The Polaris World dream
Costa Blanca has long been a hot spot for many who wish to own their dream holiday home. It offers year-round sunshine and amenities targeted to expats, making it the perfect place to call a second home.
Polaris World Spain quickly took over the market during the boom with their promises of luxurious developments, which were widely advertised on UK television by legendary golf player Jack Nicklaus. Development names included Roda Golf, United Golf, Peraleja Golf and Corvera Golf. Each one came with promises of fantastic amenities, including swimming pools, lush green golf courses, gated communities and big financial returns with all year-round rentals.
The toppling of Polaris World
During the peak of the boom, property prices were highly inflated, with apartments alone selling for hundreds of thousands of Euros. When 2008 arrived, so did the financial crash, which in turn meant prices plummeted rapidly.
By 2010, Polaris World was forced to relinquish most of its assets, including golf courses and unsold properties, to its lenders. This had huge consequences, leaving many properties unfinished, and these once-popular resorts became ghost towns overnight.
To this day, many owners face negative equity, with the majority of properties selling for just 60,000 Euros on a good day. This common issue is still evident across the south of Spain, with many borrowers struggling to pay mortgages, but the good news is that there are solutions.
Deal with your Polaris World nightmare today.
If you want to say goodbye to your Polaris World nightmare, EU Property Solutions can offer tailored advice to help. Our legal team in Spain works effectively with borrowers to help you get rid of the property and achieve significant debt write-downs, which could save you hundreds of thousands of Euros.
Speak to our team today to explore your options by calling 03301241230 or email us at [email protected].