Sotogrande property Tailor Made estate agents are finding the market very slow in Sotogrande. People coming to Spain with unrealistic expectations of what their money will buy. Yes there are a lot of bargains to be had but often the bargains are for property no one would want in the boom times never mind the crisis we face now.
Truth is that Sotogrande like many millionaire play grounds has been affected, but the average owner is not feeling the pressure to drop. Wealthy people even if feeling the pinch can juggle their finances and set bottom lines which are not consistant with say property prices drops in maybe a 3rd rate area. Sotogrande has seen price drops of around 25% to 35% not enough really for the cautious buyer. So people wait hoping that in another 6 to 12 months they will feel the pinch enough to drop further. Maybe some will drop a bit more but it will never be on mass. So the chances of those coming here for a week hoping to get a bargain of a life time are diminished. The real bargains drops of 45% & 50% of prices 2 years ago are few and far between and go quickly to people on the ground with a reservation fee in their hand.
This week I had a vendor call me saying he was happy to drop 100,000 off his 400,000 price tag. The fact is that in this particular development 99% of the buyers were British. Three years ago they would have sent 300,000 to spain to pay 400,000. Now they will still have to send a little over 300,000 to buy. So where is the bargain to the British buyer. It simply is not there and here lies the difficulty in selling to the British.