Posts Tagged ‘Golf’
Welcome to our 4-part blog series! This blog focuses on our recent trip to Alicante.
For many of our clients, owning a holiday home in Alicante prior to 2008 was too good an opportunity to miss.
A beautiful Spanish port city just down the road from Benidorm and Murcia, what’s not to love? To make the idea more enticing, property prices were eye-wateringly affordable for your average British national making decent money.
It all seemed too good to be true. Unfortunately for many, it was, as we sit 13 years later still licking our wounds from the 2008 crisis.
Many ex-pat property owners now find themselves in the uncomfortable position of being in negative equity and under threat of repossession as they are unable to pay back the money they owe. The situation seems pretty bleak for many: they are in a hole unable to dig themselves out. Due to the sheer recklessness of the foreign banks pre-2008, it is also more difficult than ever to borrow money. How ironic…
It’s a classic David vs Goliath scenario. How can you stand a chance of defeating this beast? This is where we at EU Property Solutions come in.
As part of our fight against the big banks, we recently travelled to Alicante to check out some of the developments in the area.
During our time in Alicante, we visited developments such as:
- Corvera Golf Resort
- Hacienda Riquelme
- Hacienda del Alamo
- Polaris World Developments
- Roda Golf
You can see some pictures from our trip below.
If you have unwanted property at any of these developments get in contact with us today!
EU Property solutions have helped hundreds of people in your situation. You can hear from many of our satisfied customers on our YouTube channel.
Don’t allow the banks to leave you holding the bag while they get off scot-free.
Remember you are not in this alone in this, help is available to you.
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 purchasing either investment properties or holiday homes for retirement futures.
During the Spanish property boom pre-2008, many people purchased properties in this region. Our focus this week has turned to the notorious Polaris World Golf Resorts.
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.
During this period, properties sold at highly inflated prices. Some apartments going for €200,000 (£160,000). 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.
Despite the slump in the property market, Polaris World continued to build and ignored the warning signs.
By 2010, they were forced to relinquish most of their assets. This included the golf courses and unsold properties, to the lender. These once-popular resorts are now best described as ghost villages.
In 2018 some apartments are struggling to sell for €60,000. This is leaving many in Negative Equity with unaffordable mortgage payments to meet.
- Do you own a property in Costa Blanca?
- Do you know someone going through a similar situation?
- Are you struggling to pay your mortgage?
- Are you having trouble selling your property due to Negative Equity?
There are solutions, do not delay and contact us today.
EU Property Solutions specialist team can offer tailored advice and solutions to end your nightmare forever.
Our legal team in Spain works effectively with borrowers to offload the negative asset 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.
Other well-known golf resorts in Costa Blanca such as:
- Roda Golf
- United Golf
- Peraleja Golf
- Corvera Golf & Country Club
Have now found themselves in the same predicament and therefore are essentially mortgage prisoners with nowhere to turn.
Our success is proven, EU Property Solutions recently worked with a client who had purchased a holiday home in Peraleja Golf, Murcia, Spain. Due to the property crash, our client’s property value plummeted from €300,000 to a forced sale price of €140,000. When the clients approached us, the outstanding mortgage was €257,000.
As the clients were pensioners, they were unable to maintain the high mortgage repayments.
The property had been placed on the market for 5 months at €200,000. It had generated zero interest due to the development itself falling into a state of disrepair and the linked golf course closing indefinitely.
To make matters worse, the couple owned a mortgage-free property in the UK with significant equity. Furthermore, they also owned other assets including ISAs and bonds. Understandably, they were worried about the repercussions of this problem property on their assets in the UK.
After providing specialist assistance, we negotiated the voluntary surrender of the property along with a complete debt write-off (Only fees payable in this instance were the consultancy fees of EU Property Solutions.)
So, this was an excellent result and as such has allowed the couple to move forward with their lives and enjoy their retirements.
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