How to buy a Polaris World property

With Polaris Golf Property UK, buying a Polaris World golf resort property is a straight forward process. From our UK and Spanish offices, we will provide you with full guidance at every stage of the process according to your requirements. Here we provide an introduction to that process and the associated costs.

Off plan or key ready purchases from the developer

There are a limited number of 'off plan' properties available for purchase direct form the developer. A €3,000 deposit is required to secure a reservation of your chosen plot then 25% of the purchase price is payable on the signing of the purchase contract within 30 days. A further 15% is payable after 9 months and the final 60% on completion. I.V.A. tax of 7% is payable on each stage payment. Note that a mortgage cannot be secured against the property until it is complete so will not cover the 25% and 15% stage payments. On completion a Spanish mortgage can be obtained (subject to status) and we work with a panel of selected banks and brokers to ensure we always have access to the most competitive products. Please see Financing Your Purchase for more details.

Completed 'key ready' properties are also available on some of the resorts.

Contract resale purchases

Some properties are available as contract resales i.e. the acquisition of a purchase contract from the original buyer of an off plan property. These will often be good plots that are nearing completion and were originally purchased at a low release price. Investors can sell them on at a small profit which means that a client can often purchase a prime plot at a lower price than the developer is currently selling the same property for on a later phase/release. The advantage to the purchaser is that sometimes better plots can be found and the property will be closer to completion. The equivalent of the stage payments made by the original buyer, plus 7% I.V.A. tax is paid to the developer who then issues a new contract in the new purchasers name and refunds the original buyer. The profit added by the original buyer is paid to directly to them and is not subject to I.V.A tax. This may sound a little complicated but you will make one payment to your solicitor who will process all of the payments on your behalf.

Property resale purchases

The majority of purchases are now of completed properties being sold by private vendors who already hold the title deeds to the property. Many of these properties are being sold well below current market value and original contracted selling price and therefore represent the best deals available, especially when you consider that many are brand new or barely used and are often fully furnished. Your solicitor will draw up a contract between seller and buyer in much the same way as would apply to a property resale in the UK. I.V.A. is not payable on the purchase of property from a private vendor but a property transfer tax of 7% does apply so the purchase tax liability is the same as buying from the developer.

Costs associated with your purchase

On top of the basic price of the property the buyer will have to pay 7% tax (I.V.A. (VAT) on new sales or Property Transfer Tax on resale properties) as well as notary charges, land registry fees, transfer tax and solicitors' fees. We will advise on the exact costs for any individual property but as a close guide additional costs will be: 7% tax, 1% solicitor and 1-2% for other costs totalling 10% of the purchase price of the property.