Real Estate Prices in Andorra: Comparison of Andorra la Vella, Escaldes-Engordany, La Massana, and Ordino

Published on June 30, 2026 and written by Cyril Jarnias

The Andorran real estate market has entered a new phase: prices remain at historic levels, demand is solid, tax rules are tightening for foreign investors, and the gaps between parishes have never been more pronounced. At the heart of this dynamic, four territories are attracting the attention of both buyers and analysts: Andorra la Vella, Escaldes-Engordany, La Massana, and Ordino.

An Expensive, Tight, and Highly Dynamic National Market

Before diving into the details of the four parishes, it is necessary to place their figures within the context of a national market under severe strain. At the overall level, prices have nearly doubled in five years.

In 2020, the average price for apartments was around €2,369/m². By the end of 2025, the national average for apartments had already reached €4,547/m², an increase of 8.2% year-over-year and nearly 100% since 2020. In 2024, AGIA already estimated the average price for all property types at €4,373/m², representing an increase of more than 81% over five years.

To visualize the recent evolution at the national level:

At the same time, the number of transactions increased sharply in 2025, before experiencing a slight decline at the start of 2026. The year 2025 was particularly active: more than 2,200 sales over twelve months, an overall volume approaching €1.4 billion, and an increase of more than 35% in the number of transactions compared to the previous year. Residential mortgage lending jumped by about 40% in one year, surpassing €385 million.

Huge Gaps Between Parishes

Behind the national averages lie strong territorial disparities. The figures for the end of 2025 show differences of more than €2,500/m² between certain parishes.

Escaldes-Engordany stands out as the most expensive parish in terms of average price per square meter, while Andorra la Vella, although the capital and economic epicenter, is the only one where prices at the end of 2025 fell compared to 2024. Ordino and La Massana, highly sought after by families and first-time buyers with good purchasing power, recorded double-digit increases, a sign of rapid catch-up.

We can see that, in terms of asking prices at the start of 2026, Andorra la Vella temporarily regains the lead, ahead of Escaldes-Engordany, even though the series of average transaction prices at the end of 2025 placed Escaldes at number one. This gap illustrates the disconnect between seller expectations and prices actually paid, especially in a tight market.

Andorra la Vella: Economic Heart, High Prices but Slightly Declining

Political and economic capital, Andorra la Vella concentrates the administrations, a large part of commercial activity, and a highly sought-after residential stock for its centrality. Unsurprisingly, prices there are among the highest in the country, even though the parish stands out as an exception in 2025 with a slight correction.

Price Level and Recent Trends

At the end of 2025, the average price of apartments in Andorra la Vella is estimated at €4,886/m², a decrease of 3.5% compared to 2024. This correction makes Andorra la Vella the only parish where prices fell over this period. But this decline is relative: over the long term, the trend remains clearly upward, with values already well above the national average of 2020.

In January 2026, asking prices for sale even climb to an average of €6,734/m², the highest level in the country at that date. This surge in asking prices contrasts with the decline observed in the end-of-2025 statistics and suggests that some sellers are testing the market’s limits.

A Liquid, Downtown Market

The typical investor profile in Andorra la Vella is rather conservative: they seek a central asset, easily rentable, with limited vacancy risk. The price ranges generally cited for a purchase in 2025 are around €4,500 to €6,500/m², while some highly sought-after areas like Parc Guillemó reach about €6,000/m², and high-end complexes like White Angel rely on concierge services.

An Isolated Correction Rather Than a Downturn

The 3.5% decline observed at the end of 2025 for apartments in Andorra la Vella does not reflect a local crisis, but rather a breathing spell in a market that had particularly heated up in previous years. Between 2020 and 2023, prices in the capital were still rising: €2,867.6/m² in 2020, then €3,203.7/m² in 2021, €3,367.3/m² in 2022, and €3,641.4/m² in 2023.

In a market where national prices have increased by about 81% over five years, the capital remains a benchmark location for investors seeking stability and liquidity, at the cost of a more moderate rental yield than in some emerging areas.

Escaldes-Engordany: The New Star, Most Expensive per m²

Escaldes-Engordany has clearly taken the lead in the Andorran high-end market. Located in the urban continuity of Andorra la Vella, this parish concentrates luxury residences, recent projects, the most sought-after neighborhoods like Can Diumenge or Els Vilars, and above all the highest prices per square meter in the country.

Record Prices, Double-Digit Growth

At the end of 2025, the average price of apartments in Escaldes-Engordany reaches €6,117/m², with an annual increase of 15.8%. This is not only the highest value of any parish, but also one of the fastest growth rates.

In January 2026, sales listings in Escaldes-Engordany still show an average of €6,476/m². Figures from the historical series confirm that this trajectory is far from accidental: in 2020, average prices were around €3,160/m², rising to €3,203.7/m² in 2021, €3,203–3,200/m² in 2022, then €4,713/m² in 2024 and over €5,149/m² in 2025 according to another statistical series. In other words, prices have nearly doubled in a few years.

