10 years of House and Property Prices in Andorra
- elizabethhelenpier
- Dec 21, 2024
- 4 min read
Updated: Mar 8
Prices have changed radically in the Andorran property market over the past 10 years. The economic crash of 2008 caused a ripple effect on the prices here as in all of Europe, and then stable interest rates helped bring a slow and steady increase in our sales prices over the years following. Fast forward to more recent years and this slow and steady increase of prices has very much sped up.
As many of you are probably aware there is no public record of Andorra house sales, meaning no Andorra version of Rightmove, Zoopla or Andorra Zillow unfortunately. The government have their reasons to keep this information hidden from public view, so unsurprisingly there will unlikely ever be a public record of these sales in our lifetime.
Nonetheless you can still access a good amount of official government published information about Andorra house sale prices in the form of a a report every 3 months of Andorra house market price trends. The last article of the year contains an overview of the trends over that past year as well as the trimonthly report. These articles are written up by the Statistics Department at the Andorran Government which assures the integrity of the information which can be hard to come by in Andorra.
The articles are publicly available although near impossible to find online (we wonder if this is done with intent) and are only published in Catalan as one would expect. It is for this reason we publish a biyearly summary of these reports in English for you. What these articles include is information on the trends during that trimester of price per square meter, quantity of property transactions in the country and quantity of meters squared sold. The results are categorised by parish (location), and by type of property sold so; land, garage, house or apartment.
To summarise the data in these articles, see the graph below of property price increases and decreases in Andorra over the last 13 years for apartments. If you are concerned about other types of property, do not hesitate to get in contact with us and we will be happy to pass over the information you require concerning house or land prices for example.
As you can view in the graph, prices took a hit a couple of years after the crash of 2008. Not to the extent of our neighbours in Spain but significant enough that a downward trend continued up until 2016, although it was more a stabilisation after a very large hike in the early 2000s. Prices remained fairly stable up until the infamous year of Covid, when much like the rest of the world the most recent property price hike began in the Andorra house sale market.
Historical house prices in Andorra
Historically Andorra house prices are similar to property prices in Barcelona, averaging somewhere in the region of 2000-3500€/m2 for the past two decades and having comparable drops and hikes at similar periods in time. The lowest drop in Andorra house prices in 2016 left an average sales price per square meter for an apartment at €1969.03 with increases of approximately:
2016-2017: 2%
2017-2018: 8%
2018-2019: 10%
2019-2020 5%
2020-2021: 10%
2021-2022: 18%
2022-2023: 10%
By the end of 2023 we are looking at a near perfect 50% increase since 2019. The most recent annual report (2023) shows a price of 3,961.80€ per meter squared by year end. In the second trimonthly report of 2024 we are looking at over 4,100.00€ per meter squared. *
For more detailed explanation on the trends of 2023 and 2024 please take a visit to our blog posts Andorra property prices 2023 and Andorra property prices 2024.
What you will find is that most media and news outlets in Andorra publish figures quite different from these. This is because they often use statistics from property advertisement portals such as Idealista instead of official sales price statistics. The problem with these advertisement portals, unlike Zoopla/Zillow is that they have no access to sales prices, only advertised prices. You will find prices around €1,000/m2 more expensive on these portals than actual sales figures. This confirms that the bulk of agreed Andorra house prices do in fact drop 15-30% under the advertised prices you see listed in the large property advertisement portals such as Idealista, habitaclia and pisos.ad.
Do all types of property in Andorra follow the same sales price trends?
The statistics above correspond to the average prices of sold apartments in Andorra over the period stated. Different types of property have in fact very different sales price trends over the past 10 years, having drops and hikes quite distinct from apartments in Andorra. This includes Andorra house prices on detached or terraced houses, and separately land or whole buildings.
* We would like to add that somewhere around 2023 the statistics department at the Andorran government changed the way they were explaining figures; the property price per square meter for apartments in reports before 2023 do not match those for the same period in the most recent reports. There is a near 10% difference between the figures.
