Spanish developers are offering substantial discounts on certain properties to clear a backlog of unsold apartments.
As the Spanish property market faltered, the bigger you were the harder you fell and heavyweight developers such as Polaris World found themselves in serious financial difficulties.
Now its main creditors, a consortium of four banking entities, are clearing the inventory of unsold property. Good news for buyers as you can now get the key to a two bedroom apartment at Condado de Alhama for a cost price of €85,000, a 58% discount.
‘Polaris World is one of the few major Spanish developers to have survived the credit crisis and is now offering, for a limited period, what I consider to be the best deal of 2011. Buy now and get up to 58% off previous prices with 90% mortgages available at interest only for the first two years. If you can afford €242 a month, you can afford your own home on a five star resort,’ said Chris Mercer, director of Murcia based estate agents Mercers.
‘This deal would be remarkable on any development, but when you learn it is on a Polaris World site within ten minutes of the beach, five minutes of a Paramount endorsed Theme Park, 20 minutes of the new international airport at Corvera and with completed infrastructure to include an up and running Jack Nicklaus golf course it gains even more credibility,’ explained Mercer.
‘What’s more, the properties are ready to move in to, so buyers can enjoy the sunshine and the golf from day one. This is an unbelievable opportunity to buy into one of the area’s top developments at the bottom of the market,’ he added.
With seven resorts ranging between 55 hectares and 900 hectares, all in the Spanish region of Murcia, Polaris World has certainly been ambitious in its vision. At the heart of the concept lies the Jack Nicklaus Golf Trail.
The master plan includes a total of nine Nicklaus designed golf courses within a 25-kilometre radius making it the best golf offer in Europe. So far, five courses have been developed since 2005 and three of those now fall under the management and maintenance of Olagolf Group founded by top golfer José María Olázabal. The brand new Alhama Signature Golf at the biggest Polaris World estate, the 900 hectare Condado de Alhama, forms part of this trio.
With 3,000 plus completed homes, Condado de Alhama boasts its own Al Kasar commercial centre with bars, restaurants and a supermarket as well as gymnasiums, tennis, football, basketball, cycle lanes and of course the golf. Homes are arranged in communities sharing swimming pools and children’s play areas.
Prices start from €85,000 for a fully furnished top floor two-bedroom apartment with a private roof terrace commanding views of the resort and surrounding countryside. For buyers 90% mortgages with two years interest only are available.