Periodic text — annual mortgage lending data released by the Govern d'Andorra's Departament d'Estadística, March 2026 edition covering the 2025 financial year. Next update scheduled upon the 2026 release, expected around March 2027.

Every year — most recently in March 2026 for the 2025 financial year — the Departament d'Estadística releases the picture of Andorran mortgage lending. The 2025 edition describes a market in strong expansion: 1,064 new mortgages, unseen since comparable series began in 2015, for total lending of EUR 831.7 million. Yet behind the growth, the figure that matters to an international buyer lies elsewhere: more than nine holders out of ten are residents of the principality.

Key points

  • 1,064 new mortgages in 2025, up 38.4% year on year — the first time above one thousand since records began.
  • Average interest rate applied: 3.78%, slightly down from 2024.
  • Average residential mortgage amount: EUR 401,591, up 20.2% — a direct reflection of price growth.
  • Average residential monthly payment: EUR 1,394.
  • 90.3% of holders are residents; international clients account for only 9.7% of files.

What the growth says about the market

Lending growth tracks the price growth we follow quarter after quarter in our reading of the Andorran market: when the square metre appreciates, the average financing ticket follows — the EUR 401,591 residential average of 2025 reflects a price level more than a debt appetite. The 3.78% average rate, stable to slightly declining, places the cost of local leverage at the high end of neighbouring markets: Andorran banks lend, but they lend dear and require substantial equity.

The figure that matters for a non-resident

Only one file in ten is signed by an international client. That proportion is not a prohibition — it is information: the Andorran mortgage is structurally a residents' product, backed by local income, an established banking relationship and domiciled wealth. An international buyer counting on local leverage to close a financing plan is building on a fragile assumption. The serious routes are known: predominantly equity, debt raised outside the principality, or moving to residency first — each with its costs and lead times, to be factored in BEFORE the preliminary agreement, not after.

Do not forget what surrounds the loan

Financing is only one piece of the full cost. A foreign acquisition requires prior authorisation and triggers the foreign real-estate investment tax — tightened by the 2026 Omnibus 2 law — while holding and reselling carry their own taxation. A sustainable monthly payment is not enough: the full equation — equity, entry tax, holding cost, exit horizon — decides whether the operation stands. The overall framework is set out in our Investing in Andorra guide, and our Andorra base describes how we conduct these operations in the principality.

The house reading

These figures confirm what we see in live operations: Andorra is not a market you leverage, it is a market you fund. Local credit exists and grows, but it finances residents first; the non-resident who structures an acquisition around equity and a mastered entry tax approaches the principality with the right assumptions. The next review of this article, scheduled after Estadística's annual release expected around March 2027, will tell whether 2025's expansion was a catch-up or a regime.

General, non-personalised information, based on the official data cited and accurate at the consultation date; a financing plan calls for licensed advice in the principality.