The credit crisis has seen a marked change in how overseas buyers buy property in Spain. Gone are the days of hefty deposits and off-plan purchases waiting several years for the developer to complete the property. Today’s buyer can pick up a brand new property on a five star resort at under half its original price with as much as 100% mortgage finance.
Back in 2006 the Polaris World developments in Murcia were heavily promoted on our TV screens in the UK and throughout Europe. Prime time adverts featuring Jack Nicklaus produced a wave of British buyers keen to snap up a piece of the dream. Golf homes in the perfect climate starting from around 130,000 Euros were some of the best bargains to be had in Spain at the time. Luxury golf resorts with five star hotels, sports facilities, bars and restaurants, gated communities with full security and of course golf. Every one of the six resorts featured a Jack Nicklaus designed 18 hole golf course. The developer built over 10,000 apartments and villas and in the peak year of 2007 sold a staggering 3,000 properties.
Times changed in 2008. But unlike many developments in Spain the Polaris World resorts were completed and the last unsold properties were handed back to the banks. Wind forward through a few years of legal back and forth and as we move into 2012 several Spanish banks including Bancaja and Banco Popular are the proud owners of a thousand or so brand new properties looking out over pristine golf courses that sadly, they really don’t need. An opportunity that today’s investors and bargain hunters have been snapping up in the busiest year for sales since 2007.
The last 12 months has seen a flurry of buying for Villa Cashback the leading seller of Polaris World resort properties. UK buyers have returned with faded memories of those adverts to be surprised and delighted to find completed golf resorts and a choice of bargains. Today there are no hefty deposits upfront and a promise to build. “Live the Dream” as the slogan ran in the TV campaign is now for real. Completed properties at half their original price and up to 100% mortgages. But only while stocks last as they say. It’s unlikely the banks will be returning soon to fund new developments so this really is a one-time opportunity.
Condado de Alhama the last resort to be completed by Polaris World features a Jack Nicklaus Signature golf course and impressive town centre. Two bedroom garden apartments are on offer from as little as 65,000 Euros with 90% finance for overseas buyers. It was here back before the credit crisis that the very same properties were on sale off-plan from 130,000 Euros.
The resort of Hacienda Riquelme, a firm favourite for buyers offers some of the most incredible bargains. Nestling in front of the mountains near the town of Sucina, just 18 minutes’ drive from the airport. Hacienda Riquelme offers views as far as the Mar Menor and Mediterranean coastline. Frontline golf property started from 180,000 Euros back in 2007. The resort of 1860 apartments was completed in 2008 and today there is a choice of around 100 apartments with golf and pool views starting from just 72,000 Euros – less than half the original price.
Just five minutes from the coastal town of Los Alcazares Polaris World built the first of their six resorts, Mar Menor. With its brightly coloured villas and stunning five star Intercontinental Hotel and Spa, Mar Menor acted as the showpiece for the promotional TV campaign. The resort was extended in 2008 with a series of luxury apartments designed by Melvin Villaroell. These spacious apartments with their large terraces looking out over the lake and golf course were offered from €220,000. Today the very same two bedroom two bathroom apartments complete with 100% finance are on offer from just €127,000.
The region of Murcia now offers some of the most affordable property in Spain. Already laying claim to the “best winter climate in Europe” and with 320 days of sunshine a year, Murcia is a perfect second home location for many Europeans. The new international airport opening in 2012 will open Murcia up to many more locations worldwide. Flights into the existing airport are already available from over ten UK airports and the proposed Paramount Theme Park scheduled for 2015 is set to be second only to Disneyland Paris as Europe’s premier Hollywood studio attraction. There’s never been a more opportune moment to buy that dream home or investment in Spain.
If you would like more information, please do not hesitate to contact Villa Cashback