Three unfinished luxury cabins near the popular ski resort of Geilo are being sold for just 12 million kroner in a forced auction. This represents half their original value after the developer went bankrupt.
The identical mountain cabins with panoramic views over Skurdalen were originally sold for nearly 24 million kroner before construction halted. They're located in the relatively new Kikut Sør cabin area, just 10-15 minutes from Geilo center toward Numedal.
Attorney Øyvind Dahle confirmed the current highest bid. "It appears the 12 million kroner offer is the highest at this time," he said in a statement. "This will be submitted to the district court for approval."
Each cabin spans 153 square meters with four bedrooms, two bathrooms, and open-plan living areas. They were initially marketed at 7.9 million kroner each before the project collapsed.
Significant work remains incomplete since construction stopped abruptly earlier this year. The cabins lack finished terraces, roof overhangs need adjustment, and turf installation is recommended as soon as possible.
Market valuations estimate each cabin's worth between 4.5-4.7 million kroner, with land values of 1.4-1.6 million kroner. Remaining construction work is calculated at 1.8-2.0 million kroner per unit.
Despite the unfinished state and missing documentation, interest has been strong. "There's been substantial interest with 25-30 potential buyers," Dahle noted. "We've received bids for individual cabins and for all three together."
The current highest bid of 12 million kroner falls 1.9 million below the combined asking price. A professional buyer stands behind the offer and plans to complete the cabins for resale.
This sale reflects broader challenges in Norway's cabin market. The pandemic initially fueled explosive demand for mountain retreats when international travel was restricted. Record-low interest rates helped cabin developers sell faster than they could build.
But the downturn proved equally dramatic. Since 2022, rising interest rates following Russia's invasion of Ukraine, combined with soaring construction costs and declining demand, have hit the sector hard.
Several cabin developers in the Hallingdal region have recently declared bankruptcy due to poor sales and increased costs. The situation illustrates how quickly market conditions can reverse in Norway's volatile cabin industry.