PRLog - April 8, 2010 - PINNER, U.K. -- In a continued sign of the improving conditions in the Spanish property market, a leading Spanish bank has today changed the level of mortgage it will issue to international clients.
Where Are We Now?
Over the past four months repossessed property on the Polaris World resorts have been heavily promoted with 90% mortgages. Villa Cashback, as the largest seller of property on the Polaris World resorts, has led the way having found buyers for most of the properties from consumer repossessions that have been marketed since December.
There remain a few properties on the resorts of Mar Menor, La Torre and Hacienda Riquelme. However the availability of new product has slowed recently. As the economy improves less owners are struggling with mortgage payments, the pain of the recession is easing and less properties are being repossessed. With the number of such bargains reducing a key financer of property purchases at Polaris World are now reducing the level of finance available for the higher priced property.
For mortgages up to €180,000, the bank still offers up to 90% finance for buyers from the UK, but with 80% for the rest of Europe. This represents an ideal opportunity to snap up those few remaining bargains as such a policy may not be guaranteed to continue. For properties above this level UK buyers can achieve a maximum of 80%, or for higher amounts above €300,000 just 70%.
This may begin to show a trend back towards more normal levels of financing by the banks with the residential market on the Polaris World resorts almost unrecognisable from that of 12-18 months ago. Prices are typically 30% to 40% lower and buyers are confident as the pent up demand for a home in the sun, starts to feed through. Contrast that with the depths of the financial crisis when the overseas buyer retrenched ,watching the home economic situation before venturing overseas.
Bargain hunters have returned and investors are beginning to form a significant proportion of buyers with low interest rates, rock bottom prices and even a touch of speculation. Discussions are continuing over the possibility of a major theme park and studios venture by Paramount Pictures adjacent to the Condado de Alhama golf resort.
Polaris World themselves continue to offer 100% financing but only on their last remaining apartments at Terrazas de la Torre resort. Again this offer has been hugely successful with Villa Cashback having sold many of the frontline golf apartments with large discounts. It has proved to be an attractive proposition, with unprecedented demand particularly from UK clients. The properties an offer have been in the best posioned blocks with views of the lake and Nicklaus Signature golf course.
If you are interested in securing one of the remaining 90% mortgage deals while they last at Polaris World or the 100% Terrazas apartments then please contact us as soon as possible. All the available properties are displayed and up to date on our website.
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Polaris World Golden Partner. Villa Cashback is the leading sales agent for Polaris World property on six resorts in Murcia, Spain.
We have a large selection of property including resales, bank repossessions and property direct from Polaris World. Resorts include Mar Menor, La Torre, Hacienda Riquelme, El Valle, Terrazas de la Torre and Condado de Alhama.
Apartment prices, depending on availability at the time, start from around 90,000 Euros. Frontline golf apartments with two bedrooms and spectacular views are typically priced from 95,000 Euros.
For something larger, a two bedroom townhouse with frontline golf views at La Torre resort is typically from 140,000 Euros and two bedroom villas from around 160,000 Euros.
Call us today on 0207 060 1475 for full details and to discuss any queries you have regarding Polaris World properties.