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Who wouldn’t love to take a fun family vacation and enjoy recreational activities that can be done either with others or alone? Unfortunately, vacations end all-too-quickly and you’re back to familiar settings before you know it. However, what if you were able to at least consider something as wild as purchasing a second home near an international golf course – would that extend your stay?
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.
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
Like the US, the UK has seen a recent decline in its lending and a subsequent credit crunch. That means buyers are having a hard time finding banks and lenders willing to finance a property purchase in a foreign country. Because of that, the number of UK buyers is decreasing, meaning so are the prices on these incredible properties.
Slow Sales Equals Bad 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.
Property Values Should Go Up
The regional government wants all future courses to be public so only hotels – not residential development – will be permitted. That means that when the market does pick up, golf property will be an endangered species.
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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