Annual Review 2023.

An eventful and challenging 2023 is over and we are now looking forward to a more stable year. 2024 signals a brighter future for the Nordic property sector and a steadier market is predicted.

Most likely we have passed the bottom and the property owners who have been under great pressure are feeling some relief. Will market values skyrocket? No, but we expect a much more stable market, which will be more functional than before. Those who have made acquisitions so far have probably hit rock bottom, but the buying environment for long-term investments looks promising throughout 2024.

The Nordic market has been challenging, and never before has the importance of committed employees been as great as now. Good cash flows are more important than ever and the low-yielding climate we have been in will take a long time to recover, if ever.

After more than two years of successive disasters, 2024 seems to welcome us to a much more stable starting point. The property sector is actually doing much better than analysts have made out. The fact that it was overvalued as a result of extreme interest rates is something that has now largely been rectified and we can only conclude that it is possible to make really good deals in all markets. It is probably now that new big names are being born in the industry, who have utilised the situation in the right way.

We can happily state that 2023 was by far our Swedish rental department’s best year ever, positive also for digital management and others are doing well given the conditions. We deliver a quality to be proud of, and if you want to know what a property is really worth, we are one of those who stand firm to give the honest picture.

Croisette Island is an excellent example of how to grow into the exclusive residential market and deliver internationally attractive opportunities that are spread across the Knight Frank network.

In Denmark, we have a new business area that offers premium values to our customers. In 2023, Croisette has successfully navigated the Finnish market, outperforming competitors who have ventured into the territory.

We aim to become the world’s number one property advisor. Our proactive market expansion strategy reflects our commitment to reshaping the global property landscape together with Knight Frank. We are prepared for the coming year, which promises to be far more rewarding than the one we just left behind. No matter how the market develops, we can help you with everything from leasing, management, recruitment and staffing, valuation, acquisition, sales, advanced data-based analyses, or any of the above worldwide. In addition, we can assist you with property transactions in a professional and innovative way. We look forward to hearing from you.

Per Svensson
Founder | CEO


2023 was the year in which an uncertain and awaited market continued to dominate the overall picture. It has been a year where we in Denmark have seen more of the foreign investors being more hesitant than the Danish players. Overall, it’s been a year with a level of transactions far below what we’ve seen in recent years despite optimistic views coming into ´23.

On the leasing side, 2023 was the year where we could also see that the decision-making processes really started to get longer with the tenants. It was also the year when we in the Croisette DK gained even more market shares and saw an increasing active with ten. Rep. duties.

2023 was also the year where we started a Valuation and Analysis department in Q4.

In general, 2023 was the year where we in Croisette Denmark positioned ourselves even better in the market and now stand with the foundation stronger than ever to be able to go optimistically into 2024.

Martin Spangdahl-Fafara
Managing Director, Denmark


2023 was an interesting year, but with it´s set of challenges. The 12th increase in the central bank rate taking it up to 9,25% really had the final blow to cool down the residential market.

Sales fluctuate but the intake is good, so that we will have a full shelf of products when interest rates start going down presumably in 2Q 2024.

We have been seeing a lot of transactions with high-end residential and estates here in which foreign investors are looking for and after we partnered up with Knight Frank there has been a significant change in how we are perceived in the market as an international player.

We are leveraging this partnership to the max in the coming year, with a lot of interesting things coming into our pipeline.

Styrmir Bjartur Karlsson
Managing Director, Iceland


2023 presented various challenges and exciting opportunities for Croisette Finland. On the transactional front, the year started with hesitant appetite and there very few transactions in the H1. Early H2, there were many opportunities coming to the markets but the buyers were missing. This led to an almost complete slowdown on the markets. At the end of the year we witnessed few transactions closing and were able to close some ourselves too. Most noticeable transaction closed was project Matrix, which we executed together with Knight Frank. It was the largest transaction on the Finnish markets in 2023 and a good example of what kind of doors we can open together with Knight Frank. This said, our outlook for 2024 is very optimistic and our pipeline is excellent.

Shifting focus to the leasing aspect of our business, steady flow of deals was observed during H1. A noticeable slowdown was observed on Q4, particularly on the office and logistics segments. Tenants have become more demanding and price critical, which is reflected in the length of lease negotiations and deals falling through. We are expected to see a slight increase in leasing activity for 2024 when there is more certainty on companies actual needs, current rental levels and we have witnessed more leasing comparables under the new market conditions.

Jalmari Janhunen
Managing Director, Finland


The year 2023 was characterised by a turbulent real estate sector, but commercial leasing remained relatively stable. Many companies chose to reassess their office needs and focused on flexible solutions such as co-working or short-term rentals. This was mainly due to the effects of the pandemic, where working from home was accepted to a completely different extent than before. This has created mobility in the market, which is always beneficial for us as advisors.

Top 3:
Frigoscandia, Hyllinge, 36 000 kvm
Hatstore, Kalmar, 16 000 kvm
Twistshake, Västerås, 12 000 kvm

We have followed our strategy to grow in the warehouse and logistics segment where we have been able to present several significant lettings.

Although we managed to close 2023 with good results, our ”sales pipe” for 2024 is larger than ever. This is partly due to the fact that discussions are taking much longer than before and there is a backlog of deals that are in the process of being signed. We expect this positive momentum to continue into next year and for the leasing market to remain favourable. A big reason for our success is that we are present locally where we operate. Over time, this will make us the only obvious advisor as we have a global network combined with local expertise.

