Andorra House For Sale
For details of currently available property for sale in Andorra and a guide to tax and residency visit www.propertyandorra.com
Last year the number of people selling businesses declined, as there’s less money for new buyers to come in, and as a consequence the pool of buyers who have just sold their business and looking to move to a tax haven has gone down as well.
And for British buyers who do want to move to a tax haven, the strength of the Euro against Sterling has meant the budget they have to buy an Andorra property for example has reduced.
But in recent months the value of the Euro against major currencies has declined, as Germany and France battle with the financial markets to keep the Euro project alive.
The two major tax havens in Europe are Monaco and Andorra, and both use the Euro. At one time one pound would buy 1.4 Euros, but that dropped to virtually 1.1 – a drop of around a quarter for British people looking to buy Monaco or Andorra property.
With Sterling now buying 1.2 Euros and more the number of people making enquiries about moving to either of the two tax havens has picked up, and increasing numbers are now viewing and deciding which of the two jurisdictions to move to.
The difference between Monaco and Andorra is not just a question of geography. Monaco is located off the South of France while Andorra is in the Pyrenees, with most people looking to buy an Andorra property flying into Barcelona, a two and a half hour drive from the Principality.
The main difference between the two European tax havens is price. Monaco has some of the most expensive real estate in the world, with Princess Grace Avenue regularly topping real estate surveys as the most expensive street in the world.
Known the world over for the Monaco Grand Prix held at the end of May each year, it’s the jewel in the crown of the F1 season, with celebrities and royalty mingling with motorsports fans to see the cars race around the streets of Monte Carlo.
But Monaco is much more than this, it’s often referred to as the playground for the rich – with property prices to match. Personal security is excellent, with one policeman for each hundred residents, and with the Mediterranean accessible from her two ports of Fontvieille and Port Hercule superyachts are sailing in and out constantly, with many of the millionaire owners frequenting the casino.
Currently available property reflects just how high the cost of property in Monaco is. A studio apartment of 30m2 which the residency office will accept as suitable for one person is 1,100,000 Euros. A 38m2 studio is also on the market, with an asking price of 1,290,000 Euros.
The cheapest one bedroom apartment which has 58m2 of living space and a 10m2 terrace is 1,590,000 Euros – the residency office would accept this as suitable for a couple.
For those with children the residency office are looking for each to have their own bedroom if different sexes, or they can share two per room if brothers or sisters. A two bedroom apartment which has an en-suite shower and a family bathroom is currently available for 3,900,000 Euros, while the lowest priced three bedroom apartment is on the market for 4,725,000 Euros. It has sea views, a parking space and 131m2 of living space, but a small balcony of just 4m2.
The contrast with Andorra’s property prices are stark. Andorra lies between Spain and France with the nearest international airports of Barcelona and Toulouse a two and a half hour drive, but in November flights will begin to the UK from Seu Airport which is a fifteen minute drive away from the Spanish / Andorra border.
Best known for her winter skiing, the weather the rest of the year isn’t dissimilar to the UK. The capital la Vella is a shoppers’ paradise but quite different from the rest of the country – in the same way for example that Devon or Somerset is different from London. The most popular town for those who take Andorra residency is La Massana, which has all the amenities of a modern town with banks, offices, shops, bars, restaurants and there is also an international school. Most people in Andorra speak good English, French and Catalan.
Andorra
Currently on the market is a two bedroom penthouse apartment in Sispony, part of the parish of La Massana, at 275,000 Euros. A three bedroom two bathroom apartment in the upmarket area of Anyos, again part of the La Massana parish is available for 460,000 Euros.
Unlike Monaco which is almost entirely apartments, there are houses for sale in Andorra. They vary in price but expect to pay between 800,000 and 2,000,000 Euros for something good, which will have four bedrooms and two bathrooms or more, a garage for two or more cars, some have gardens and nearly all have excellent mountain views.
A great house in Andorra or a small apartment in Monaco? The choice is available and with the Euro declining in value demand is likely to continue to rise for both in 2012.
Seaside Plaza Monaco
More details about Andorra residency will appear regularly on this, one of the country’s most popular blogs
