Norges Bank

Staff Memo

Inferring Land Values in Oslo

Forfatter:
Anna Emilie Iden, Plamen Nenov and Sonja Plaku
Serie:
Staff Memo
Nummer:
7/2026

Abstract

Land is a major and rising component of the cost of new housing, yet land prices are rarely directly observed in Norway. Following the methodology of Davis and Heathcote (2007), we construct a quarterly land price series for residential housing in Oslo over the period 2003 – 2025. The land price is the difference between the price of a used home and the replacement cost of the structure. We find that real land prices rose to about three and a half times their 2003 level and the implied land share of new housing costs rose from about a third to just over half. Land prices are also more volatile than construction costs and account for much of the cyclical variation in house prices.

Staff Memo inneholder utredninger og dokumentasjon skrevet av Norges Banks ansatte og andre forfattere tilknyttet Norges Bank. Synspunkter og konklusjoner i arbeidene er ikke nødvendigvis representative for Norges Bank.

ISSN 1504-2596 (online)

Publisert 11. november 2026 08:30
Publisert 11. november 2026 08:30