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UPDATE 1-Norway's February housing prices rose 13 pct year-on-year
March 3, 2017 / 10:41 AM / 9 months ago

UPDATE 1-Norway's February housing prices rose 13 pct year-on-year

(Adds quotes, detail)

By Camilla Knudsen

OSLO, March 3 (Reuters) - Norway’s housing prices rose 13 percent year-on-year in February, the fastest pace in a decade, but a recent tightening of mortgage regulations is expected to bring the level down in coming months, a real estate association said on Friday.

In January the year-on-year rate had stood at 12.4 percent. The rapid growth in Norway’s housing prices is widely seen as reducing the chance of a cut in central bank interest rates.

”We believe the year-on-year growth rate has peaked and that we’ll see numbers well below 10 percent later in 2017, Real Estate Norway Chief Executive Christian Dreyer told a news conference.

”We’re starting to see a tendency towards a shift from very strong growth in prices to moderate growth, and we expect this trend to continue in the time ahead.

Norwegian seasonally adjusted housing prices rose by 0.6 percent in February from January, the data compiled by Real Estate Norway, FINN and Eiendomsverdi showed. Unadjusted prices rose by 0.8 percent month-on-month.

Norway’s Finance Ministry late last year imposed regulations intended to limit the size of mortgages. Norway’s central bank will announce its next interest rate decision on March 16. (Editing by Terje Solsvik)

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