70.5m kroner mansion sale in Denmark tests a record set in 2008

[COPENHAGEN] A mansion in a posh neighbourhood north of Copenhagen just sold for 70.5 million kroner (S$14.8 million), or roughly US$11 million, marking the country's highest recorded house price since 2008.

The property in question is a 347-square-metre villa in Hellerup that was once owned by academy award winning director Bille August, according to Byens Ejendom. The current seller bought the house from the film maker in 2015 for 37 million kroner, the publication said.

Property values in Denmark have tested records set before the 2008 financial crisis after more than half a decade of negative interest rates in the Nordic country. House prices rose an annual 4.5 per cent in July, according to Nykredit, Denmark's biggest mortgage bank.

BLOOMBERG