Housing, Luxury Housing | Norway’s most expensive residential area: Here the billionaires are queuing to get in

Billionaires who want to enter Norway’s most exclusive residential area will probably have to wait 20 years.


Star broker Odd Kalsnes in Boa Eiendom was recently able to celebrate a five-year anniversary for having sold the most expensive apartment in Norway and the Nordic countries, measured per square meter. We will come back to that, but the apartment was sold on the deer Gimletoppen (see overview picture).

Gimle is therefore included in the statistics on Norway’s most expensive homes, but then per square meter. In the table below, we have listed the five most expensive homes in absolute prices in Norway and the three most expensive homes per square meter.

Color Line owner Olav Nils Sunde still holds the record in absolute kroner when in 2013 he turned up NOK 236 million for almost 1,200 square meters at the far end of Tjuvholmen (see photo below). It should be said here that these were several apartments that were merged into one.

Sector Alarm founder Jørgen Dahl was close to breaking the record last year when he bought PT Mallings vei 26 at the far end of Bygdøy for 225 million. When asked what must be voted for these records to be set, Kalsnes answers: _

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Uniquely

– These homes must be completely unique. Therefore, I am a little surprised by the price for PT Mallings vei 26. I think the property lacks some quality, because the beach facilities are not present, even though the location or is fantastic, and the house is top notch.

– What about the interior standard, how important is it for the price of these super homes?

– It’s a little subordinate. Munkebakken was completely refurbished and has become insanely nice, as was Østre Holmen farm.

According to Kalsnes, special objects and magnificent properties are difficult to price, it is easier with apartments. A common denominator for the most expensive homes is that they are sold “off market”. These are not apartments that are advertised publicly, with some exceptions.

Straight down

– No, Munkebakken was not announced. However, it was Østre Holmen farm, but at too high a price, which is the danger of such homes. If you miss the price publicly, the price only goes one way, and it is straight down, warns Kalsnes.

As a broker, we think it’s ok for customers to spend the money on advertising, but for the most expensive homes, we find potential buyers in our archive. Often these customers pay a premium to come first in the queue.

It was thus a recent five-year anniversary when Kalsnes set a new Nordic record, measured per square meter. He achieved a staggering 287,000 kroner when in March 2016 he sold a 157 square meter penthouse apartment on the exclusive Gimletoppen.

Gimletoppen, with the billionaire district Gimle terrasse as its nearest neighbor, is located on the edge of the Frogner district on the south side of Bygdøy allé. As the main picture shows, there is a hilltop with a view of Frognerkilen and Bygdøy. Norway’s most expensive apartments are naturally located southwest-facing.

Also read: “The Architecture Uprising Norway”: – How could we let this happen?

Renovation object

The buyer of the penthouse apartment on Gimletoppen was the billionaire Jon Melhus. He raised 45 million to the shipping and art investor Jon Christian Brynhildsen.

– The record you set at the time, what can you say about it?

– It was a renovation object. Now the apartment has been refurbished, so that today it had gone for well over 300,000 kroner per square meter. Tens of thousands have been used in refurbishment per square meter, Kalsnes answers.

The view is the most important thing for the sky-high prices on the ridge. In addition, there is a short distance to the center and to shops. Gimletoppen and Gimle terrasse are the most expensive delimited residential quarters in the whole of the Nordic region, which is naturally reflected in those who live there.

– There are very similar people in all the apartments and mostly just billionaires. “Rich children play best”, is something called, and here we find a very homogeneous group of people. Those who live here want discretion and no public mention, while those who live on Tjuvholmen think it is more fun to be mentioned, says Kalsnes.

Also read: Warns against high house price growth: – Not sure you will get your money back

Forget the interest rate

We are talking about homes and buyers where the interest rate does not matter, nor the development in the stock market, that is:

– Not at Gimle, but it plays a somewhat bigger role on Tjuvholmen. But if you have the right object, the customer is always there, says Kalsnes, who last year sold an apartment on the second floor at Gimletoppen for NOK 55 million.

