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Increase in Norwegian home prices tops global statistics

Since 2007, prices in the Norwegian real estate market have increased more than in any other industrialized country, according to figures from OECD.

The situation in Norway is due to the country's low unemployment rate and steep wage increase compared to other countries, analysts say.

Over the course of ten years, Norwegian real estate prices also top world statistics, with an increase of 91 percent, just behind Canada and New Zealand.

"On top of that there have been low interest rates, and Norwegian banks have had easy access to credit. This has made it easier for them to lend out money, explains Harald Magnus Andreassen in Swedbank First Securities to Aftenposten.

Canada and Australia are also on the top of the list. Including Norway, all three are countries that are run by commodities, and have managed well through financial crises. But whereas the real estate market in Australia has started to fall, prices seem to continue to increase in both Canada and Norway.

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