安道尔的住房负担能力：安道尔公国（英）

Housing Affordability inAndorra Ana Lariau and Michelle Tejada SIP/2025/151 IMF Selected Issues Papers are prepared by IMF staff asbackground documentation for periodic consultations withmember countries.It is based on the information available atthe time it was completed on February 9, 2024. This paper isalso published separately as IMF Country Report No 24/58. 2025DEC IMF Selected Issues PaperEuropean Department Housing Affordability in AndorraPrepared by Ana Lariau and Michelle Tejada Authorized for distribution by Rodolphe BlavyDecember2025 IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it wascompleted on February 9, 2024. This paper is also published separately as IMF Country Report No 24/58. ABSTRACT:Housing affordability is an increasing social and economic concern for Andorra. Changingdemographics and increasing real estate prices and rents combine to create a housing affordability issue inAndorra. This paper shows a granular analysis of housing affordability, exploiting microdata from the Survey ofLiving Conditions, to identify the groups that are most affected and better inform and target housing policies.Evidence that affordability is lower for renters and that Andorra is a renter-dominated real estate marketcombines to create a housing affordability issue. Low-income and low-skilled workers are disproportionallyaffected. This study analyzes the evolution and characteristics of housing demand and supply dynamics in thecountry, which indicates a supply and demand mismatch in the affordable segment of the Andorran housingmarket as well as insufficient fluidity which exacerbates the shortage of short-term rentals and complicates thehiring of foreign workers. A multipronged policy approach is needed, and a careful balance is needed tominimize market distortions while increasing the stock of housing in the medium-term. RECOMMENDED CITATION:Washington DC: International Monetary Fund, Selected Issues Paper,SIP/2025/151 Housing Affordability in Andorra Principality of Andorra Prepared by Ana Lariau and Michelle Tejada HOUSING AFFORDABILITY IN ANDORRA1 Housing affordability is an increasing social and economic concern for Andorra. Changingdemographics and increasing real estate prices and rents combine to create a housing affordabilityissue in Andorra. This paper shows a granular analysis of housing affordability, exploiting microdatafrom the Survey of Living Conditions, to identify the groups that are most affected and better informand target housing policies. Evidence that affordability is lower for renters and that Andorra is arenter-dominated real estate market combines to create a housing affordability issue. Low-income andlow-skilled workers are disproportionally affected. This study analyzes the evolution and characteristicsof housing demand and supply dynamics in the country, which indicates a supply and demandmismatch in the affordable segment of the Andorran housing market as well as insufficient fluiditywhich exacerbates the shortage of short-term rentals and complicates the hiring of foreign workers. Amultipronged policy approach is needed, and a careful balance is needed to minimize marketdistortions while increasing the stock of housing in the medium-term. A.Introduction 1.A major political issue in Andorra,housing affordability is also macro-critical.This paper investigates the determinants ofthe current housing stress to draw policyrecommendations.Rising housing affordabilityconcerns result in socio-economic difficulties,distributional issues, and impacts the attractiveness of Andorra as a working and, tosome extent, as an investment destination.Thelimited supply of housing due to the country’sgeography and the sustained demand for rentalhousing have pushed up rents, leading to theemergence of a housing affordability problem, especially among certain groups. The lack of affordable housing makes the labor market lessattractive, especially for foreign and seasonal workers, and may affect foreign investment decisionsfor companies that cannot secure housing for their workers, thus limiting potential growth. In arecent sentiment survey, conducted in the first half of 2023, 67 percent of the population considersthat housing affordability needs to improve, compared to only 3 percent in 2015. 2.The housing affordability issue in Andorra is directly related to its exceptionally highshare of tenants, associated with a growth model reliant on immigration.Generally, housingaffordability tends to be lower for renters than for owners. As of 2019, nearly 65 percent ofhouseholds were renting the property they lived in. This was well above the share of tenants in otherrent-oriented markets such as Germany, and in the EU as a whole, which had an average share of tenants below 30 percent. The Andorran economy and labor market are highly dependent ontempora