The Country’s Top Rental Market

Escaldes-Engordany also dominates the rental market. According to Pisos.ad, in the fourth quarter of 2024, average apartment rents are around €20.89/m², but new listings in Escaldes regularly exceed these levels. In January 2026, the parish records the highest advertised rents in Andorra: €23.62/m² per month.

A Prestige Parish for Wealth Investors

Escaldes-Engordany is clearly positioned as a luxury and prestige market. Typical investors are high-net-worth individuals, often foreign, who prioritize architectural quality, views, proximity to services and thermal baths, as well as the country’s secure environment.

Transactions there have “almost doubled” in 2025, according to consolidated data, showing that high prices do not deter demand. Price increases there are also above the national average, pulling the Andorran market upward.

La Massana: Playground for Young Investors and Families

La Massana holds a special place in the Andorran real estate landscape. Cheaper than the two large neighbors in the center (Andorra la Vella and Escaldes-Engordany), but more expensive than Sant Julià or Encamp, the parish combines a price level still “accessible” for a certain audience with strong growth potential, particularly linked to skiing and tourism.

Strong Price Growth

At the end of 2025, the average price of apartments in La Massana was €3,692/m², up 11.1% compared to 2024. In Q4 2024, Pisos.ad measured an average asking price around €5,116/m² for apartments, with an average unit price of about €547,500. For houses, it was around €4,479/m², with properties averaging over €2.4 million.

In January 2026, the average asking price in listings for a residential property sale in La Massana stood at €5,155/m², levels that reflect both the upgrade of the housing stock and the pressure of demand.

The demand dynamic is particularly visible in certain areas within the parish. In November 2025, a detailed analysis reported that:

– The L’Aldosa-Anyós area reaches about €5,992/m² in average asking sale price, with rents close to €25.14/m²,

– The Pal-Xixerella area remains more affordable in rent (€9.49/m²) but not in sale price (€5,417/m²),

– Arinsal-Erts shows a sale price around €4,520/m², but high rents (€24.03/m²), a sign of pressure due to proximity to ski resorts.

At the same time, the study notes that the average asking price in La Massana rose by nearly 29.7% between November 2024 and November 2025, from €4,133 to €5,361/m². This is the highest value observed in the previous two years in the municipality.

An Emerging Market for First-Time Buyers and Investors

The typical investor profile in La Massana is often described as the “young investor” or “first purchase”. The average listed prices, generally between €4,000 and €5,500/m², position the parish as a compromise between relative affordability and potential for capital appreciation.

Rents and Potential Yield

On the rental side, La Massana posted an average advertised rent of €18.96/m² in January 2026, placing it below the levels of Escaldes and Andorra la Vella, but with a marked upward dynamic. Between November 2024 and November 2025, average asking rents rose from €17.58 to €20.79/m², an increase of more than 18% in one year.

For an investor buying with a long-term rental perspective, this differential between purchase price and rent levels can translate into yields close to the averages observed in the Andorran residential segment (often estimated around 3% to 4% gross, more on certain niche or upscale furnished properties).

Ordino: Discreet Luxury, Natural Setting, and International Clientele

Ordino has established itself in recent years as a major hub for luxury residences and international families seeking a preserved natural environment. Located in the north of the country, close to the French border, Ordino combines mountain scenery, tranquility, and a high-end real estate offering.

Prices: Higher Than They Appear

On paper, Ordino appears slightly cheaper than the giants Andorra la Vella and Escaldes-Engordany if one only looks at average transaction data. At the end of 2025, the average price of apartments there is estimated at €4,135/m², with an annual increase of 12%. But as soon as you look at listings and luxury projects, the picture changes completely.

According to a report from Pisos.ad for the fourth quarter of 2024, Ordino is the parish that displays the highest average asking prices for apartments, even ahead of Escaldes. For example:

These values reflect the weight of high-end programs, such as the La Querola project, which sells on average around €9,369/m². The price ranges cited for the parish generally go from €6,500 to €9,000/m² on the “premium” segment.

In January 2026, sales listings in Ordino indicate an average price of €5,721/m², a figure consistent with the idea of a market driven upward by a few exceptional programs, but where more affordable properties still exist.

A Highly International Demand

The typical buyer profile in Ordino is that of international families or high-income residents, often seeking a second home or a primary pied-à-terre in a quiet environment close to nature and ski slopes.

Data from 2024–2025 shows a steady rise in prices in the parish. Between November 2023 and August 2025, average asking sale prices went from €4,014/m² to €5,040/m², an increase of more than 25% in less than two years. Over the same period, asking rents rose from about €14.42/m² to €21.54/m² per month.

