Polaris World moves ahead with plans to build 17,000 new homes

November 29, 2007

The Polaris World company says it will sidestep the current downturn in the real estate sector and move ahead with plans to build 17,000 new homes.

The Murcia based company has however revised its forecasts for this year downwards and admits that the marketplace is more complicated than two years ago.

The company specialises in resorts where it sells second homes generally with golf, and has been using the television to sell to the Spanish market since October 2006.

Company President, José Luis Hernández, told El Mundo that the forecasts that cashflow for this year will be 35% lower than the 800 million first forecast a year ago, but the initial number came from the top of his head and was not an official company forecast.

The company has handed over the keys to 5,500 homes since 2001, has another 4,500 pending and plans to build 17,000 more, most of them in the Murcia town of Alhama.

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