Paper finds Norwegian housing market is ‘micro efficient’

Norges Bank HQ, Oslo
Norges Bank. Photo: Norges Bank
Espen Schive

The Norwegian housing market is "relatively micro efficient", according to a working paper published by Norges Bank. People who over-pay for property tend to be "punished", while there is "little scope" for profitable arbitrage.

In Testing for micro efficiency in the housing market, André Kallåk Anundsen and Erling Røed Larsen examine a dataset of 472,378 housing transactions in Norway between 2002 and 2014.

The authors find the housing market "does not display evidence of micro persistence"

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