Buying a home

Housing ads

Almost all property for sale in Norway is listed on the open market. Most realtors choose to publish their listings on the real estate agency's website as well as on finn.no, a large online marketplace.

In the housing listing you should find a comprehensive report on the condition of the property and other details you need to know before buying. You should look for the words "tilstandsrapport" or "salgsoppgave".

Viewing a home in Oslo

It is recommended to both thoroughly read the report on a property, and inspect the home before buying it.

Viewings are commonly booked for specific time slots that are available for everyone. You can usually find these time slots in the listing. If you can't attend the open viewings, you can also contact the realtor to ask for a private viewing.

In Norway a house viewing is usually held about a week after the property is listed. It is not uncommon to have several viewings before the property gets sold.

What the realtor does

If you go to a open viewing, the realtor will always be there. The realtor is expected to answer any questions you may have about the home. If you arrange for a private viewing of the home, it can often be the homeowner who conducts the showing without a realtor present.

The realtor’s primary purpose is to be a neutral third-party regarding the property. The realtor should possess a good knowledge of the housing market, both in general and locally, which could be of interest to you as a buyer.

Bidding on a home

When you place a bid on a home in Norway, the highest bidder usually gets to purchase the property. However, the seller is not obligated to sell to the highest bidder and may choose to sell the property to another buyer or relist the property.

All bids must be given in writing to the realtor. Along with your bid, you must provide a valid ID and proof of financing from your bank.

When you place a bid you have to set a acceptance deadline, this can at the earliest be at 12.00 (noon) on the first working day after the last open house viewing.

The realtor needs time to share you bid with the others who are interested, and might ask for a longer acceptance deadline if there are multiple bidders.

All bids are binding, meaning that if you place a bid which the seller accepts, you are not able to withdraw your bid. As such, you should familiarise yourself with the listing, technical reports and all other relevant information about the property.

Property tax in Oslo

Property tax in Oslo is tied to the property, not to the person. If you own a property with someone else, it is your responsibility to divide the payment between you and the other person or persons you own the property with.

Only homes and vacation homes worth more than 4,7 million NOK are subjected to property tax. The current rates are:

• 0,28 % for homes and vacation homes.
• 0,37 % for all other properties.

Read more about property tax in Oslo here (in Norwegian).

Types of home ownership

In Norway, you will usually acquire one of two forms of home ownership.

Self-owned home (selveier)

These homes include detached houses and apartments who are owned by the individuals.

There is a document tax when you buy a self-owned property. The rate is 2.5 percent of the property's sales value as of the date of registration.

Cooperative apartments (andel)

As opposed to self-owned homes, a cooperative apartment belongs to a housing cooperative. All the co-owners own the property / apartment building together. Each of the co-owners holds exclusive rights to their apartments.

There is no document tax when you buy a cooperative property.

Get in touch with your bank early

Although not required, it is strongly recommended that you get in touch with your bank early and acquire proof of financing before placing a bid on a home. You should also keep in mind that it is not only the loan you have to pay. There might also be joint debt attached to the property, which you will need to make payments towards.

Who can buy a home in Oslo?

Anyone with the means to buy a home in Oslo can do so.