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Europe’s Most Mortgaged Housing Market Skirts Oil Crash

Norway continues to enjoy a booming house market, despite sub-$50 crude
Residential Homes As Norway Risks Housing Bubble
Photographer: Tomm W. Christiansen/Bloomberg

Norwegians love their homes. Nearly 85 percent of them own the property they live in, usually with the help of a bank. So much so, in fact, that Norway has the highest proportion of mortgages in Europe – 65.6 percent of the population has a home loan, according to latest available data from Eurostat. 

That questionable record is partly the result of low interest rates, generous tax reliefs for home owners and fierce competition among commercial banks, meaning the property market has made the most of Norwegians enjoying a long spell of easy access to cheap credit.