Andorra is also known for her ski holidays, competing directly with French ski holidays, and Andorra apartments are often bought by skiers for a holiday home, and rented out for income while not skiing themselves.

Last year saw a slowing down of the world’s economy, and property markets shortly after the economic downturn news slowed down too.

Andorra achieved a near 5 per cent increase in her property values in 2007, and some potential buyers considering residency are assuming that real estate in Andorra could see a fall in value in the year ahead, as other markets start to fall.

But according to Tribune Properties, who specialise in Andorra real estate, they could well be wrong in their assumptions.

They report that based on the first half of 2008, the full year will be similar to 2007, with a near 5 per cent rise in property values. But they have noticed some difference in the last twelve months in what buyers expect, and the amount of money people are spending.

‘Over the last twelve months the average purchase price of an Andorra property has risen surprisingly,’ they say, adding ‘Two years ago the majority of our sales were for apartments around the 300,000 Euro level. Now we’re selling as many properties in the half a million to million Euro bracket as we are at the 300,000 Euro level.’

Part of the increase in value of the typical Andorra property now being sold is due to the better known European tax haven of Monaco, where there is a shortage of property, and real estate ranks among the highest in the world. It’s now rare to find even a studio apartment in Monaco under a million Euros – and for the same money and tax benefits that would buy a good house in Andorra.’It used to be said that you could see property buyers filling the lounges of Monaco’s hotels – it’s now the hotels in Andorra where the buyers are’, claim the property company.With a new airport set to open in two years time, Andorra could see property prices rise further in the years ahead.

The Andorra real estate listings can be found quite easily. The Andorra real estate property is in demand by the foreign buyers. The buyers are especially attracted to the place since there is zero inheritance and income tax. Most buyers for the estate for sale are looking for the ski apartments since the country is known for its ski slopes and is one of the most popular sports in the country. The skiing season starts in December and lasts till April. Even when the owners of the estate property don’t use heir property personally, they can get good Andorra rentals on the property. This is because tourist is always looking for good villas and chalets to rent when they come fro their skiing holidays.

Mortgage value for about 60% of the cost of estate for sale is quite easily available from the local banks. The mortgage terms are available for over 15 years. However the entire payment should be made by the sixtieth birthday. So if a person is 52 years, they will get a mortgage term for only 8 years (till they reach their 60th birthday and a 45 year old person will get a mortgage term for 15 years (till their 60th birthday). The typical Andorra real estate for sale that is available is apartments and chalets and the most favored places for buying the Andorra real estate property is La Massana, Arinsal, Les Salines and El Serrat. Andorra isn’t a member of the European Union, but the citizens of the European Union don’t require a visa to come to the country. Catalan is the local language that is spoken here, even though English, French and Spanish are widely spoken and understood.

The estate for sale is available quite easily and will depend on the location of the place. This is one of the smallest countries in Europe and isn’t a part of the European Union. But the Euro is the de facto currency and the Euro debit and credit cards are widely used in the country. Andorra is officially known as the Principality of the Andorra and has an area of only 468 square kilometer. Tourism is the major earner of the GDP and accounts for 80% of the GDP. Banking sector, since the principality is a tax haven also contributes substantially to the GDP.