What is the investment case, and what must be true for it to hold?
Selvaag Bolig can sustain home deliveries because its nine-month 2026 sales of 625 homes net for NOK 4.5 billion exceeded its prior full-year record of NOK 4.3 billion from 2016, provided demand continues to absorb homes, while rising completed-unsold inventory—93 homes at the end of the third quarter of 2026, up from 38 at the end of the third quarter of 2025—is the main threat to that condition.
Norway recorded 9,733 new-home sales through the third quarter of 2026, 16% below the same period in 2025.
2Product Overview
What does the product do for its buyer, and how is it delivered?
Selvaag Bolig develops homes from land purchase through the sale of turnkey homes, with Plussbolig adding shared service facilities to selected residential projects. The company has several thousand homes under development in and around Greater Oslo, Bergen, and Stavanger, with projects under development and construction in Stockholm.
The shared spaces include a staffed reception, a coffee bar, guest rooms, a gym, meeting and event rooms, and a kitchen.
