December 4, 2005 at 1:13 pm #51409
we are just about to sign contracts and pay 20% deposit on an off plan 2 bed apartment on the new polaris world development at alhama in Murcia.
After reading this forum I feel extremely discouraged. Has anyone ever bought in Spain without problems?
From what I see the Polaris world seem a pretty serious outfit but does anyone out there have experience with them.
Our plan is to keep the apartment after completion (due in 2 years) for a few (3-5 years) just for our own use. All we ask of it is that the capital growth yields more than a current accountin a UK bank. That seemed a modest hope but after reading all the horror stories, I am not so sure if I am nuts to be be buying anything in Spain.
December 4, 2005 at 1:42 pm #60124
I too looked at buying off plan on PW. In fact I even placed a deposit on a 2 bed townhouse. I pulled out because I did not believe it to be a good financial investment in the short term.
If you check some of the PW resale sites, you will see what is the beginning of panic selling by speculators. There is a dedicated forum for PW (http://spanish-properties-forums.com/default.asp?CAT_ID=1) which may also give some background information. Although most PW buyers will not admit to being worried, from my research there has been very little if any capital appreciation on PW.
The Condada development has also upset the PW buyers, as the cost of a two bed apartment I believe is around 120k euro. This is significantly less than what most people payed for the equivalent apartments on Lat Torre etc.
I also understand there have been some building license issues with Condada and also others in the area. The local population don’t seem too happy with the prospect of a 20,000 people town suddenly springing up.
I decided not to invest in Spain as I believe my money is better invested in the UK . If you really want to buy PW, wait for the bloodbath from all the amateur speculators who have been sucked in by agents promises, who will be looking to sell at virtually any price as completion looms. That way you should be able to get a bargain and not have to wait for 2 to 3 years for the property to be built and even longer for the resort to be usable.
December 4, 2005 at 10:09 pm #60131
The cheaper apartments at Condado are all 2nd line golf; the more expensive apartments are actually frontline golf and have been designed by the same guy who did Mansion Club & La Alzambra in Marbella/Banus. These front line apartments are actually going to be better spec/quality/size than La Torre/Riquelme et.al.
I think the cheaper units at Jardines de Alhama at about 120,000 euros is great value and you couldn’t go wrong just by sitting on it for 5 years – will prob rise in value by min 30% I would have thought
December 5, 2005 at 9:20 am #60135
What Kevin said, basically.
Though I’d go further and voice doubts that much of Polaris World will ever be completed.
December 5, 2005 at 11:42 am #60140
thanks to those that responded. I have taken Kevins views on board and backed out. Also other forums expressing doubts about the vast no. of golf courses being built, there must a limit to the number of golfers out there.
December 5, 2005 at 2:11 pm #60144
Just like you would think there would be a limit to the number of beach front developments before all the virgin land goes – but it doesnt seem to bother developers whose only motive is quick profit at any expense.
In my experience golfers do not buy properties ona golf course – that limits them to one golf course and they prefer to play the field.
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