NREP partakes in new public-private partnership aimed at making the Oslo housing market more accessible
As in other large cities around the world, the homeownership gap is growing in the Norwegian capital. In response, the City Council has joined forces with the private sector to establish Oslobolig – an effort designed to make it easier for some groups to enter the housing market. For NREP, the project allows us to continue our longstanding work to tackle urban challenges – also in Norway.
– NREP’s core belief is that real estate is an opportunity to solve societal challenges and make social progress. We believe we can make a difference through our investments. Therefore, we are very proud to be part of the Oslobolig AS project, as it will ease access to the housing market, Jannick Huseth says. Huseth is head of housing in NREP Norway.
Since its founding, the Nordic real estate investor and innovator has taken on projects aimed at making a difference – for people, communities, and cities. The Oslobolig initiative is no exception, and Huseth underscores that NREP Norway is looking to expand their portfolio of projects with a social profile.
Cooperation between public and private sector is key
Oslobolig is established as a real estate company. The company was established in response to the need for a so-called “third housing sector” in Norway, a term coined for housing that falls between the commercial market and municipal services, such as traditional social housing.
For a long time, the housing market in Oslo has been getting tighter. The hope is that Oslobolig will allow more market accessibility for groups that for different reasons have had difficulties owning their own home. Specifically, Oslobolig will buy housing from real estate developers and sell to these groups using different purchasing solutions.
– The homeownership gap can be a barrier for social and economic development. For many it can become a constant worry affecting everyday life. More and more people can’t afford living in Oslo. This is not sustainable, Huseth says.
The City Council is spearheading the initiative and is partnering up with real estate developers and investors in the private sector to make Oslobolig a reality – in this case housing developer OBOS, BaneNor Real Estate, the largest bank in Norway DNB, and NREP.
Huseth applauds the City Council for its initiative and willingness to think outside the box. Creative solutions are needed if we are to create a fairer and more inclusive housing market, Huseth says:
– We believe cooperation between private businesses and public institutions is key to finding meaningful solutions to many of the challenges we, as a society, are up against. NREP is truly happy to be part of this project. Together we will create social sustainability.
Vast experience in social housing
This is not the first time NREP participates in projects aimed at tackling challenges in the housing sector. The company brings experience from similar initiatives in the other Nordic countries.
In Denmark, NREP is cooperating with two local social housing organizations, SAB and FSB, as well as the Municipality of Copenhagen, in order to develop 1000 new private homes in one of the city’s low-income neighborhoods, Tingbjerg. The goal is to create positive change in an area with socioeconomic challenges. NREP is also part of the Alliance for Home for All, an organization working to put an end to homelessness amongst youths.
– We have substantial experience in real estate projects that have a strong social profile, from all over the Nordics. We intend to bring these experiences into Oslobolig, Huseths says.