Real Estate Market Trends in Andorra 2024: What Do the Statistics Tell Us?
The real estate market in Andorra has undergone significant changes in 2024, according to data published by www.estadistica.ad. At Servissim, we are committed to keeping our clients informed about key trends and opportunities to help them make well-informed real estate decisions.
Decline in Transactions, with Some Exceptions
Overall, the number of real estate transactions has dropped by -11.7% compared to the previous year. However, Andorra la Vella (+18.6%) and Sant Julià de Lòria (+6.5%) have seen an increase in transactions, indicating a different trend compared to the rest of the country.
Most In-Demand Property Types
Land (+58.2%), buildings (+11.1%), and single-family homes (+6.2%) have been the property types with the highest increase in transactions. These figures suggest a growing interest in new developments or larger residential spaces.
Changes in Property Values
The total value of real estate transactions has decreased by -2.7%, but with some notable exceptions. Buildings (+99.5%) and apartments (+4.6%) have increased in value, demonstrating continued demand in these segments. By parish, property values have risen in four areas, while they have declined in Canillo (-37.9%), Escaldes-Engordany (-35.4%), and La Massana (-20.1%).
Evolution of Price per Square Metre
The average price per square metre of transacted properties has generally increased in 2024. Apartment prices have risen by +15.3%, and most other property types have also seen an increase, except for land, which has dropped by -26.1%.
Geographically, the parishes where apartment prices per square metre have risen the most are Andorra la Vella (+41.3%), Ordino (+20.7%), and Canillo (+15.0%). On the other hand, Sant Julià de Lòria is the only parish where apartment prices per square metre have declined (-12.0%).
Increase in Total Transacted Surface Area
Despite the reduction in the number of transactions, the total transacted surface area has increased by +6.8%, with notable growth in Encamp (+104.4%), Ordino (+53.0%), and Sant Julià de Lòria (+16.8%). This trend suggests a shift towards purchasing larger plots and entire buildings.
Implications for Buyers and Sellers
- For sellers: now could be a good time to sell buildings or apartments, especially in Andorra la Vella and Sant Julià de Lòria, where demand remains high.
- For buyers: land continues to be an interesting investment, and there are good opportunities in areas where prices have decreased.
The year 2024 has been marked by a diverse dynamic in Andorra’s real estate market. While the number of transactions has declined, some segments and locations have remained attractive or even increased in value. At Servissim, we are here to offer guidance and help you find the best options based on your needs.
If you are considering buying or selling property in Andorra and would like detailed information, contact Servissim for professional and personalised advice.
