Polaris World Leads Spanish Fight Back

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Polaris World was the undisputed heavyweight champion of the Spanish property boom of the noughties. Like the rest the company suffered in the depression – but unlike most of its rivals Polaris World is still operating and, uniquely, still building new properties.

The company will have a new town centre operating at the Terrazzas de La Torre development early in the New Year with bars, restaurants and a supermarket. A spectacular new restaurant and shopping complex has been completed at Hacienda Riquelme as well as a new bar housed in an ancient water tower.

Perhaps most surprisingly, viewed from the UK at least, Polaris World will construct more than 400 new apartments in 2011. It is the only major Spanish developer with key- ready new build apartments coming onstream throughout the next year.

Jose Luis Hernandez, CEO, explains how Polaris World have come through the down turn and what the company’s plans are for the future.

“Like everyone else we had a very hard time in 2008 until maybe 6 months ago when we began to see a small upturn. To survive we had to slash our costs. So we stopped advertising, reduced our work force to exactly what we could afford and no more. We sold off assets to clear our debts. Of course we took heavy losses but we have survived.

“It has been difficult to survive and I look around at the companies we used to compete with and they have all either gone or are what you might call asleep.

“I believe we were the most dynamic player in the Spanish boom years and we intend to be the most dynamic when the market recovers. To do that we have to keep developing our products and our services – and building new apartments.

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“There are several reasons to be optimistic about the future for property in Murcia. First of all it seems certain now that Paramount will build their new theme park in the area. It is expected to be operational in 2013. This is second only to Disneyland Paris in scale throughout Europe and will eventually mean 20,000 new jobs right here. Secondly the new airport at Covera, just 15 minutes away from all our resorts will open in 2011 meaning we have three international airports within 45 minutes of Polaris World.

“The pound is strengthening against the euro – and I think this trend will continue for some time as most experts believe the euro is currently over-valued. This means that for the UK market at least Spanish homes are up to 20% cheaper than they were a year ago just due to currency fluctuations.

“There have recently been positive signs too that the Spanish economy is turning around. The OECD today said Spain should return to growth next year. It forecast that Spain's economy would grow by 0.9% in 2011 and by 1.8% in 2012.
The body also reiterated its current forecast that the Spanish government's budget deficit would be 9.2% this year, 6.3% in 2011 and 4.4% in 2012.                

“Finally all the things that made Murcia and Polaris World so popular in the past will still be there in the future! We have the finest collection of Jack Nicklaus courses anywhere in the world. Our properties and town centres are unmatched in their quality. And the sun still shines here 320 days a year!

“The vast majority of Britons looking to emigrate – nearly 40% - intend to come to Spain. Spain is also the top overseas holiday destination from the UK – particularly among golfers who know they can play here all year around.

“Of course the market has affected prices. They are now at the lowest they can go. Perhaps surprisingly, taking all these factors together now is a very good time to invest in Spanish property!”

-ENDS-

About Polaris World:
Polaris World is number one in luxury Spanish property offering a wide range of apartments, town houses and individual homes on four developments in Murcia. Each resort has bars, restaurants and an 18 hole Jack Nicklaus designed course part of the Nicklaus Trail all constructed by Polaris World. All Polaris World golf resorts are situated in Murcia, a province in the South East of Spain, basking in more than 300 days of sunshine every year and enjoying an average temperature of 21 degrees for year round sunshine.

For further information interviews and press trips please contact, Emma Wayman or Lauren Kelly at Mason Williams Communications:
Tel:    0845 0941 007
Fax:    0845 0941 008
Web;    http://www.mason-williams.co.uk/
Email:    emma(at)mason-williams(dot)com / Lauren(at)mason-williams(dot)com

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Emma Wayman
Mason Williams Communications
0845 0941 007
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