Polaris Golf Resort: Will You Acquire a Vacation Residence There?

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.

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.

New Polaris Courses and Resorts Coming In

On top of the current development, Polaris is currently developing three more golf communities and resorts in Spain.

Their latest project is called Condado de Alhama and will be by far the largest Polaris World golf resort ever constructed with three 18-hole Jack Nicklaus golf courses at its heart, two of which will be designed by Nicklaus himself. The houses there start at around $70,000.

Property Values Should Go Up

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.

Before you opt to purchase property at a Polaris golf resort, you need to make sure that you understand all the risks and potential benefits. Also, if you're a foreigner in Spain, then you must hire a local real estate agent and local attorney to help your home purchasing process to go as smoothly as possible.

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