GLOPRAGlobal Property Radar

Nordic construction costs rise 3.4% to 4.1% in September 2026

Building cost inflation landed between 3.4% and 4.1% across Norway, Sweden and Finland in September 2026, but the three indexes measure different things.

The facts

  • Three Nordic statistics offices published September building cost figures within three days: Norway on 13 October, Sweden and Finland on 15 October.
  • Statistics Norway's index for dwellings reached 160.3 on a 2015=100 base, +4.1% above a year earlier and 0.3% above August.
  • Statistics Sweden's index for multi-dwelling buildings rose 3.9% over the year and 0.1% over the month, excluding wage drift and value added tax.
  • Statistics Finland reported costs 3.4% above a year earlier: labour inputs up 3.3%, materials up 3.6%, services up 3.0%. No monthly figure is published.
  • Fuel and power did the work in Sweden: diesel cost 35.3% more than a year earlier, truck transport 9.3% more, electricity 8.7% more and building materials 4.9% more.

What it means for your money

  • Building and refurbishing still cost about 4% more each year, which lifts the price a developer has to achieve on a new unit.
  • Entry prices differ far more than the cost trend: Glopra records 7,288 dollars per square metre in Norway against 4,947 dollars in Finland, so the same rise lands on very different bases.
  • For an owner planning works, the 35.3% diesel jump and 8.7% electricity rise feed straight into contractor quotes, while material costs rose a slower 4.9%.

What to watch

  • The three indexes do not measure the same thing: the Swedish one covers apartment blocks only, and the Finnish release does not state its building mix.
  • The next Swedish reading on 16 November and the next Norwegian one on 13 November.

Sources: Statistics Sweden, Byggkostnadsindex for byggnader September 2026, published 2026-10-15 https://www.scb.se/hitta-statistik/statistik-efter-amne/priser-och-ekonomiska-tendenser/priser/byggkostnadsindex-bki/pong/statistiknyhet/byggkostnadsindex-for-byggnader-september-2026/; Statistics Finland, Rakennuskustannusindeksi September 2026, published 15.10.2026 https://stat.fi/fi/julkaisu/cmfdpsb3e1q8d07w69h3cl22y; Statistics Norway, Byggekostnadsindeks for bustader September 2026, updated 13 October 2026 https://www.ssb.no/priser-og-prisindekser/statistikker/bkibol