At the height of Spain's property boom, developments in Murcia, the arid region on the Mediterranean coast south of Valencia, sprouted like weeds. Developers raced to build villas and golf courses. Now many of those projects are stalled or struggling, and thousands of homes remain unsold. Some of the more ambitious developments include:
The company's adverts became a staple of UK television, pitching 10,000 villas in six projects surrounding Jack Nicklaus-designed golf courses. Most of the projects were completed just as the market started to collapse. Four banks organised a refinancing deal last year to buy assets and help the company avoid bankruptcy.
Trampolin Hills Golf Resort
More than 1,700 homes were sold off-plan, primarily to UK and Irish investors, who reportedly paid about €53 million (Dh278.1m) in deposits and payments. But the 2,500-unit development stalled and the developer filed for bankruptcy protection. Questions were also raised about licensing for the project. It is not clear whether buyers will receive any money back.
Paramount Theme Park
The development community played up the news that the Paramount film studio was planning to build a theme park in Murcia. But it turns out the Hollywood giant was only licensing its name to a group of local developers. The licence was formally issued in March, but the group still needs to raise financing to build the park, according to media reports.
Described in promotional literature as "one of the most ambitious sports and leisure resorts in the whole of Spain", the master plan included "not one, but two" Greg Norman-designed golf courses, cycle tracks, an equestrian centre and football and rugby academies. There was also a theatre, art gallery, international school and 4,500 homes. The project has stalled amid reports the developer ran out of money.