market appears to be stabilizing, investment opportunities remain, particularly in university and tourist cities. It is crucial to thoroughly study local markets and economic trends before investing.
In conclusion, the Norwegian real estate market offers a diversity of opportunities for international investors. While Oslo remains the most expensive city, other urban centers like Bergen, Trondheim, or Tromsø present interesting prospects. The expected price stabilization in the coming years could provide a favorable context for long-term investments, particularly in cities benefiting from a diversified economy and sustained demographic growth.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
