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It's the most audacious private property development Spain has ever seen. In the semi-desert scrubland of Murcia, a series of gigantic gated communities set around Jack Nicklaus golf courses accommodating tens of thousands of people - predominantly British expats - are nearing completion.
The fairways are immaculate. Pine trees tower over perfectly manicured lawns. As new towns go, it's more Poundbury-by-the-sea than Harlow-in-the-sun. But are investors, who snapped up properties, now facing meltdown in the heat of Spain's worst market slump for decades? Polaris World will be familiar to most British television viewers. Its adverts invite mockery and affection in equal measure. Last month one website, TV's Worst Adverts, hailed its joy at the return of "everyone's favourite uber-Spaniard The company continues to take prospective buyers on inspection flights from airports across the UK, although Brits, burned by the rising euro, now make up only half of new purchasers.
Polaris World itself has lowered the price of some properties in a bid to sell the last 75 homes on the Riquelme site. Polaris World bought vast areas of agricultural land in the relatively poor area of Murcia - near the airport and 20 minutes or so from the coast.
Each completely self-contained holiday resort is built around a Jack Nicklaus-designed golf course, and features shops bars and restaurants, and eventually the company plans to have a school, cinemas and a hospital.
Since , Polaris World says it has sold more than 7, holiday homes - equal to a mid-sized town in Britain. It currently has three resorts, or "urbanisations" as the Spanish call them, some with more than 2, homes either completed, or almost so. It has bought an extraordinary 30m square metres of land and is preparing a vast 22,home resort in Alhama.