– There are several who now think a little extra if, say, bank top.
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As prices of holiday homes in Spain have fallen 40-45 percent since its peak in 2008. Many Norwegians have therefore the last years realized the dream of a separate place in Spain.
The demand for financing rental abroad has increased by around 20 percent from 2013 to 2014, according to general manager Håkon Hansen DNB Luxembourg, which offers financing of a full-year or summer residence in Spain and France.
But the last time, the krone has followed the oil price down and has been considerably weakened against the euro, which leads many to think a little extra about.
– We’ve got a lot handsets in recent days both from customers who have already and customers who are considering taking out loans. There are several who now think a little extra about, says Hansen.
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The euro has been around 20 percent more expensive since June this year, and about 30 percent more expensive since January. Thus eaten a good slump of housing rebate up weaker dollar.
– We will probably not have the same inflation ahead if the krone remains as weak. About this currency level stays, it will surely cool down activity, says Hansen.
Financing a foreign housing through DNB Luxembourg requires 30 percent equity.
– Those who finance makes it in Euros but they shall surely into an equity here at 30 percent, and in additional charges of around 10 percent, so in practice we are talking about 40 percent equity in Norwegian kroner. So it has become more expensive, and many people think now about, says Hansen.
– And it’s not just housing purchase as being more expensive. Everything gets more expensive, also living expenses and aircraft, says Hansen.
– We always say that if you buy, you buy something you fancy and will use a long time.
By taking out the loan in the same currency as the object is in taken the risk down.
– Pleasant levels in three to four years
– But property prices runner perhaps not of people waiting krone possibly appreciates?
– I think not. I think we are at, or near, a bottom. We will probably not so much lower than today, but the inventory of unsold homes is still very high, so it will still take a long time before prices rise. We probably lying on nice levels over the coming three to four years, Hansen says.
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