At the lower end of the market sellers realistic about selling are finding the buyers returning.
The Polaris World resorts were advertised extensively on TV in the UK and Ireland in recent years with adverts featuring golf legend Jack Nicklaus. Over 10,000 properties have been built and sold on six Polaris World resorts in the region of Murcia.
Managing Director Paul Williams explains. "In the early months of 2009 the entry price for an apartment with distressed sellers was as low as €85,000 on Condado de Alhama and €99,000 at La Torre. In the last few months we have seen many of the real bargain properties clear. Now to buy in at Condado de Alhama the cheapest two bedroom apartment is €97,500 and at La Torre €118,500."
While property prices have dropped around 30% from their peak there's less desperation for sellers. Interest rates have fallen making it cheaper for sellers to hang on to property. Vendors can also see activity increasing as buyers begin to return and they are more reluctant to market their property at the distressed prices seen early in 2009.
Villa Cashback recently invited over 15,000 buyers and interested parties to participate in a survey. The results of the survey showed a slight majority of participants (36%) anticipating that property prices on the Polaris World resorts will rise in the next three years as opposed to those who felt prices would fall (27%). The remainder anticipated either the same price levels or were undecided.
When asked whether they believed Polaris World property was now value for money, 55% believed they were while 32% said no, with 13% expressing no preference.
The full results of the on-going survey are available on the Villa Cashback website.
The current picture present some confusion for buyers and sellers as the market shows signs of turning. However the Murcia region shows good prospects for long term growth on property prices. The new international airport at Corvera is scheduled to open in 2010 and there is a huge infrastructure investment in roads and railway in the region.
Visitor numbers to Murcia are already increasing dramatically with the highest growth rate of any tourist region in Spain.
http://www.polarisworld.info
http://www.polarisworld.info/
http://www.polarisworld.info/
