Selvaag Bolig sold 186 homes in the second quarter

Selvaag Bolig sold 186 homes for NOK 920 million in the second quarter, the company said in a stock exchange announcement Wednesday.

So far this year, Selvaag Bolig has sold 382 homes for NOK 1,951 million.

– The market has been challenging, but considering the conditions we have sold well, especially in Greater Oslo. We have made good progress with campaigns, and the market improved towards the end of the quarter. We are optimistic about further market developments. Housing needs are as great as before, but fewer homes have been put up for sale and interest rates have been lowered. This could lead to increased demand and price increases, says Selvaag Bolig, CEO Rolf Thorsen.

Lower start-up

Net sales, adjusted for Selvaag Bolig’s share in cooperation projects, ended at 142 dwellings for NOK 696 million in the second quarter. So far this year, net sales totaled 306 homes for a total of NOK 1,536 million.

Construction of 31 dwellings was initiated, 104 dwellings completed, and 122 dwellings handed over to the buyer. As of June 30, the company had 1,357 homes under construction and 25 completed homes that had not been sold.

– The number of homes we have under construction has fallen as we have started fewer homes than we have completed. We expect to bottom out at 1,100 to 1,200 homes in production by the end of the year, and that volume will gradually increase again if the market normalizes. The decline is due to both market conditions and the fact that we want fewer unsold homes under construction during this troubled time, says Sverre Molvik, CFO.

So far this year, Selvaag Bolig has started construction of 46 homes, completed 193 homes and handed over 235 homes to the buyer.

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