Odense__Locations_Online_MR19

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Location descriptions | Odense – Market Report 2019

Residential

In Odense, the residential building stock is characterised by a diversified mix of detached houses, multi-family properties and terraced houses, accounting for some 45%, 32% and 21%, respectively, of the total building stock. Further, approximately 58% of the residen- tial units are rented, primarily driven by the multi-family properties and terraced houses where the ownership ratio is just 8% and 36%, respectively. For the detached houses, which are generally located outside of the city centre, the ownership ratio is 92%. The significant population growth has naturally increased demand for housing in Odense. Based on the current per capita residential area usage in Odense of 48.6 sqm, the popu- lation growth since 2010 corresponds to an additional housing demand of some 726,000 sqm. Looking at the predicted population growth, another million sqm will be needed by 2045 to house the around 20,550 expected additional residents. On the supply side, the construction of residential properties in Odense is gaining momentum in response to the surge in demand. Following years of relatively low construction activity, an estimated 108,000 residential sqm was completed in 2018. With an estimated 80,000 sqm under construction in 2018, residential construction activity is expected to remain high in the coming years, albeit at a lower level as the volume of initi- ated projects seems to have tapered off slightly. Comparing supply and demand, residential construction activity since 2010 has not been sufficient to meet the additional housing demand, resulting in an estimated pent-up demand in 2019 of some 95,000 sqm. However, with the completion of new residen- tial properties in 2016, 2017 and 2018 surpassing the marginal housing demand, recent years’ accumulated housing shortage seems to be coming to an end. Odense Harbour A masterplan earmarks Odense Harbour as a high priority development area in Odense, allowing for the construction of some 2,500 new residential units over the next 10-20 years, which will benefit from an attractive waterfront location and proximity to recrea- tional areas such as Åløkke Forest. Vollsmose Vollsmose is a neighbourhood north east of Odense, approximately 3 kilometres from the city centre. The neighbourhood has approximately ten thousand residents, with a large number of households with children. The building stock is currently characterised by Odense has the following five main residential development areas: