Andorra Property Transactions Surge 35% to €1.4B in 2025, Led by Residents

Andorra's property market recorded 2,175 transactions in 2025 totaling €1.398 billion, a 35.3% rise from 2024, involving 6,356 units, up 37.3%, according to the Real Estate Transactions and Housing and Land Prices Statistics released Monday by the statistics department.

Residents led the market, carrying out 75.1% of individual purchases—3,179 operations in all, including 1,178 by Andorran nationals. Legal entities accounted for 24.9% of deals (1,464 total), with fully resident-owned companies responsible for 70% (1,487 operations) and those with less than 50% resident ownership at 19.4% (412 deals, up 43.1%). Non-resident purchases doubled, rising 100.3% to represent about one in four operations overall.

Ahead of the data release, the government issued a statement explaining the non-resident increase as a temporary rebound from the foreign buyer moratorium under Law 16/2023 of 7 September 2023, which halted such deals from Q3 2023 to Q1 2024. Law 3/2024 of 1 February 2024 lifted the ban while imposing a tax on foreign investments, causing an artificial drop followed by this recovery. Officials called it a "conjuntural phenomenon" tied to regulatory changes, not a lasting shift, with foreign activity still structurally minor and residents holding the majority in absolute terms. The executive will keep tracking market trends and the tax's impact to promote balanced development and local housing access.

Activity surged in Escaldes-Engordany (1,863 units, up 160%) and slowed in Sant Julià de Lòria (376 units). Apartment prices reached roughly €4,600 per square metre—about double the €2,400 at end-2020—with rises in most categories except land and buildings.

Real estate firms confirmed the resident emphasis. Lucas Fox noted 20% Andorran buyers, 40% long-term resident foreigners, and 40% non-residents. CasaHouse reported most clients as residents of over three years seeking primary homes, with foreign investments waning.

On Tuesday, Housing Minister Conxita Marsol hailed the 75% resident share as positive across the board, adding that most are long-term residents attracted by Andorra's safety and economy. Speaking at a Project Tàndem FP event, she pointed to the notarized figures as evidence of economic vitality. Marsol highlighted the November-approved first-time buyer program, which has 13 favorable applications awaiting budget allocation for homes averaging €400,000. She noted overall prices dropped 6% (apartments up 8%), contrasting Spain's 9.5% average rise and up to 16% in some areas. The minister emphasized the data's credibility from notary records and cited measures like the Òmnibus Law restricting foreign developers.