From the crisis hangover to the country sold off in pieces: 15 years of Andorra's property market

There is a simple way to explain what has happened to the Andorran property market over the last fifteen years: in 2012, at the bottom of the financial-crisis hangover, 2,353 properties were transferred in the Principality. In 2025 there were 6,356. Almost three times as many. And along the way, the price of a flat has become the national conversation.

The lean years (2010-2014)

The starting point is austere. Between 2010 and 2014, Andorra sold little and cheap: between 2,300 and 2,900 properties a year, with a market sustained almost exclusively by local buyers. Flats sold annually did not reach a thousand in the worst years (701 in 2012). Those were the years when bricks and mortar were suspect and credit was scarce.

The first awakening (2015-2018)

From 2015 the engine restarts. In 2016, more than 4,900 properties transferred and 1,700 flats sold in a year are exceeded for the first time, and in 2018 a first ceiling is reached: 5,047 properties. Andorra is no longer the sleepy market of the early decade; the country discovers itself as a residential destination —taxation, safety, mountains— and foreign demand begins to press a housing stock that grows far more slowly than the appetite to buy it.

The scare and the rebound (2019-2022)

The pandemic slows the market in 2020 (3,544 properties), but the rebound is immediate and intense: in 2021 previous levels recover and 2022 marks a new all-time high, 5,832 properties transferred for a value that tops €1.15 billion for the first time. It is also the moment when price stops being a technical figure and becomes a social problem: the price per square metre of a flat, which at the end of 2020 averaged €2,369, begins a climb that will not stop.

The legal brake (2023-2024)

Faced with the pressure, the General Council acts: in September 2023 foreign investment in property is temporarily suspended, and in February 2024 the tax that levies it comes into force. The effect is visible in the statistics: in 2023 and 2024 the market cools in volume (4,993 and 4,629 properties respectively) and buying by non-resident individuals falls to its lowest in the whole series: 11.3% of units in 2024. Prices, however, do not stop: by the end of 2024 the flat is already paid at €4,201 per square metre.

The year of all records (2025)

And then comes 2025, the year that breaks everything: 6,356 properties transferred —an all-time high for the series—, almost €1.4 billion in value and 2,004 flats sold in a single year, a figure never seen before. The average flat price closes the year at €4,547 per square metre: practically double what it was five years earlier.

The map of the boom, however, has shifted its centre. Escaldes-Engordany, which historically trailed the capital, in 2025 concentrates almost three out of every ten properties sold in the country (1,863 units, 160% more than the previous year), driven by the delivery of the big vertical developments. Canillo follows with 1,298 properties, double the year before, fuelled by ski product. Ordino, the most exclusive parish, marks its series high with 506 properties and the country's largest flat: 92.5 square metres sold on average. At the other end, Andorra la Vella retreats —land has run out— and Sant Julià de Lòria remains the smallest market, with less than 6% of national activity.

The buyer's profile debunks some clichés and confirms others. Half the units sold in 2025 were bought by resident individuals, and a further quarter by wholly Andorran-capital companies. The non-resident foreign buyer doubled activity versus 2024 —to 16.6% of units—, but the Government attributes much of this to the rebound effect of the moratorium: deals frozen in 2023 that were unlocked when the new tax framework took effect. Two out of three buyers are between 30 and 59 years old; one in four is over 60.

2026: fewer sales, stable prices

After the record year of 2025 —2,175 transactions (+35%) worth €1,398 million— 2026 marks a change of phase. In the first quarter, 492 sales were completed (−3.7%) for €320 million (−12.9%), and in the second, 473 (−11.8%) for €280 million (−17.3%). Flat prices, by contrast, have barely moved: €4,416/m² in the first quarter and €4,570/m² in the second, 0.2% higher than a year earlier.

Three factors explain the slowdown. The foreign property investment tax doubled in February (6% on the first home and 10% on any further ones). Passive residency now requires an investment of one million euros. And non-residents have fallen to 22.6% of the properties bought by private individuals, while purchases by companies have dropped by 58.6%. Resident buyers, on the other hand, are holding the market up: buyers under 29 rose from 68 to 98 in the first quarter, driven partly by the government's first-home loan guarantee scheme.

It is worth not confusing asking prices with selling prices. Listed flats are advertised at around €8,100/m² (Q3 2026), almost double the actual price recorded in the deeds. In the rental market, the shortage is extreme: fewer than a hundred flats advertised across the whole country and an average rent of around €3,000 a month. With the new law ending the mandatory extensions of rental contracts between 2027 and 2030, many landlords will have to decide over the coming years whether to renew, take the property back or sell.

Fifteen years on from the low point of 2012, the question is no longer whether Andorra is selling —it is selling more than ever— but who can afford to buy. And that answer, for now, does not appear in any statistic.

If you want to know what these figures mean for you —whether you are buying, selling or simply want to know what your home is worth today— take a look at our property price observatory by parish and our free online valuation tool.

Data source: Statistics Department of the Government of Andorra (2010-2026 series). Own analysis.

Updated on 18/10/2026