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Making Norway’s housing more affordable and sustainable

Author

Listed:
  • Ben Conigrave
  • Philip Hemmings

Abstract

Norway, like a number of other countries, saw steep growth in house prices during the pandemic. This added to past years of strong price increases and has brought renewed concern for housing affordability. Tax advantages to buying homes inflate house prices, contribute to wealth inequality and divert resources from more productive investments. An underdeveloped rental market is an additional consequence of Norway’s pro-homeownership policies. Beyond tax reform and targeted support for low-income households, including renters, lasting improvements in affordability will require measures to enhance the responsiveness of residential construction to increased demand. However, creating room for new housing supply can involve difficult trade‑offs with environmental and other policy objectives.

Suggested Citation

  • Ben Conigrave & Philip Hemmings, 2022. "Making Norway’s housing more affordable and sustainable," OECD Economics Department Working Papers 1711, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1711-en
    DOI: 10.1787/c740833e-en
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    More about this item

    Keywords

    house prices; housing affordability; housing market; land-use regulations; Norway; personal income tax; social housing; sustainable housing;
    All these keywords.

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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