EVA Q1 2023 - Norway and Sweden

Norway and Sweden are in the hot seat this quarter, represented by Helena Edberg from Fforum and Johan Berg-Svendsen from Veridian. In this episode, we dive into the general mood and sentiment of the Swedish and Norwegian property markets. Tune in for the latest data and intel to keep up with the ever-changing industry!

EVA is 11 businesses of independent Valuers across Europe, representing 15 different countries, 750 professionals, 40 offices and valuing 500 Billion Euros worth of assets. We will update you quarterly, each with a different European market, giving you the best data and intel from the heart of the industry.

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Timestamps:

00:05 Introduction to the panel
01:40 - A general overview of the cost of living and wages not keeping pace with European inflation.
02:06 - Sweden saw negative growth in GDP, and bankruptcies were up 37%
03:30 - Norway has not seen a reduction in GDP or in the real estate market
04:33 - There have been bankruptcies in construction sectors due to material and wage costs
04:55 - Norway has a very low unemployment rate
05:40 - The UK narrowly avoided a technical recession
06:00 - What are the most vital performing property sectors regarding real estate and built environment?

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07:00 – Norway’s logistics yield increased a lot during the pandemic
07:35 – Why has Norway been more robust than its neighbours during such a challenging period?

08:00 - The Krona is, however, weak at the moment
08:35 – We are concerned with new taxes to private and corporates, making people move their companies to Switzerland.

09:30 – In Sweden, all sectors have been affected by high-interest rates and inflation
10:00 – Swedish investors were concerned with the work-from-home uncertainty
11:42 - Rental market Trends are showing growth in both countries
11:50 - The best-performing residential markets are in Stockholm and Oslo
13:30 – Oslo has a dual residential market - 5.8% increase in prices
14:00 – A decrease in new property purchases; however, it has been easier to get loans
15:00 – It appears that across Europe, the prime stock has been doing well

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16:00 - Sweden has had no government investment support since 2021 to build more affordable homes.
18:00 - The delivery of housing is under more pressure than ever
18:25 - Trophy Assets in Sweden and Norway
20:00 - Repossessions
20:50 - Mortgage Lending
21:30 - Sweden has large loans compared to income (snippet)
22:30 - How will people cope with the significant growth in mortgage payments?

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24:45 - The trends are repeating patterns throughout Europe
26:00 - The UK could be about a quarter ahead of Europe
26:50 - Hybrid working in Norway and Sweden
30:00 - Large snowfalls give similar trends, haha
31:00 - The labour market has been robust in Sweden
31:30 – MEES & ESG energy standards


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