Unlike Greece, Spain or Croatia, the crisis had not affected the dwarf European countries. Monaco and Andorra in 2013 continued to be popular among investors, reports ee24.com.
From September 2012 to September 2013 luxury property in Monaco went up in value by 3.2%, which is one of the highest rates in Europe. In addition, Monaco continues to be one of the most stable economies in the world. New construction in the principality is very difficult due to lack of land, while the demand is not reducing, which leads to higher prices for existing housing.
Property in Andorra la Vella, and on the ski resorts of the country, has no shortage of buyers. Monaco and Andorra are a tax haven, so that many wealthy people prefer to settle in these countries.
Portal ee24.com expert opinion
Elena Andrieu, manager of the Monaco Properties: "In Monaco, you can find a property for €23-25 thousand and up to €70 thousand per square meter, depending on the district and by the apartment itself. In general, prices tend to increase as a result of the excess of demand over supply. It is true for both residential and commercial real estate."
Christian Muñoz from Andorra British company Roc Propietats: "Real estate market in Andorra is exceptionally active and free from virtually any restrictions. If we compare Andorra with other countries, which are characterized by tax incentives, we can see that real estate prices in Andorra are lower than, for example, in Monaco, with roughly the same level of infrastructure development. Andorra is an offshore. Investors come here because of low taxes. They invest in real estate, construction, commercial real estate and set up their own business here."