Andorra Property Prices 2024
- elizabethhelenpier
- Jan 2
- 3 min read
Updated: Mar 6
Three times a year, the Andorran government publishes a report on property sale transactions and prices of square meter sold during that period. They then complete the year producing a final annual report on property transactions. Given the difficulty accessing these reports and the fact that the full reports are written exclusively in Catalan, we thought it would be useful to give a biyearly summary in English on what is officially published by the government about Andorra property prices. These statistics are written to understand the scale of property buy-sale transactions in the country. This means the figures are looking at the global average of all transactions, of all money passing hands and all the square meters sold, and not looking at individual sales in 2024.
What to consider before looking at the figures?
a. The figures below are looking over a one to two year period, if you want data on price per square meter sold in Andorra going back further over the years, please read our blog post: 10 years of property prices in Andorra.
b. If there is a lot of new construction taking place, this will influence the figures the year or two following. This is because new builds are sold at a premium price and will therefore increase the average price per square meter if sold in large quantities together.
c. If there is a lot of luxury construction being built, as above with new construction, this will influence the figures the year or two following. This is because luxury builds are sold far above the median price range.
d. Not the historical norm, but the selling of large amounts of old property will of course have an inverse effect on the figures and cause the average prices to drop.
e. A decrease in the quantity of property sales will correlate to the total value of property sold, ergo it will drop the latter figure and vice-versa for increases. If the percentages are not similar, this is due to the price per square meter increasing or decreasing that year, or the type of property being sold changing that year.
Statistics of Andorra Property Prices in 2024
Property sales began slowing down in Andorra at the start of 2024, with a -28.3% decrease in the number of property transactions compared with the first quarter of 2023. If comparing the 12 month period previous to date (third trimester 2024) there has been an overall decrease of -21.3% of all buy-sale transactions in the Andorran property market.
When looking at the total value of all property sold comparing 2023 with 2024, we see a decrease of -11.3%. This drop in the total value of property bears evidence to the fact that the total number of buy-sale transactions keeps dropping significantly but does not say a lot regarding a drop in the price of property, rather prices continue to rise into the third quarter of 2024.
Alternatively, looking at the average sold price per square meter of apartments annually (looking at the cost in the third trimester), there was a +11,7% increase in prices per m2 in the third quarter of 2024 compared to the third quarter of the year 2023 and a +35.4% increase compared to 2022. See the graph below for the yearly changes.
Compare the above with the changes of price per square meter of apartments in each quarter as seen in the graph below, we observe instead a slight drop of price/m2 starting in the fourth quarter of 2023, and then an increase again in the first quarter of 2024. Another decrease is observed in the second quarter, and again an increase in the third quarter of 2024. For more information on the quarterly price shifts that are related to our seasons, please see our blog post Seasonal price fluctuations on Andorran property.
Overall, the market began to slow down in 2024 in terms of property transactions and quite substantially compared with the previous 3 years. However, despite the lack of actual sales, the slowdown did not halt the rise of Andorra property prices per square meter as one would expect. If you want to understand the reasons behind this, please see our blog: The Andorran real estate crisis, what happened?
