Andorra Real Estate Business Volume Up 13.6% to €385.8M in 2022

Andorra's real estate sector recorded a 13.6% increase in business volume over three years, reaching €385.8 million in 2022, according to the latest structural statistics on non-financial companies released this year by the Department of Statistics.

The data, covering 2019 to 2022, shows steady growth after a pandemic-related dip. Turnover stood at €339.4 million in 2019 and edged up slightly to €340.6 million in 2020 before falling to €311.9 million in 2021 amid the Covid-19 crisis. The rebound in 2022 marked a clear recovery.

The number of real estate firms showed mild stagnation, with a slight decline in recent years. From 930 companies in 2019, the figure dropped to 897 in 2020, then rose to 1,006 in 2021 before slipping to 1,003 in 2022. Establishments followed a similar trend, decreasing from 1,035 in 2021 to 1,020 the next year, though both metrics remained above 1,000—a threshold first crossed in 2021.

Employment in the sector continued a downward trajectory that began in 2020. The workforce fell from 975 people (665 salaried) in 2019 to 921 (648 salaried) in 2020, 908 (639 salaried) in 2021, and 890 (626 salaried) in 2022.

Operating results bucked the negative trend, improving to €180.7 million in 2022 from €175.8 million in 2019 and lows of €166.6 million in 2020 and €132.6 million in 2021. The operating margin stood at 44.25% in 2022, up from 42.18% in 2021 but below 2020's 48.59% and 2019's 50.15%.

Average expenditure per salaried worker reached €57,193 in 2022, far exceeding neighbouring countries at €42,011 in France and €32,939 in Spain. Productivity per worker was also markedly higher in Andorra at €240,656, compared to €122,207 in France and €70,044 in Spain.

Real estate activities account for 4.5% of Andorra's total business volume, versus 2% in France and 1.4% in Spain.