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EU Property Solutions- Experts in all Spanish property issues

EU Property Solutions offer professional assistance and advice in all areas of European property in particular, Spain. We can help provide strategies and solutions to solve problematic property issues, negotiate with lenders on debts, help reclaim lost deposits on unfinished developments and help with repossessions and mortgage arrears across Europe. We have offices in London, Belfast and Spain.

The Decline of Polaris World and Costa Blanca Golf Resorts
13 December 2018 @ 18:41

The Costa Blanca has long been a popular hotspot for many people wanting to buy their dream holiday home. Over the years many have followed their dream purchasing either investment properties or as holiday homes for retirement futures.

During the Spanish property boom pre-2008, many people purchased properties in this region. Our focus this week has turned to the notorious Polaris World Golf Resorts.

They were once Europe’s most ambitious holiday home developer and consisted of numerous large-scale projects. These resorts were widely advertised on the television in the UK by legendary golfer Jack Nicklaus (the designer) to entice investors looking for a better life in the sun.

During this period, properties were sold at highly inflated prices. Some apartments going for €200,000 (£160,000). Thousands of foreign investors flocked to purchase at these resorts. However, when the financial crisis hit in 2008, the prices of these apartments declined rapidly. Despite the slump in the property market, Polaris World continued to build and ignored the warning signs.

By 2010, they were forced to relinquish most of their assets, including the golf courses and unsold properties, to the lender. These once popular resorts are now best described as ghost villages.

In 2018 some apartments are struggling to sell for €60,000 leaving many in negative equity with unaffordable mortgage payments to meet.

Do you own a property in the Costa Blanca?

Do you know someone going through a similar situation?

Are you struggling to pay your mortgage?

Are you having trouble selling your property due to Negative Equity?

There are solutions! EU Property Solutions specialise in these kinds of cases every day.

Our experienced team can offer tailored advice and solutions to end your nightmare forever.

EU Property Solutions have a legal team in Spain that work effectively with borrowers to offload the negative asset and secure a significant debt write down, often saving hundreds of thousands of euros for clients. Our dedicated team will keep you informed every step of the way.

Other well-known Golf resorts on the Costa Blanca such as Roda Golf, United Golf, Peraleja Golf and Corvera Golf & Country Club have now found that they are in the same predicament and are essentially mortgage prisoners with nowhere to turn.

Our success is proven

EU Property Solutions recently worked with a client who had purchased a holiday home in Peraleja Golf, Murcia, Spain. Due to the property crash, our client’s property value plummeted from €300,000.00 to a forced sale price of €140,000. The outstanding mortgage at the time when the clients approached us was €257,000.

As the clients were pensioners, they were unable to maintain the high mortgage repayments and the property was no longer worth the sum they had paid for it.  The property had been placed on the market for 5 months at €200,000 and this had generated zero interest due to the development itself falling into a state of disrepair and the linked golf course closing indefinitely.

To make matters worse, the couple had a mortgage-free property in the UK with significant equity, in addition to other assets including ISAs and bonds, so were understandably worried about the repercussions of this problem property on their assets in the UK.

After providing specialist assistance, EU Property Solutions negotiated the voluntary surrender of the property along with a complete debt write off. This was an excellent result and has allowed the couple to move forward with their lives and enjoy their retirements.

If you find yourself in this situation, contact us today on 0330 124 1230 and one of our specialised agents would be happy to assess your circumstances. For further information, click here to visit our website. We can help!

Like 0


Jennifer Reynolds said:
15 December 2018 @ 23:18

I purchased a property in Almeria area in Gallardos Alfiax. I have lost both the
property and 58640 euros. My money was taken this provided the money to
build the properties on the site now. Instead of six 2 bedroom properties 8 3 bedroomed properties were built within a year and sold. The build time for my
property was eighteen months. I was constantly informed by Amba Sun and
Amanda Oakley of PSI associates in Vera to whom we were directed to do the
conveyancing that nothing had been built. I can link all concerned in this FRAUD. Amanda Oakley and her husband were arrested in France for obtaining
mortgages fraudulently by the Staffordshire police. He is a practiced fraudster
and was sentenced in his abscence to a prison sentence and she was given a

john coyne said:
19 December 2018 @ 18:18

"These once popular resorts are now best described as ghost villages" Not entirely true, we have an apartment on El Valle and whilst it is relatively quiet in the winter it is certainly not in the summer. We visit other ex Polaris resorts and can tell you the same is true for them also.

GuyT said:
21 December 2018 @ 21:08

"As the clients were pensioners, they were unable to maintain the high mortgage repayments and the property was no longer worth the sum they had paid for it."

I don't follow the supposed logic. They would have had to meet the mortgage payments no matter what the value...up or down. Why did they commit to mortgage payments that they couldn't afford? Or are you saying they were counting on being able to sell-on the property without ever having to make mortgage payments.If so, their greed got the better of them.

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