IEPlus – Start saving aged 13 to buy flat in Norway by 20s
Young Norwegians may have to start saving in their early teens if they are to afford their own residential property in future – if the story of 20-year-old Madikken Kråkstad is any guide.
She started saving aged 13, and by 19 had enough to put down as a doposit on a newly built appartment in Trondheim, reported Dagens Næringsliv this week.
And saving for a deposit has never been more important, the newspaper adds: from next year the local financial regulator – Finanstilsynet – is raising the minimum deposit ratio to 15% from 10%, as prices have reached 7.7% higher than a year ago on average.
Kråkstad started her first temporary job aged 13, and managed to put away NOK300,000 (€41,000) over six years, in order to take her first step on the property ladder.