Sotogrande: high demand, high prices, low stock in the exclusive residential community of Cadiz

LIKE a large seaside country club with its golf courses, tennis, polo, sailing and horse riding courts, restaurants and beach clubs, Sotogrande has been a great place to live since it was founded in the 1960s. 1960.

Demand for fairway or sea view villas and yacht view apartments in the canals has always been high, but this year, says Kaye Falconer of BM Sotogrande, “The demand is phenomenal and there is a shortage of quality manufactured, ready-to-use products. Limited inventory and high demand drive up the market price.

Part of it’s the pandemic effect: “People who wanted to change their lives have — said let’s live our dream, and Soto, with its super family-friendly and loving community, is a place where they can do that. “

And partly the result of a big investment from Sotogrande’s owner, European investment fund Orion Capital Managers. As well as the upgrade The Reserve Club and the creation of The Beach, says James Stewart of James Stewart in association with Savills“they built four large bespoke homes in a private gated area called Le Mirador. started building homes in this price range, and two went further and put their homes on the market at 20 and 21 million.

Views from La Reserva properties are stunning

Soto took a leap forward: “The prices here were very competitive compared to Marbella and Quinta do Lago. A record sale in 2008 of 7.25 million euros remained the highest property price for 10 years,” says James. “These new prices of up to €14.5 million have all been achieved within the last three years. It is at all levels, from large houses to apartments. Villas that might have cost €600,000 now cost a million or more – and we are running out of them.

“It’s a crazy time,” Kaye acknowledges. “I had a client with a budget of 3 million euros looking for a new property in Kings and Queens Soto Costa”, – the prime real estate around the Real Club de Golf, the first developed in the years 60. “I had to say there was nothing. The properties we have now in this area are 8 million euros, 10 million euros, 20 million euros.

“The value of land in Costa is €600/m2” (and can exceed €1,000/m2 for frontline golf courses) “but outside it drops to around €350/m2.” For people keen to explore the new prime real estate areas, she recommends considering Area G in Sotogrande Alto where “the views are spectacular.”

The current taste for houses by modern architects leads to a new demand for land. “Because of Covid nothing is happening so there is not a massive supply of newly built villas. Many people have bought old houses and made them super modern while keeping the charm of the old. Others, when they’re looking for something specific and can’t find it, decide the best thing to do is build exactly what they want.

Now the available plots are running out. “At La Reserva there were a lot of them because people had bought custom plots,” says Kaye. “I prepared a list for a client, and when I used it for another client a month later, 50% of the plots were sold.”

Many are in the hands of developers. At first glance the real estate listings seem to be full of villas, new or under construction, a closer inspection reveals that they are just concepts: land and construction projects. Apparently there are only about ten villas under construction for sale in Sotogrande.

Sotogrande Aerial View Wiki
Sotogrande: Wikipedia

The widely publicized project The Seven – seven plots, each with a concept and a leading architect attached – has been slow to get off the ground. “It was going to cost 5 million euros to buy a piece of land wholesale,” says James. “I think the market was a bit ahead of its time, but now the first one has been sold and once it’s built, which is expected to happen next year, more will follow. It’s always difficult to be first. »

Four plots in a second development, The 15, have sold for record prices for La Reserva, so there is clearly an appetite to buy a concept.

That’s good, because not yet available but eagerly awaited, there is Lagoon Villas, a gated community of 41 plots for contemporary villas around a lake in a natural landscape designed by landscape architect Jean Mus (still at La Reserva) . Plots will start at €750,000 and the plot and villa concept around €2.5m.

New developments include apartments, however, interested buyers should act quickly. The first phase of Village Verde, sleek and modern in a community next to La Reserva Club, is already 90% sold – and it is not expected to be completed for at least six months. Open Frontiers is selling a 3-bedroom apartment for €860,000.

Elsewhere, Holmes Sotogrande offers a stunning penthouse apartment in the prestigious Ribera del Rio development. The accommodation comprises an entrance hall, a large living/dining room with fireplace which opens directly onto the terrace, yours for 895,000 €.

“Sotogrande is, probably for a limited time only, significantly undervalued, especially compared to Marbella. We are biased, but it really offers so much more,” says Ben Bateman, from Holmes Sotogrande.

If you miss and can’t wait for the second and third phases of Village Verde, Senda Chica, a development of 102 spacious apartments, spread over 15 contemporary buildings, is a practically affordable option with penthouses at €550,000 and apartments for 4 rooms at €471,000, also available on the Open borders website.

Older apartments overlooking the Marina Canal have lost none of their charm and sometimes come on the market at surprisingly reasonable prices. Sotogrande online by Consuelo Silva currently offers a comfortable penthouse at €320,000, but you’ll be hard pressed not to dwell on its selection of sprawling architect-designed villas and farmhouses for just a few million more.

Sotogrande (san Roque).  Puerto Deportivo
Puerto Deportivo in Sotogrande. Wikipedia.

So, is there anything in Sotogrande for €250,000? “Maybe if you’re super lucky, a 1 or 2 bedroom apartment, but I think the range is realistic of €300,000, and more depending on block and location,” says Kaye.

by Richardson is another heavy hitter around these rooms, currently showcasing a modern and contemporary style 3 bedroom, 2 bathroom apartment with a large private terrace available for sale in a new development – PIER 1 in Sotogrande Marina. The building has a modern nautical style and offers a large sun terrace overlooking the marina.

Alcaidesa Direct’s listings prove that you can still get a dream home here without breaking the bank, with a beautiful apartment located on the front line of golf with panoramic views of the African coast and the Atlas mountains that will cost you a very reasonable €235,000.

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