Bergen's property market is displaying remarkable activity as other Norwegian cities show more moderate growth. Real estate agents report unusually high demand for central apartments, particularly along the light rail corridor between Minde and Fyllingsdalen.
Proactive Real Estate's managing director Vibeke Stavenes said their Bergen agents are experiencing exceptional market conditions. "Smaller apartments near the city center, especially those along the Bybanen light rail line, are in very high demand," Stavenes explained.
Properties priced up to 10 million Norwegian kroner (approximately $930,000) are selling quickly. "The market only becomes more selective when prices exceed 12-13 million kroner," Stavenes noted.
Nordea Bank's branch manager Ketil Krantz confirmed Bergen's market outperforms many other regions. "More homes are selling than being listed," Krantz said. "Viewings remain well-attended despite the season."
Bergen currently has the shortest average selling time in Norway at just 19 days, compared to the national average of 48 days. Applications from homeowners looking to upgrade to larger properties have increased by 30 percent.
"This suggests interest rate changes have affected what people can afford," Krantz observed. "More buyers now see they can finance larger homes."
October statistics show Bergen's housing prices remained flat overall but increased 0.7 percent when adjusted for seasonal variations. So far this year, Bergen prices have risen 9.6 percent, outperforming Oslo and Trondheim but trailing Stavanger's 14.3 percent growth.
Last month, 663 homes sold in Bergen, a 10 percent increase from the same period last year. Year-to-date sales reached 6,959 properties, up 12.6 percent annually. The median home price in Bergen now stands at 4,168,469 kroner.
Real Estate Norway's managing director Henning Lauridsen described the underlying market trend as strong with substantial turnover growth. "We had the second interest rate cut this year in September, and we're likely seeing its effect on housing prices now," Lauridsen stated.
The Bergen market's exceptional performance highlights how regional variations persist within Norway's broader housing landscape, with coastal cities showing particular resilience.