Spanish Banks Reduce Prices on Polaris World Mar Menor Apartments
Banking cosortium IRM has further reduced the prices on the Melvin apartments on the Polaris World resort of Mar Menor in Murcia, Spain. It is now possible to buy these luxury apartments at almost half their original price with a 100% mortgage.
The apartments were first offered by Polaris World off-plan six years ago at prices from €220,000 for a two bedroom two bathroom spacious apartment overlooking the golf course.
Through leading property agent Villa Cashback, today those same luxury apartments can be bought from €122,000, complete with 100% mortgages, only now the properties on Mar Menor are complete, brand new and hosted on one of Spain's finest golf resorts.
Mar Menor Phase 1 was completed by Polaris World in 2005. The five star Intercontinental Hotel with its luxury spa by ESPA was the centre piece of the resort. In 2008 the second phase was completed with the Melvin apartments, only by then many buyers were unable to complete on the properties they had bought before the credit crisis.
These same properties were passed back to a consortium of Spanish banks, now IRM, who had funded the development. It is IRM that are now offering the hugely discounted prices and favourable mortgage terms to complete the sale of properties on the resort.
Bank property in Spain can have somewhat of a tarnished image with many projects unfinished and in some cases unsaleable. With Mar Menor and the Polaris World resorts in Murcia the projects are complete with five star facilities and well run resorts. It is the last of the properties being offered at discounted prices and not (as with the case in many locations in Spain) the whole project.
With a new international airport due to open early in 2012 and the prospect of a huge investment in a theme park by Hollywood studio Paramount Pictures, Murcia offers some tremendous potential for investment in the years ahead.
This presents an opportunity for investors and those seeking a holiday home to acquire a property now with infrastructure that will support its value for years to come at a price today that is unlikely to be seen again.
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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.