A Selective Rental Market

On the rental side, Ordino remains slightly behind the peaks of Escaldes or Canillo, but well above the Andorran average. In August 2025, average asking rents were around €21.54/m², with a range observed from €20.04 to €25.11/m². In January 2026, the average displayed drops slightly to €20.32/m², placing it behind Escaldes, Canillo, and Andorra la Vella, but ahead of La Massana or Sant Julià.

For investors, yields in Ordino are often estimated between 5% and 6% on certain well-targeted products, especially if aiming for long-stay clients or high-income residents. The scarcity of supply, combined with strong desirability, supports this level of return in the high-end segment.

Direct Comparison: Which Is the Most Expensive, Most Profitable, Most Dynamic?

In 2026, comparing Andorra la Vella, Escaldes-Engordany, La Massana, and Ordino comes down to arbitrating between price per square meter, growth potential, tenant profiles, and sensitivity to new tax rules. The following tables provide a quick overview of the main orders of magnitude.

Average Sale Prices: Transactions vs. Listings

We can clearly see that, based on transactions at the end of 2025, Escaldes-Engordany dominates, followed by Andorra la Vella. But when looking at asking prices and especially luxury projects, Ordino can at times dethrone Escaldes in average displayed value, as confirmed by the Pisos.ad report for Q4 2024.

Rental Market: Who Pays the Most per m²?

At the national level, average rents according to Pisos.ad come out to €20.89/m² in Q4 2024, while official statistics on current contracts (SICAR) speak of €18.19/m². But new listings are already around €27.5/m². In other words, existing tenants pay significantly less than new entrants, which explains some of the social tensions around housing.

Investor Profiles by Parish

Comparative studies also establish a link between type of investor, price level, and added value of each parish:

This typology shows that, for a given capital, the location offers not only a price level but also a very different risk profile, liquidity, and tenant base.

Tax Rules, Restrictions, and Impact on Foreign Demand

Another key parameter for understanding real estate in 2026 is transaction taxation, particularly for non-residents.

Every buyer, resident or not, must pay a transfer tax (ITP) of 4% of the purchase price. However, since the entry into force of the legislative package known as “Omnibus 2” in February 2026, the tax on foreign investment in real estate (IEI) has been doubled:

– for a first property, the rate increased from 3% to 6%,

– for a second property and beyond, from 5% to 10%.

Concretely, a non-resident who acquires an apartment for €800,000 now pays:

– €32,000 in ITP (4%),

– €48,000 in IEI (6% for a first property),

for a total of €80,000 in taxes, equivalent to about 10% of the sale price, excluding notary fees.

In this context, foreign demand remains present, but it faces a significantly higher entry cost. One of the stated objectives of the authorities is to use the proceeds from this tax to finance affordable housing policies, while limiting speculation and directing investments toward long-term rental projects. A reduction mechanism of up to 90% of the IEI is thus planned for projects dedicated to primary residence rental for at least ten years.

Tight Market, Affordability Crisis, and Role of the Four Parishes

The surge in prices in Andorra – more than 81% in five years, more than 30% since 2018 – has direct consequences on housing affordability for the resident population. The country has a proportion of renters much higher than the European average (over 55%, even nearly 65% according to some sources), which makes the issue of rents particularly sensitive.

Rents have increased by 35% to 60% since 2019 in central areas, particularly in Andorra la Vella and Escaldes-Engordany. The average rent for an apartment, according to Pisos.ad, is around €2,833/month in Q4 2024, with a square meter rented at nearly €21/m² – and much higher in new listings.

In this context, the four parishes studied do not play the same role:

– Escaldes-Engordany and Andorra la Vella concentrate the high-end, the strongest demand pressure, and the highest rents.

– Ordino serves as a refuge for an affluent clientele seeking nature, without offering “affordable” solutions for modest households.

– La Massana, while still expensive, appears as an entry point for households with good income but unable to keep up with central prices.

The other parishes – Sant Julià de Lòria, Encamp, Canillo – absorb part of the demand by offering lower prices (especially for Sant Julià and Encamp), but are in turn experiencing sometimes spectacular increases (Sant Julià +32.1% in 2025).

2026: A Selective Market Where Quality and Location Prevail

Ultimately, the Andorran real estate market in 2026 is both attractive and demanding. Prices per square meter are among the highest in Southern Europe, especially for rentals. Transaction volumes remain high despite a slight decline in the first quarter, while lending multiplies and tax and regulatory frameworks strengthen.

For the investor or buyer, the key is to approach the market very selectively:

In a country where only a small percentage of the territory is buildable, where prices have exploded in a few years, and where the authorities are trying to rebalance access to housing, these four parishes draw a contrasting real estate landscape. The data available for 2025–2026 shows that the market is not collapsing: it is structuring itself, tightening, and rewarding more than ever the correct reading of data, a fine understanding of micro-locations, and the ability to integrate taxation into one’s investment plan.

Cyril Jarnias

Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.

On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.

Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.

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