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FERRY

Ferry group raising cash for Norway-England line

A secret consortium is continuing to work behind the scenes to raise capital for a planned resumption of ferry services between western Norway and Newcastle, a spokesman said.

Ferry group raising cash for Norway-England line
Photo: Gorm Kallestad/Scanpix

Backers have already pumped in capital and a firm has been set up with the aim of either buying or renting a ferry to ply a route between the Vestlandet region and northern England, according to Ole Warberg, Managing Director of Visit Bergen and chairman of the board of the new company.

The firm’s primary challenge involves raising enough cash to allow it to develop into a fully operational ferry company, he told newspaper Bergens Tidende.

“There are plenty of ships on the market. For a new England ferry to be profitable, it will have to be of an appropriate size and standard. For this reason, the new company is concentrating on ships that can hold 600 to 800 passengers, 200 to 300 cars, and 50 to 100 containers,” said Warberg.

A number of major investors in Norway and the UK have already put money into the project, Warberg said, without naming them.

“Our hope was to make a final decision by July 1st this year but I don’t think that timeframe is feasible. We’re now working first and foremost on getting in enough capital to operate a new ferry route to England,” he told Bergens Tidende.

Tourism officials on both sides of the North Sea say a new ferry line would provide an economic boost:

"From our perspective it would be great. It's important not only for tourism, but also for business and freight," Kim Lovlie, at the Oslo office of official British tourism promoter Visit Britain, told The Local in October last year.

DFDS Seaways scrapped its Bergen-Newcastle service in 2008, blaming higher oil prices and the economic downturn.

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RENTING

Rental prices in Norway’s biggest cities continue to rise

The cost of renting in Norway's four largest cities rose overall during the third quarter, with prices up six percent this year, figures from Real Estate Norway show. 

Rental prices in Norway's biggest cities continue to rise

A sharp increase in rent prices in Norway continued throughout the third quarter, figures from Real Estate Norway (Eiendom Norge) released on Tuesday show. 

“Real Estate Norway’s rental housing price statistics show a historically strong rise in rental housing prices in Norway in the third quarter,” Henning Lauridsen, CEO of Real Estate Norway, stated in a report on the latest figures. 

Growth was most robust in Stavanger and Oslo, according to Real Estate Norway. 

“The strong growth in rental prices we have seen in the wake of the pandemic continued in the third quarter, and it is particularly in the Stavanger region and in Oslo that the growth in rental prices is strong,” Lauridsen said. 

Stavanger and nearby Sandnes saw the largest price increases, with the cost of renting there increasing by 4.7 percent during the third quarter. During the same period, rents in Oslo increased by 2.5 percent, while a marginal 0.3 percent rise was recorded in Trondheim. 

While the cost of renting in Norway’s four largest cities overall increased by 2 percent, rental prices in Bergen declined. There, rents fell by 2.5 percent in the third quarter.

Lauridsen said that the increase in rental prices was likely to continue due to several factors. High inflation, interest rates, increased taxes on rental properties and a low supply of homes on the market all contributed to increasing rents. 

However, he did note that the supply of rental homes on the market had increased in Trondheim and Oslo since the summer. 

Lauridsen said that the least well-off financially were being hit hardest by rent rises. Previously, the Norwegian government has informed The Local that it will not introduce a temporary cap on rent increases. 

READ MORE: Norway’s government rules out a temporary rent cap

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