Real Estate Norway > About the industry
Our members serves an important function for Norwegian homeowners and the Norwegian economy.
A real estate broker is responsible for the professional process of buying and selling properties by the applicable laws and regulations. We ensure that the transactions occur in a secure manner for both buyer and seller.
Today there are strict qualification requirements for real estate brokers in Norway.
A new law regulating both the industry and the profession took effect on the 1. January 2008. The law stipulates that only individuals who satisfy certain qualifications can use the title real estate broker.
Eligibility requirement is a bachelor´s degree in real estate broking, or professional studies in law.
For real estate brokers with extensive experience without formal education it was established a transitional arrangement to use the title real estate broker.
Norwegian realtor brokerages employ approximately 4,500 people, which includes real estate brokers, lawyers, management and administrative personnel as settlement staff and aides.
In 2013, the gender distribution among real estate brokers, were 41% women and 59% men, according to the Norwegian Association of Real Estate Agents (NEF).
Figures from the The Financial Supervisory Authority of Norway shows that it was traded over 148,000 Norwegian properties in 2013 through realtor brokerages or attorneys with official approval.
In the second hand housing market most of the properties are traded through a real estate broker. Upon the sale of new construction, commercial properties and second homes a real estate is normally used in connection with the transaction. In the rental market the use of a real estate broker is increasing.
The value of the properties sold in 2013 was approximately 395 billion NOK. This includes both residential and commercial properties.
The real estate broker compensation was approximately 7.6 billion NOK.
Average compensation in 2013 for a sold residential property was about 51,000 NOK.
Average salary for a real estate broker in 2013 was approximately 650,000 NOK. In 2008 it was approximately 500,000 NOK according to figures from the Norwegian Association of Real Estate Agents (NEF).
A number of studies, including Global Property Guide, show that Norway has the lowest transaction costs for buying and selling property in Europe.
Conflicts related to housing transactions
Figures from the insurance industry show that every six housing purchases in Norway end in conflict. Most cases concerns wet areas and bathrooms.
The new law on real estate broking of 2008 made it mandatory for the realtor brokerages to be associated with an complaints board. Along with the The Norwegian Consumer Council and NEF, Real Estate Norway, has a separate complaints board for realtor services.
The Complaints Board dealt with a total of 98 cases in 2013. These were cases received in 2013 and prior. There was a decrease in the number of cases from 2012.
Number of brokerages
At the beginning of 2014 it was registered almost 500 realtor brokerages with official approval from the The Financial Supervisory Authority of Norway.
At the turn of 2013/2014 Real Estate Norway had 56 brokerage members with a total of 669 offices/branches and approximately 92% of all residential transactions in Norway.
The trend in recent years has been that the major banks have become large owners in the industry.
According to figures for 2013 from the The Financial Supervisory Authority of Norway 68% of realtor brokerages with official approval was owned by a bank.