IMF visit to Real Estate Norway
- It is exciting to discuss the Norwegian housing market with someone who has as broad expertise as the IMF, says Real Estate Norway CEO Christian V. Dreyer.
The International Monetary Fund (IMF) makes an annual assessment of the Norwegian economy, as they do with all its member countries.
They visit Norway annually, and this year they wanted a meeting with Real Estate Norway to hear more about the Norwegian housing market and Real Estate Norway\´s housing price statistics.
Real Estate Norway CEO Christian Vammervold Dreyer briefed on developments in the housing market and the organization's view of important drivers for housing price developments, including regulations such as the mortgage regulation.
Head of Research at Eiendomsverdi AS and Professor Erling Røed Larsen talked about the characteristics of the Norwegian housing market and presented various indicators he and Eiendomsverdi AS have developed. Røed Larsen also described the methodology behind Real Estate Norway's housing price statistics compared with both national and international housing price statistics.
- It was an exciting and educational visit. Among other things, they were interested in our assessments of the Norwegian housing market and key variables such as housing construction, supply and demand side, population growth and credit regulation, and have an expertise in economics that made the meeting rewarding and useful, says Dreyer.
- We know they have a tightly schedule when they conduct land consultations, so we appreciated that they took the time to visit us, says Dreyer, who emphasizes that they are also welcome next year.
Concerned about Norwegian housing debt
The IMF has conducted annual assessments of the Norwegian economy since 2013 and last year they reported a spiraling upturn in the Norwegian economy.
For many years, the IMF has been concerned about financial stability in Norway. Especially considering the large debt build-up in the population and the housing market, and like the OECD, they have criticized the favorable Norwegian housing tax.
In the 2017 report, the IMF wrote that they were concerned about the Norwegian housing debt.
"An overpriced housing market and increased household debt make the economy more vulnerable to major upheavals," said last year's report.
In addition to Dreyer and Røed Larsen, Head of Communications in Real Estate Norway, Erik Lundesgaard participated.
From the IMF participated: Head of assignment at the European department of the IMF Jaques Miniane, senior economist Christian Henn, economist Lucyna Gornicka economist in the IMF Ezequiel Cabezon and senior adviser to the Nordic-Baltic office, Tove Katrine Sand.
Facts about the IMF:
The IMF is a UN fund that aims to promote international currency cooperation and international trade, and to ensure stability and predictability in the world economy.
The IMF was created with the aim of monitoring the world economy, advising the world's states on economic policy and providing short-term emergency loans should countries face economic crisis.