Update, 1 September 2026 — periodic content — On 6 August 2026 the Departament d'Estadística released Q2 2026 property transfer data: the average price per square metre of flats sold reached EUR 4,569.7 (+0.2% year on year — near-stability after Q1's +3%), while activity clearly receded (transactions −11.8%, assets transferred −35%, value of operations −17.3%, surface −10.6%). The house reading: prices hold, volumes breathe — a scarce-supply market rather than a euphoric one. The traceability block now includes these data; the next periodic review (Q3 data) remains scheduled for 30 November 2026.
Periodic text — Q1 2026 data, released by the Govern d'Andorra's Departament d'Estadística on 7 May 2026. Next update scheduled upon the following quarterly release.
Key points
- The average price per square metre of apartments sold in Q1 2026 stands at EUR 4,415.9 — up 3% year on year (EUR 4,289 in Q1 2025).
- Volumes recede: the number of transferred properties falls 12.9% versus Q1 2025.
- The quarterly snapshot contrasts with the longer arc: on a twelve-month basis to end-March 2026, transactions are still up 18.5%.
- Non-residents account for 26.8% of individual purchases in the quarter — nearly one in four, despite the tax tightening.
- Since 13 February 2026, the Omnibus 2 law frames these flows: the foreign investment tax (IEI) raised to 6% for a first property and 10% beyond, on top of the 4% ITP. Our dedicated text covers the regime.
A dearer, narrower market
Rising prices with receding volumes is no paradox in a principality where new supply is structurally constrained: fewer assets change hands, and those that do trade higher. The quarterly drop in transfers (−12.9%) follows an exceptionally active 2025 — the twelve-month figure (+18.5%) is the reminder: this is a landing, not a documented reversal.
The foreign buyer has not left
More than a quarter of the quarter's purchases (26.8%) came from non-residents. Doubling the IEI has not closed the market — it has repriced entry, which is different. For an investor the consequence is arithmetic: Andorra's tax cost of entry for a first property now reads around 10% (6% IEI + 4% ITP) before fees — a modelling input, not a closing surprise.
What we watch for next quarter
Three indicators will say whether this quarter marks an inflection: average prices holding above EUR 4,400/sqm, the foreign share under a full year of the IEI regime, and transfer volumes — whose 2025 comparison base gets tougher as the year advances. These readings feed directly into our acquisition decisions in the Principality. This text is updated at each quarterly release.
Periodic text anchored to the official data cited; figures reflect the 7 May 2026 release and may be revised at source. Every transaction calls for licensed advice.