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Norway property market to struggle in 2014

Builders will slow down construction work to reflect easing demand

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What lies beneath: Specialists now see prices down around 2 per cent on average this year after the market rose unexpectedly in December and household credit growth stayed at 7 per cent in November, a benign annual drop considering last year's 4.9 per cent average increase. - PHOTO: REUTERS

[OSLO] Norway's overvalued housing market looks to have avoided a crash as the nation's immense saved-up wealth cushioned the economy, but the property market is set to struggle in 2014. That could dampen growth in what was once seen a model economy. Prices could fall just 1-3 per cent this year