December 19, 2017 / 10:31 AM / in a year

Norway's central bank chief says housing market likely headed for soft landing

OSLO, Dec 19 (Reuters) - The Norwegian housing market is probably headed for a soft landing, but authorities must also be prepared for a bigger downturn, central bank Governor Oeystein Olsen said on Tuesday.

“Housing investments will ease in the time to come, with a small drop in 2019. This can be described as a soft landing in the housing market, which is our primary scenario,” Olsen told a students’ conference in Oslo.

“It’s not certain it will go that way however, and we pay particular attention to the risk of prices falling much more than what we see as probable. That would give a bigger cut in investments, somewhat lower GDP growth and keep rates low for a longer time than we anticipate.” (Reporting by Camilla Knudsen, writing by Terje Solsvik, editing by Gwladys Fouche)

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