It was 240 square meters, which should indicate almost 230,000 kroner per square meter. But if you could afford and dream of one of the southwest-facing apartments in Thomas Heftyes gate 20, 28 and 30 – Gimletoppen – you can just forget it.

Read also: Towards a shock spring in Oslo’s housing market – prices can rise by 20 percent

Generational change

– There has been a generational change there in recent years. Those who live on Gimle probably live there until they die. There are many estates, and I have never sold to young people there, says Kalsnes about the population.

The three blocks on Gimletoppen were completed in 1965. According to Kalsnes, until recently it has mostly been the same residents who have lived there since the buildings were erected.

On Gimle terrasse, next to the deer red brick buildings, we find billionaires such as Christen Sveaas, Torstein Tvenge (real estate), Ole Andreas Halvorsen (hedge fund), Jan Petter Collier (finance) and Tone Bergesen (shipping heir). Tvenge has, among other things, a large indoor pool to frolic in.

Waiting list

– I have a waiting list of those who want to enter, but I have said that there will probably be nothing available for the next 20 years. People say that if there are any changes, then you MUST call me. The price does not matter.

– It was a bit like that on Tjuvholmen three or four years ago, with several big sales, including to the power trader Einar Aas.

– What do you consider to be the most expensive and most attractive areas in Oslo and thus Norway?

– For apartments it is Gimle and Tjuvholmen. Tjuvholmen is a little more for foreigners and those who move to Oslo. We also have a couple of football professionals who have bought here (Stefan Strandberg and Håvard Nordtveitm editor’s note).

– Tjuvholmen and Aker pier are a little more “show off”. The traditional, rich Oslo citizens are calmer and a completely different type, Kalsnes answers. The shipowners typically lived secluded in Ullernåsen, but it has been several decades since Ullern was “top notch”.

Heller Bygdøy

And there are not many rich people who want to go up to the venerable Holmenkollåsen anymore, because they have cabins next door. The large homes on the hill have risen in value less than in other prestigious areas in Oslo.

Kalsnes says that Holmenkollåsen is considered not to be as expensive as, for example, Bygdøy. But Frogner close to the city center is always attractive, with quiet residential streets.

– Which streets on Frogner do you want to highlight as the most expensive?

– If we say that Frogner goes from Vestkanttorget and down, I would say Tidemands gate, Nordraaks gate, Eckersberg gate, Odins gate, Oscars gate, Thomas Heftyes gate and Kristinelundveien.

– The classic Frogner villas cost 70-80 million kroner. When it comes to Thomas Heftyes gate, this is very differentiated in price. It is cheapest at the bottom of Bygdøy avenue. Then the prices rise steeply for every meter you drive up towards Gimletoppen, almost by 200,000 kroner per square meter, Kalsnes answers.

Read also: Profiled broker risked occupational ban: Exonerated on five of six points

Over 250 m2

But there is no point in offering a 3-room apartment to those who are applying to the very top part of the housing market in Norway.

– No, even 200 square meters will be a little small, even though the record apartment I sold at Gimle was 157 square meters. But it was a penthouse apartment, and the apartments should preferably be over 250 square meters.

– We see that demand is increasing from people who want even larger apartments. They should have a place when the grandchildren are visiting and want some space for social activities, says Kalsnes.

Tenderloin

In a few years, Oslo’s last tenderloin will be ready for development, Filipstad outside Tjuvholmen. Then it can lead to new price records for the most attractive apartments with fjord views.

– Yes, I think Filipstad will be as popular as Tjuvholmen and take part in this market

– When do you think we will see the first home sold for over 300,000 kroner per square meter?

– I think it’s a little strange and surprising that my record still stands. I closely follow the real estate market in both Sweden and Denmark, but so far have no indications that the record will be broken, says Kalsnes.

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