The Property Division is engaged in the development of dwellings for Veidekke’s own account, as well as non-residential buildings for private and public customers. The operations are concentrated around the largest towns in Norway and Sweden, while in Denmark, activities are limited.

In the third quarter, property operations in Scandinavia had a turnover of MNOK 105 (MNOK 361 in third quarter 2008). Earnings before tax were MNOK -12.2 as against MNOK -53.2 in the same quarter of 2008.

Following a period of extremely low sales and few initiated projects, the market has shown a gradual improvement over the last two quarters. Sales of completed dwellings were good in the Oslo and Stockholm regions, and new projects put up for sale have achieved satisfactory sales. This gives cause for optimism, although the market for blocks of flats is still hesitant in many areas. Several projects will be started up both in Norway and Sweden during the fourth quarter.

Because of the low start-up rate in recent years, property operations only had 194 dwellings under construction at the end of the quarter, spread over nine projects. The equivalent numbers for the third quarter of 2008 were 1,034 dwellings under construction in 24 projects.

Property development in Norway
Property development in Sweden
Property development in Denmark