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Housing at a Crossroads: Key Takeaways from MIPIM 2025 and What They Mean for Norway

As MIPIM 2025 concluded in Cannes, one message stood out: housing markets worldwide are facing complex and evolving challenges. With over 20,000 delegates from 90 countries, representing €4 trillion in assets under management, the event offered a comprehensive look at where the real estate industry is headed—and where urgent attention is needed.
For Norway and the Nordics, many of these global insights resonate strongly. The pressures on affordability, demographic changes, and the search for more sustainable housing models are as relevant here as anywhere else. But within these challenges lies the opportunity to rethink how we deliver housing in the future.

Housing Affordability Is an Increasing Global Challenge—And Norway Is Not Immune
One of the central themes at MIPIM 2025 was the continued decline in housing affordability across major global markets.
In Europe, the European Central Bank (ECB) has flagged the rapid recovery in housing markets as a growing concern. As prices rise, affordability continues to deteriorate, particularly in major cities. Reuters
In the UK, key workers such as nurses and teachers are increasingly priced out of many regions. Nearly half of England is unaffordable for key workers based on the commonly accepted standard that rent should not exceed 30% of gross income. Financial Times
First-time buyers in London are moving further away from the city due to high property prices. Average home prices in the capital stand at £549,000. Financial Times
Norway’s Parallel Trends
In Norway, housing affordability is becoming an increasingly significant concern:
- Nurse Index (Sykepleierindeksen): According to Eiendom Norge’s Sykepleierindeks, reported by TV2, a nurse in Oslo could afford just 2.3% of available homes in 2024—down from 2.7% the previous year. Analysts predict the figure could drop below 2% in 2025 if the current trends continue. TV2
- Rental Prices: Since 2019, rental prices in Oslo have increased by 30.8%, with the median price for a bedroom now close to 10,000 NOK per month. Aftenposten
- Housing Prices: In January 2025, prices for pre-owned Obos apartments in Oslo rose by 6.1%, signaling a continued strong housing market. E24
Demographic Shifts Are Changing Housing Demand Across the Globe—and in the Nordics

Demographics were a central focus at MIPIM 2025. Falling birth rates and aging populations are affecting housing needs and demand across Europe and Asia.
- Europe’s fertility rate is 1.52 births per woman, below the replacement rate. Euronews
- In Asia, countries like Japan and China are experiencing significant demographic shifts, with aging populations and declining birth rates impacting long-term housing demand. AP News
- Meanwhile, Africa stands out with a fertility rate of 4.4, presenting a different demographic dynamic and future opportunities for growth. Wikipedia
Norwegian Demographic Trends
Norway is not exempt from these trends:
Although Norway’s population continues to grow modestly, largely due to immigration, birth rates are declining, and urban areas are absorbing most of the population growth.
Cities like Oslo and Bergen are seeing increased demand for housing, particularly from younger buyers and immigrant populations, while supply remains constrained.
A Generational Opportunity to Rethink Housing Delivery and Access
At MIPIM, many participants described the current moment as a “generational opportunity” to rethink and reform housing strategies. With affordability challenges rising and demographic changes altering demand, there is a rare chance to implement long-term, meaningful solutions.
For Norway, the opportunity lies in:
Addressing the supply-demand imbalance. Oslo, for example, needs 5,000 new homes per year to meet projected demand. Yet, housing completions are forecast to decline by nearly 90% from the peak of 2023 towards the end of 2027, based on current construction trends.
Considering alternative homeownership models to broaden access, particularly for first-time buyers and key workers.

Investor Sentiment and the Real Estate Outlook: What Comes Next?
Deloitte’s 2025 Commercial Real Estate Outlook highlighted cautious optimism in the sector. After several years of volatility, interest rates are stabilizing, and inflation is easing, creating a more predictable environment for real estate investment. Deloitte 2025 CRE Outlook
Investor Priorities Are Shifting

At MIPIM and in Deloitte’s findings, several trends emerged regarding where investors are focusing:
- Residential Assets: Affordable housing, shared ownership models, and purpose-built rental properties are high on investor agendas. Residential remains a defensive asset class with stable, long-term demand.
- Logistics and Industrial Real Estate: Continued e-commerce growth sustains demand for logistics hubs and last-mile distribution.
- Healthcare and Social Infrastructure: Investors are increasingly targeting healthcare real estate, including care homes and senior housing, driven by aging populations.
- ESG and Sustainability: Investors are under pressure to prioritize Environmental, Social, and Governance (ESG) criteria. Buildings that meet strict energy efficiency standards and contribute to social equity are attracting attention.
The Interest Rate Environment
While interest rates remain higher than in the previous decade, a period of relative stability is encouraging investors to re-enter the market with a longer-term view.
Capital is increasingly flowing towards projects with clear social impact, particularly in affordable and sustainable housing.
Shared Ownership and New Housing Models Are Gaining Traction
Living Impact is one of the companies leading this transition in Norway:
- Its shared ownership program allows buyers to purchase 50% of a home while renting the other half, with the option to increase ownership over time.
- This model responds to the growing need for affordable, accessible pathways to homeownership, particularly in high-cost markets like Oslo.
- The solution aligns with investor interest in sustainable, socially impactful real estate strategies, offering a model that addresses both economic and societal challenges.
Conclusion: Addressing Housing Challenges Requires Coordinated Action
MIPIM 2025 highlighted both the challenges and opportunities facing housing markets worldwide.
With initiatives like shared ownership, a stabilizing investment environment, and partnerships between the public and private sectors, Norway has the opportunity to address its housing challenges constructively—while positioning itself as a leader in innovative residential solutions for the Nordics and beyond.