Polaris Golf Resort: Will You Invest in a 2nd Resort There?
The Polaris golf resort brand is headlined by its flagship community in Murcia, Spain. The compound offers nine golf courses, all designed by Jack Nicklaus, spread out over a 15.5 mile radius and nestled amongst 35,000 vacation and retirement homes. It's a golfer's paradise.
In Murcia, Spain, you'll find the world-class Polaris golf resort. On the property are over 35,000 vacation or retirement homes, three Inter-Continental hotels and nine Jack Nicklaus-designed courses over a span of just 15.5 miles. It's a mega-plex of golf.
Because it's in Spain, the prices are still reasonable, but will they go up in value? Or will your property value go south? Is it worth it to buy in a foreign country? Will the cost of flights impede the practicality of owning a vacation and golf home in Spain? To learn the answers to these questions and about whether buying a Polaris home is right for you, read on.
No UK Competition
Though buying a golf home has been the preserve of the cash rich, this may just be the time to bag a bargain, particularly in Spain. Because the UK market has seen its lenders reluctant to finance overseas purchases, the Spanish market has been badly hit. Sales have declined so significantly, so the prices have really dropped - making these homes very affordable.
Decline in Sales Could be a Hit Against Business
And while a reduction in sales could mean a decline in prices, it could also mean a overall market drop. Though Polaris seems solid financially, the recent mortgage and financial crisis has seen several other Spanish builders go under - meaning the buyers are left to purchase their homes off-plan. This can be a potential risk for certain buyers.
Upcoming Polaris Resorts and Courses
On top of the current development, Polaris is currently developing three more golf communities and resorts in Spain.
The biggest is the Condado de Alhama, which will have three 18-hole courses right on the development and houses that start as low as $70,000. For a home that close to a world class golf resort, it's an incredible deal that's hard to pass up.
Potential for High-Value Increases
Recent legislation in Spain and the areas where Polaris World has been building have decreed that all new golf courses will be public or owned by private hotels.
So after these current builds are finished, no other developers will be able to build private homes on private golf courses. What does that mean for a prospective buyer? The likely result will be that property is soon going to be a hot commodity.
So, if you're considering purchasing property at a Polaris golf resort in Spain - remember that there are opportunities for high returns, but there are also risks, especially for foreign buyers. Before you invest, consult with a local lawyer and experienced real estate agent.
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