Andorra la Vella is the location we have chosen to develop our most exclusive product in the Urban Line. It is a complex of 82 apartments of 1, 2 and 3 bedrooms equipped with all kinds of services, including a 100m2 rooftop with spectacular mountain views. Guests will enjoy in the very center of Andorra la Vella rooms with terrace, spa, corporate co-working area, gym, and much more. The project now underway in Andorra will be built on a 905m2 plot located in the heart of the Andorran capital and will have 800m2 of common spaces.
The proposal stands out for its design, which bears the signature of ALTURA, one of the most charismatic and renowned studios in the Principality, while the interior design, a delight for the senses, has been carried out by the Barcelona interior design team ABAA. All this makes this project a unique opportunity that will begin to become a reality in September. We are looking forward to inaugurating it in the most spectacular rooftop in the city.
As in all our projects, the complex will be operated through our hotel subsidiary KORA in order to maximize profitability for the investor-owners. According to initial estimates, the net annual return will be around 5% and owners will also have a flexible usage plan that will allow them to enjoy their property whenever they wish.
Why is Andorra the ideal location for investment?
Our expansion team had it clear, the Andorran capital is one of the best locations to invest in worldwide. Mainly due to the uniqueness of its fiscal framework, which has allowed it to increase foreign investment by 500% in the last decade, but also because from a more social point of view, the Principality is also among the favorite countries to develop a life project due to its combination of health, family and business, as well as its practically zero crime rate. Due to its geographical location, Andorra also stands out for its diverse leisure and sports offer, with its first-class ski resorts as its main attraction.
Our current and future projects
This operation is part of the 2022-2026 expansion plan that we presented last January, in which the main objective is to launch four projects per year for a total value of approximately 150 million euros. The location set for the development of these projects will be the coastal areas and provincial capitals of Spain and Portugal, although proposals in Central European countries such as Budapest, where we have been present for more than 15 years, are not ruled out.
In addition to the projects already underway in Andorra and Tenerife, we are finalizing two new initiatives for this year, one in Pamplona and the other in Valencia. In this case, it is a 430-apartment co-living complex that is already at an advanced design stage. When all these new complexes are completed, scheduled for 2024, just over 3,000 beds will be managed by the Bilbao-based company.