Oslo Approves 312-Unit Tower, Reshaping Bjørvika Apartment Market

Oslo city planners gave final approval last week for a 28-storey apartment tower at the corner of Dronning Eufemias gate and Bjørvika allé, bringing 312 new flats to the waterfront site next to the Opera House.

The decision comes as net migration into Oslo reached 9,400 residents in the first half of 2026, pushing vacancy rates in central postcodes below 1.8 percent according to figures from the municipal housing office.

Pressure on existing neighbourhoods

Developers behind the scheme, Oslo Eiendom AS, say the tower will include 45 affordable units reserved under the city’s Bolig for alle programme. Local estate agents report that two-bedroom flats in nearby Grønland already command 7.2 million kroner on average, up 11 percent from the same month last year. Residents in adjacent Kvadraturen have raised concerns about shadow effects on the historic streets around Oslo Cathedral.

The project also sits inside the extended zone covered by the Oslo Kommune climate strategy that requires all new buildings over 20 metres to meet passive-house standards by 2027.

Price signals and buyer impact

Current listings for comparable new-build units in the Barcode cluster show asking prices of 92,000 kroner per square metre. Analysts at Eiendom Norge project the additional supply could trim annual price growth in the 0184 postcode from 9 percent to around 6 percent over the next two years. First occupancy is scheduled for early 2029.

Prospective buyers should check the municipal planning portal for updated traffic and daylight studies before signing reservation agreements. Those already on waiting lists for the affordable tranche must submit income documentation by 15 August to qualify under the current allocation round.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.