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Bought for 64 million, now listed at 105 million: “They may just break even”

From Aftenposten · () Norwegian

Translated from Norwegian and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • A 414-square-metre villa in Oslo’s Frogner district has been listed for 105 million Norwegian kroner, after its owners bought it for 64.25 million in 2023.
  • Broker Terje Tinholt estimates that the owners spent 35 million kroner renovating the former Pakistani Embassy property and says the luxury market has recovered from a period of near-total inactivity.
  • The listing comes amid price cuts in Oslo’s high-end housing market, although brokers say interest remains strong for large, centrally located villas.

A Frogner villa bought for 64.25 million kroner in 2023 is back on the market, this time carrying a price tag of 105 million. The property’s owners may not make much from the sale despite the sharp increase, according to broker Terje Tinholt.

Tinholt estimates that the owners have spent 35 million kroner renovating the house. “They may just break even,” he told E24. He said he already had interested buyers and believed the property could sell quickly, possibly on Monday or Tuesday, with all the necessary reservations.

They may just break even.

· Terje TinholtThe broker estimated that the owners’ renovation costs could absorb much of the difference between the purchase and asking prices.

The 414-square-metre villa at Eckersbergs gate 20 occupies four floors and includes five bedrooms, four bathrooms, four parking spaces, a heated driveway and geothermal heating. The advertisement highlights large living and reception rooms, a marble kitchen with an island and Gaggenau and Miele appliances, a dining room, library, basement living room, gym and high ceilings throughout.

I think I will sell it on Monday or Tuesday, it may look that way, with all reservations.

· Terje TinholtThe broker described the interest in the villa and predicted a quick sale.

The building served as Pakistan’s embassy for 25 years, until 2017. According to Aftenposten, the embassy was forced to leave after a long dispute with its previous owner, London-based businessman Mukarram Sattar, which ended in a legal settlement. The property had reportedly fallen into poor condition and was renovated inside and out after the current owner took possession in March 2023.

E24 has reported several price reductions in Oslo’s upper-end housing segment over the past year. A large villa in Ris recently sold after a 25 million kroner cut, while a Snarøya waterfront property sold for 32 million after being listed at 90 million. Brokers have linked the trend to a smaller pool of buyers, partly because several wealthy residents have moved away. Large villas near central Oslo appear to be an exception. A Frogner villa listed at 105 million sold during a total renovation in March, with mortgage documents suggesting a price of 125 million.

There has been unusually strong interest in that price range.

· Ørjan HaverstadThe property developer described demand for large, centrally located villas.
About this summary

Originally published by Aftenposten in Norwegian. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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