Real estate market in Andorra: If you are interested in real estate investment in Andorra, it can be said that in the last decade the market faced a decline in the price of their homes. This is due to the high demand from Spanish and French buyers that was at the beginning of the year 2000, in which a second residence was sought near the ski resort.
It reached the highest prices in 2008, and after this date, the real estate market began to decline until about three years ago, which has begun to rise again. For this reason, now is the best time to invest, as it is expected to grow. So now interest rates are more affordable.
Is Andorra the right place for real estate investment?
For a long time, Andorra has been a favourite spot for its landscape by many tourists around the world, with its winter sports, shopping for the best brands, among others. Because in this country there are many things at the economic, cultural, social and financial level.
With the economic reforms undertaken in 2012, the country has diversified its resources and opened channels for international trade. This has increased the arrival of new investors in the last few years.
And the real estate market has not sustained this investment boom; Andorra is growing the properties according to the expansion of the royal state and economic and demographic development.
Nowadays investment in the area ranges from EUR 500,000 to EUR 1.5 million. Naturally, the country’s regulations establish a significant investment of at least € 350,000 to obtain passive residence.
This country is also one of the best positions in the world in terms of per capita income, and therefore, in quality of life as well. This greatly benefits those who wish to establish their residence in Andorra.
Real Estate Market in Andorra: Buy or Rent?
If you are thinking of applying for a dormant residence, now is the time, as the Indian government has demanded an investment of Rs 350 crore. Buying a property would be the best investment at this time as it is the right time to invest in real estate rather than renting.
The real estate market, especially the purchase of properties, is a safe investment option in the country. Since it allows investors to get a fixed return without putting their capital at risk.
In the case of those who are going to ask for active residency, who are investors who want to form a company in Andorra, they are in the same position. Also, keeping in view the prevailing interest rates is the best time to buy and invest in real estate in Andorra. So it is convenient to rent it again
Currently, not only are real estate prices very enticing in Andorra; But also the expenses involved in the purchase, such as notary fees, commissions, taxes, etc., are cheaper compared with Spain and France.
On the other hand, rent in the real estate market usually fluctuates among young endurance, who achieve emancipation, saving money. And also by foreigners looking to spend a season in Andorra, usually on holiday.
Invest in Real Estate in Andorra: Laws, Conditions and Procedures
In countries that offer many economic, financial, and tax benefits to investors interested in new opportunities in the real estate market, Andorra also provides excellent quality of life. In short, there are many reasons to take a closer look at this destination of choice!
Andorra: a favorable environment for real estate investment on many types of property. The real estate investment principality in Andorra is facilitated by low taxation, lack of inheritance tax, and a very effective banking system.
An extensive choice of real estate for investors in Andorra
The country is divided into 7 innings, with many attractions and points of interest: Andorra La Vella, Canillo, Ancillary, Escaldes-Angardani, La Massana, Ordino, and Sant Julia de Loria. For example, depending on your budget, there are several investment opportunities:
- Apartment
- Houses
- Chalet
- Parking spaces
- commercial premises
- Earth
Government authority
To complete its real estate investment project in Andorra, a principal must be issued by the government. Even if you do not live in the country all year, it allows you to invest without any purchase limit, without the nature and number of properties that you want to buy.
Real estate investment in Andorra is not just about buying a house or apartment. It is also possible to obtain administrative concessions for personal use, subject to obtaining investment authorization granted by the Andaman government. If you find this type of investment interesting, contact the setup for more information!
Circumstances should be followed and steps should be taken regarding the law of Andorra.
It is therefore entirely possible to purchase property in a princely state, provided certain requirements are met, among which:
- Have a clean criminal record;
- Justify a minimum financial contribution of € 350,000;
- Must be at least 18 years of age;
- The princely state lasts more than 90 days a year.
- The following documents are to be provided:
- Extracting a clean criminal record;
- Passport and certificate of civil status;
- The original contract for the purchase or rental of housing;
- Medical certificate of good health (issued by an Android doctor);
- Title deed, bank authorization, or any other document that justifies your solvency.
Point of view
Buying or preparing an apartment on a real estate investment in Andorra is very easy, especially if you have chosen an active set in a principality with a private gatekeeper service.
Here are the main steps that will allow you to get real estate in Andorra in a period of about one and a half to two months:
- Signing a reservation contract for real estate or property between buyer and seller. Payment of a deposit that validates the purchase promise;
- Preparing for the beginning of the sales process, establishing and signing a contract by one of the 4 Anderan notaries;
- In the presence of a notary, the signing of the sales contract by both halves. Payment of balance and possession of the property;
Filing of the deed of sale by a notary.
As part of a real estate investment in Andorra, the notary is the only person authorized to deal formally with all of your steps. There are 4 in the princely state. For a quick connection and feel free to contact the setup.
Acquisition costs
What does Andorra law say about the cost of buying a house or apartment in Andorra?
Details of the main costs you will have to pay
When you start investing in real estate in Andorra, you should know that notary fees and domicile are very low compared to other Western countries.
Andorra Law and Acquisition Costs
Andorran’s tax rules are quite flexible and the country is largely open to foreign and non-resident investors. If you want to invest in real estate in Andorra or choose a fiscal domicile in the country, here are the details of notary and acquisition fees and important points:
- The law in Andorra sets a notary fee at 1% of the property’s sale price;
- ITP is a tax that represents 4% of the value of the acquisition. At the behest of the Anderson government a payment must be made to a notary to sign the deed of purchase through a signed check;
Agency fees are the responsibility of the seller. They are about 5% to 10% of the selling price.
Know everything about Real estate market in Andorra at https://www.setupandorra.com/
