From 2003 to 2007 Polaris World grew rapidly, constructing six resorts and completing most of the properties before the market began to slow in 2007/2008. The slowdown caught many developers in Spain with unfinished and unsold property leading to bankruptcy for some developments. However the problem of unfinished property was largely avoided at Polaris World because most of the Polaris properties were sold off-plan 2-3 years ahead of construction. Polaris World is 40% owned by Credit Suisse bank and this provided strong funding through the recession.

 

There were problems for many buyers as the company struggled to keep up with demand and deliver projects on time, such was the interest generated from the TV campaigns particularly in the UK market. Some buyers received refunds from Polaris World for delays and relocations were offered to alternative resorts often on very favourable terms. Then as the market fell, buyers suffered further problems with falling prices making it uneconomical to complete on their purchase. Many buyers lost their property deposits and distress sales were common during 2008 and early 2009.

 

 

Still, no developer was immune from the fierce recession that hit in 2008. Polaris had completed 90% of the building by then and today (April 2010) with 10,000 properties complete across six resorts there are just 100 or so properties under construction, all on one resort, a far more manageable amount. The only facilities left to complete are the town centres at Hacienda Riquelme and Terrazas de la Torre, both well on schedule for summer 2010. The company is talking of future resort developments as the recovery gathers pace and with the likes of Paramount Pictures considering a theme park in Murcia and a new airport in the area at Corvera the growth prospects for the region are excellent.

 

In 2010 and beyond, Polaris will continue to construct albeit at a far reduced and more manageable rate, avoiding some of the problems during the recession. The company is concentrating on resort management and now, most of the sales at Polaris World (and 95%+ of the properties on this website) are resale properties offered by previous owners plus bank repossesions at Polaris World where owners have failed to keep up with the mortgage payments.

 

 

With the resorts complete, well run by the residents' communities, excellent facilities and boasting some of the best golf courses in Spain (all Jack Nicklaus design), Polaris World offers a fantastic opportunity to buy in Spain at prices up to 40% below their peak of 2007. Many of the bargains offered by the banks are being snapped up within days of coming on to the market, complete with 90% mortgage offerings, as buyers show far more confidence and the bargain hunting mentality returns.