Nordr's CEO Andreas Martinussen notes that, despite lower sales than the same period last year, there is good demand for new homes.

"The sales in the first quarter have surprised us positively in both Norway and Sweden," he says.

Nordr develops housing in growing metropolitan areas – in Stockholm, Gothenburg and Malmö in Sweden and Oslo, Trondheim, Bergen and Stavanger in Norway. In total, the company has over 17,000 homes under development.

"We are satisfied that we are selling so well that we are able to start construction. In all projects that started sales at the end of last year, we can start construction. It shows that there is a demand for contemporary and sustainable housing, while at the same time there is little competition with few new projects in several locations," says Andreas Martinussen.

During the past quarter, 94 homes were sold in Norway and 27 in Sweden.

"We have dedicated employees who work hard to get projects onto the market and who work even harder to sell homes despite prevailing headwinds. We see clear signs that it will become cheaper to build in the future, but we are convinced that the housing market will not take off until the end of this year," concludes Martinussen.

The number of homes in production amounted to 2,905 at the end of the quarter, compared to 2,938 at the end of the fourth quarter in 2022. Nordr's share was 2,303 homes.

Nordr Construction started 176 homes in the first quarter of 2023, compared to 53 in the same quarter of 2022. The sales rate for homes in production amounted to 72 percent.