The Norwegian led going into the final round at Izki Golf last year before a stunning 65 from eventual winner Victor Perez put paid to any hopes Arnøy had of clinching his first European Challenge Tour victory.
It was nip and tuck between Arnøy and Perez throughout the week and the Frenchman looked to have secured top spot going into the final round before the Norwegian birdied six of his last eight holes to lead the way with one round to play.
The duo wrestled the lead back and forth during the first few holes of the final round, but Perez stole a march with a first career ace on the par three sixth hole.
The inspired Frenchman eventually finished two shots ahead of Arnøy after the Norwegian carded three bogeys in his last five holes.
And Arnøy will now head to Spain this week with the hope of making more good memories at a course where he’s previously played well.
“I’m looking forward to getting back there,” Arnøy said. “I have good memories from last year so hopefully I can do one better this year.
“I’m just hoping I don’t meet a guy that shoots 18 under in the week and then I might go one better!”
Izki Golf is a course which Arnøy knows well and has earmarked good putting on the tight greens as key to posting a low score.
“I was in a little bit better form going into last year but I know my way around the course pretty well," he said.
“I feel like you can play the course quite aggressively with a lot of wedges and if your putter is on, you can shoot some low scores.”
The Norwegian closed with a 69 at last week’s Turkish Airlines Challenge and is hoping to build on his strong finish at Izki Golf this week.
“My game is getting better," he said. "I’m playing quite wristy golf at the moment and throwing a couple of shots away here and there. I know my way around the course so hopefully I can hit some of the right spots.
“I continued what I’ve been doing in the off season last week. I worked on my swing and tried to get away from Norway as much as possible! There’s not a lot of golf you can play there.”