Andorra Real Estate Listings Plunge 60% Amid Supply Shortage

The number of properties listed on Andorra's real estate portals has dropped sharply in recent years, according to industry leaders.

Toni Capella, CEO of pisos.ad, described the decline as drastic. About five years ago, the platform featured nearly 5,000 properties; now it has around 1,800. The trend holds at Buscocasa, which listed 834 properties this week. Diego de Prado, a partner at Buscocasa, called the shortage a widespread issue in the sector, particularly noticeable over the past year. He noted frequent inquiries from prospective buyers and renters, but few options to offer.

Capella attributed the situation to a severe imbalance between supply and demand. High buyer pressure means many properties sell before reaching online listings. Those that do appear often remain because of elevated prices and fail to attract tenants through quicker channels. The rental market faces an even starker shortage, with listings practically nonexistent.

This scarcity affects estate agencies directly. While the number of advertisers on portals has held steady or grown—including more agencies and some individuals—each lists far fewer properties. Capella, whose own agency went from 150 listings to 50 on pisos.ad, emphasized that agencies simply have less inventory to market. Portal activity remains robust, with professionals like surveyors and architects using the sites for price references and valuations.

Several factors contribute. New-build sales off-plan bypass portals entirely, as promotions often sell half their units before construction starts. Second-hand properties, traditionally the mainstay of listings, have dwindled after rapid sales. Capella recalled that around 2012, post-crisis foreclosures and distressed sales flooded the market; that stock has since vanished.

Broader pressures include the rise of tourist rentals, amplified by platforms like Airbnb, which has shrunk residential supply. Andorra's economic growth and openness have also intensified demand.