GOLF RESORTS
Andalusian-style properties at Los Cortijos de la Reserva cost from €490,000
The marina at Sotogrande
Inside Sotogrande: Spain’s most exclusive golf resort
W
hat have Prince Jefri of Brunei, Lord MacLaurin (former chief executive of Tesco), the Bulmer cider dynasty and Glenn Hoddle got in common?
T ey are all homeowners on the exclusive resort of Sotogrande in Andalusia, a “famous resort for famous people”. Founded in 1962 by Joseph McMicking,
an American Colonel, on the three pillars of “family, sport and security”, it began as 4,500 acres of coastal land at the foothills of the Sierra Almenara, with four farms and a lot of cork trees. Today, it is Spain’s largest privately
owned residential development, with 5,000 individual homes, six golf courses, a marina, equestrian centre and the country’s top international school. A 20-minute drive from Gibraltar airport
and 30 minutes from Marbella, the estate is superbly located, and has not been spoilt by the overdevelopment east of Málaga. But how has this prestigious resort — home
to the Valderrama golf course, venue of the 1997 Ryder Cup — fared since the global crisis and the collapse of the Spanish market? Surely it is more aff ordable for property hunters than it has been for more than a decade? “Properties in Sotogrande peaked in 2004/05, and now prices have fallen by an average of 35 per cent — but by up to 50 per cent in extreme cases,” says Michael Norton, the developer at Sotogrande, who is selling new-build properties in association with Cluttons Resorts (
cluttonsresorts.com).
“So that means frontline [golf] four-bed
villas that were selling for €1.3 million (£1.1 million) are now around €900,000.” T e price drop is refl ected across the
Sotogrande price scale, and current rates are €350,000-€400,000 for a new two-bed apartment; €500,000-€600,000 for a three- bed apartment and €800,000-plus for a four-bed property. So post-downturn there is still a
premium on Sotogrande properties, but one that British buyers such as Steve Croſt Baker are prepared to pay. “I bought off -plan in Casares
[a pueblo blanco near Málaga], but it didn’t work out, and then I came to Sotogrande four years ago and paid €600,000 for a two- bed apartment in the marina,” says the retired BP executive from Kent (pictured right). “I like it because it’s
upmarket, clean, safe, quiet, has high-quality restaurants and homes, and it’s beautifully maintained.” More than 25 per cent of the owners
at Sotogrande are British (the rest are predominantly Spanish, Swiss and from the Benelux countries), and few bother renting out their properties, according to Steve. Does he play golf? “Not any more, but
people also come here because they love the climate and the lifestyle.” Certainly now is the time to buy if you can
aff ord such a lifestyle, and there is currently a diverse range of property to choose from. New contemporary-style four-bed
“Now prices have fallen by an
average of 35 per cent — but by up to 50 per cent in extreme cases”
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aplaceinthesun.com
detached villas with a pool, near the Almenara hotel, cost from €690,000; while three-bed townhouses in the traditional Andalusian-style Los Cortijos de la Reserva cost from €490,000 (above). Finally, in the marina (top right), new
two-bed apartments in Ribera del Marlin cost from €350,000. All have marina views, large windows and spacious terraces.
Two-bed, two-bath penthouse, with two terraces, next to the beach, €265,000 (
sav-spain.com)
Two-bed, two-bath frontline golf apartment over 107m2
, €240,000 (
sav-spain.com)
Properties at Los Cortijos de la Reserva
With tightly policed 24-hour security, these make ideal lock-up-and-leave properties.
What about the resale market? “If you are looking for a bargain, you won’t fi nd it, and prices have dropped by around 40 per cent,” says James Stewart, Savills’ associate in the area (
sav-spain.com). “People were slow to adjust their prices,
but are doing so now, and, although inventory levels are static, the volume of sales is picking up.” Stewart sells to a mix of retirees, people
working out of Gibraltar, and second-home owners, with the typical spend €800,000-€900,000 (four-bed villas on a large plot previously at €1.25m), though villas start at €600,000. He also sells a few
apartments: current prices are €250,000 for two bedrooms, €300,000 for three beds, and €450,000 for penthouses. §
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