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Banks offer 50% discounts on Polaris world properties

Thu 21st Oct 2010

Golf-themed apartment complexes in the Murcia region are currently on offer for around 50 percent of their advertised prices during peak times, according to Bloomberg.

The Polaris World developments entails six complexes built around Jack Nicklaus-designed golf courses, built in the Murcia region whilst the property market was still riding on a high. The developments were built and marketed with the British in mind, and a number of TV commercials and exhibitions were held to promte the properties.

But the property slump hit Polaris World hard, and they handed more than 1,500 units to banks in exchange for an 'Assets for debt' arrangement, and as such the Banks are now eager to liquidate the assets they now own.

This is bad news for existing owners interested in selling, who find themselves competing against the banks.

Polaris World led the way for such developments, with thousands of units were built throughout Murcia, despite it being considered a 'virgin' area for tourists and having doubts that it could provide a sustainable supply of water.

It is hoped that the region will see a boom now that plans to build a Paramount Pictures theme park have been confirmed. Paramount will have no role in building the park, but it is licensing the name to developers, according to published reports.

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