Andorra Rental Supply Shrinks as Prices Stay High

Rental supply in Andorra has continued to shrink while prices remain at high levels, according to the latest reports from the Andorran Real Estate Managers Association (AGIA) and RID Analytics.

AGIA's analysis for the second half of 2025 recorded just 165 rental properties available, down sharply from 265 in the previous semester. This drop means rentals now account for only 9.6% of the total residential market, compared to 90.4% for sales—a shift underscoring a market increasingly focused on buying rather than renting.

RID Analytics' December 2025 report counted 350 active rental listings, a higher figure reflecting its monthly tracking of public ads and portals. Even so, it documented an 11.2% decline over that month alone, following a peak of 433 units in October. Both sources thus confirm a clear contraction in supply, though methodological differences—AGIA's semestral view from member data versus RID's broader, more volatile snapshot—account for the numerical gap.

Prices show even closer alignment. AGIA reported an average of €25.7 per square metre per month, up from €25.1 previously. RID pegged it at €25.4 for December, after a 1.6% monthly rise. Central parishes dominate the high end: AGIA highlighted Andorra la Vella, Canillo, and Escaldes-Engordany above €26 per square metre, while RID ranked Canillo highest at €28.7, followed by Andorra la Vella (€28.4) and Escaldes-Engordany (€27.5). La Massana and Sant Julià de Lòria trailed with the lowest rates in both studies.

Andorra la Vella and Escaldes-Engordany lead in both volume and pricing, cementing their central role. RID noted rentals skew toward larger units, with 149 three-bedroom flats out of 350 total, 97 two-bedroom, and just 59 studios or one-bedrooms—pointing to a shortage of smaller, more affordable options.

Average monthly rents hit €3,208 per AGIA, often exceeding €3,000 in central areas and peaking above €3,400 in Andorra la Vella or €3,500 in La Massana. RID echoed this with examples like €3,740 for three-bedroom flats in Andorra la Vella and over €7,000 for four-plus-bedroom homes.

RID's figures incorporate total surface area, including terraces, storage, and parking—averaging 111 square metres per unit—which slightly tempers per-square-metre rates but aligns closely with AGIA's findings. Overall, neither report signals supply growth or price moderation, with rentals losing ground amid persistent pressure.