Peter Bergquist
Deputy CEO | Head of Leasing

Capital Markets

Year 2023 has been a challenging year for the property market with the annual investment volume dropping approximately 50% compared to 2022 and 70% compared to year 2021. Following the surge of inflation, interest rates increased heavily during the year. Due to this new environment buyers and sellers have struggled agree on pricing. Adding to this, lenders have become much more conservative in providing financing. Due to this Croisette Transactions has had a difficult year financially, However, operationally we have continued to exceed our goals in terms of number of mandates, mandated deal volume, new clients and types of assignments.

Our strategic partnership with Knight Frank and our collaboration with Croisette’s new business area Automation & Analysis are both showing great promise. With interest rates and inflation falling rapidly at the time of writing this we are optimistic that we will be able to capitalize on our hard work and growing client base in 2024.

David Almqvist
Co-Head of Capital Markets

Valuation & Analysis

2023 has been a challenging year for the Valuation and Analysis business line, characterised by difficulties and major stresses in the real estate industry. The ongoing global economic uncertainty has affected market stability, resulting in reduced activity and increased competition. For several of our customers, this has been a tough period with reduced sales and difficulties in realising new projects. This has resulted in fewer assignments and thus affects the company’s revenue and profit margin. Despite the challenging market, Valuation and Analysis has continued to work hard to ensure the company’s continued operations and profitability. Regardless of the difficult conditions, Värdering och Analys has continued to work to maintain a good reputation and loyalty with existing customers. During the summer, the co-operation and partnership between Croisette and the international consulting giant Knight Frank was launched. For the valuation business, the new partnership means new opportunities with internationally active companies.

We are positive about 2024 and believe that we will emerge stronger after the turbulent period the industry has gone through. We expect a gradual recovery and increased stability in the market. With a positive outlook, we look forward to recovering and growing in 2024.

Fitore Regjepaj
Head of Valuation Analysis

Human Capital

In 2023, we have been forced to both innovative thinking and act differently in order to meet the ongoing challenging market. During the year, we worked in a more structured way with our new customer sales but also increased the presence of our existing customers. In addition, we have evaluated and started new collaborations with suppliers to streamline and further digitize our recruitment process. An example of this is “Refapp”, which gives us the opportunity to implement digital reference taking. 

We end the year with the decision to merge our four Human Capital companies into one by 2024. This is predicted, after careful analysis, to have positive effects both in terms of employee commitment and well-being, as well as on the bottom line

Erika Klingberg
Head of Human Capital

Property Management

The industry faces challenges, and we notice it in discussions with both existing clients and parties considering changes to their operations for a better future. In these times, we have achieved good profitability this year, and during the personnel changes we have gone through, the team has come together to form a strong and high-performing team.

A significant reason for our success is a combination of personnel with the right mindset, establishing ourselves with our Asset Management services among larger clients, and expanding our portfolio with Accounting assignments during the year.

There is a strong determination within the team to continue making a difference in the industry and helping more property owners navigate correctly into the future.

Peter Eriksson
Head of Digital Property Management & Administration


In 2023, the business unit Real Estate Agency donned an entirely new bright pink attire when Våningen & Villan successfully transformed into Croisette. We see the benefits and opportunities of incorporating a common brand for B2B/B2C, where the effects of our collective knowledge stand out as something unique in the market. Croisette’s business model, with more stable conditions for real estate agents, has also proven successful, given the circumstances, with an exceptionally low turnover.

2023 was a challenging year in the housing sector. It was a year where the market witnessed fewer transactions than in the past 20 years, primarily due to rapidly rising interest rates and uncertainties. Especially on the new construction side, there was a slowdown from clients and the market, although the rental market maintained a good pace. 2024 seems to have much brighter prospects with more stable inflation and an interest rate trajectory pointing downwards. Also, pent-up relocation needs should gradually boost business throughout the year, and the shortage of new construction leads to higher demand in the resale market.

With new international owners in the prestigious and well-established Knight Frank, we enter the global real estate world, providing synergies and opportunities that few others in the Nordic real estate arena can offer. In our endeavor and ambition to exist locally, nationally, and internationally, these promises are realized and fulfilled in a challenging market where the key is to continue to dare to invest and succeed.

Johan Linde
Head of International Residential

Markus Åkerblom
Managing Director Residential

Automation & Analysis

In the twilight of 2023, Automation and Analytics started its operations in usual market conditions. With a growing interest in data analytics from property stakeholders, the unit’s strategic emphasis on technology and multidisciplinary data science allowed us to adapt and offer flexible services in search and acquisition, asset optimization, and property development.

In this inaugural year, AA established a robust database and sophisticated analytic pipeline, allowing us to deliver bespoke advisories to esteemed portfolio owners in the Swedish market. At present, we are optimizing and developing several portfolios comprising 18 properties, with over 200,000 m² of land for development, and built assets exceeding 600,000 m².

Our trajectory remains promising in 2024, with a burgeoning clientele of portfolio owners eager to maximize asset potential and visionary developers leveraging our data-driven insights for optimal investment decisions.

Ossama Gabrallah
Head of Automation & Analytics