Whether people wish to rent a property, purchase a second home or buy a property to live in year round, Andorra continues to be one of the top chosen destinations for private clients and investors with a penchant for the luxury real estate market. Hence, with its 468 square kilometres and population of just over 71,000, Andorra holds a firm position as a reference country for residents with high purchasing power. Nestled in the middle of the Pyrenees Mountains and boasting breathtaking landscapes, the natural setting of the Principality is one of the country’s primary assets. Yet Andorra also enjoys a number of other equally important aspects such as its national security, high quality of life, and considerable tax benefits.
Luxury properties, a great attraction for passive residents
As noted early last year by Antònia Sevé, the President of the College of Real Estate Agents and Managers (AGIA) of Andorra, in the most recent years the Principality has made a firm commitment to the luxury sector. In this sense, the Andorran institution underscores that the allegiance with the luxury market “will spur and strengthen Andorra’s real estate market”, for as Sevé states, “if we centre our new constructions on luxury flats, we may attract more passive residents”.
Luxury based on heritage value
Unlike what occurs in other countries, the clients who come to Andorra with an interest in luxury real estate are not looking for sprawling areas or plots of land. Rather, for the most part, they are allured by a type of luxury that is tied to the value of heritage, such as for example, the different restored bordes or shepherd’s huts that dot the country. Other attractions are the large and luxurious flats at the foot of the ski slopes or very close to the ski areas, as well as the luxury properties that are found in the country’s main shopping districts.
Can Diumenge, Els Vilars and Parc Guillemó, the most exclusive residential areas
With an average price of approximately €8,000 per square metre, Can Diumenge, in the town of Escaldes-Engordany, and Parc Guillemó, in Andorra la Vella, are two of the most exclusive residential areas in the entire country. Proof of this resides in the fact that the streets of these zones are frequented by famous dignitaries including Baroness Carmen Thyssen, who recently purchased two homes in the Can Diumenge housing development, German model Mark Vanderloo and the representatives of some of Spain’s largest fortunes, as is the case of the founding family of the Perfumerías Júlia franchise. These exclusive areas have also taken in top world-class athletes including the now retired Spanish tennis player and former world champion Arantxa Sánchez Vicario.
With a slightly lower price of approximately €6,000 per square metre, the Parc Guillemó area, which is also in Andorra la Vella, is another of the country’s most exclusive districts.