Oslo first-time homebuyers drop 10 percent amid high interest rates

The number of first-time homebuyers in Oslo fell by 10 percent during the first half of 2026, according to a report from the Norwegian Real Estate Agents Association (NEF). This decline occurs despite a record number of small apartments being available on the market.

NEF Managing Director Carl O. Geving attributes the trend to high interest rates, noting that the decline in buyers despite high supply serves as a warning that purchasing power is insufficient. Norges Bank has raised the policy rate to 4.5 percent, and the average price for a first-time buyer's home in Oslo has risen to 3.8 million kroner.

Young buyers report significant challenges entering the market due to high prices and borrowing difficulties. In one instance, a 37-square-meter apartment in central Oslo sold for 400,000 kroner above the asking price.