Do You Own A Property In Polaris World?
22 December 2022 • 2 min read • by Tom Miskelly
Costa Blanca has long been a popular hotspot for many people wanting to buy their dream holiday home. Over the years, many have followed their dream of purchasing either investment properties or holiday homes for retirement futures. Some of the largest developments in this area were built by Polaris World.
They were once Europe’s most ambitious holiday home developers and consisted of numerous large-scale projects. These resorts were widely advertised on TV in the UK by legendary golfer Jack Nicklaus (the designer). This was to entice investors looking for a better life in the sun. Some of these resorts include:
- Roda Golf
- United Golf
- Peraleja Golf
- Corvera Golf & Country Club
What Happened To Polaris World?
During this period, properties sold at highly inflated prices, with apartments selling for hundreds of thousands of Euros. Thousands of foreign investors flocked to purchase at these resorts. However, when the financial crisis hit in 2008, the prices of these apartments declined rapidly.
By 2010, Polaris World were forced to relinquish most of their assets. This included the golf courses and unsold properties, to the lender. This has left many of their results unfinished and these once-popular resorts are now best described as ghost villages. Currently, some apartments are struggling to sell for €60,000.
If you own a property on one of these resorts, you are probably facing negative equity. You may be struggling to sell or be unable to afford your mortgage. The bad news is that these issues are common across the south of Spain. But, the good news is there are solutions!
Get The Right Advice
EU Property Solutions’ specialist team can offer tailored advice and solutions to end your property nightmare forever. Our legal team in Spain works effectively with borrowers to get rid of their properties and secure a significant debt write-down. This often saves hundreds of thousands of euros for our clients. We have a dedicated team that will keep you informed every step of the way.
If you would like to discuss your case with one of our property debt specialists, call us on 0330 124 1230 or click our chat below to speak to a specialist now.
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