A friend of mine passed me on an advert sponsored and promoted by “A Place In The Sun” offering “Opportunities” in Murcia through Blue Med. The offer seems too good to refuse of course, properties from 61000 Euros in Murcia on the Condado de Alhama Golf Course with 110% mortgages and interest rates of 1.5% for the first two years.
Hold on! 110% mortgages? I thought that these were one of the main causes of the negative equity problems of any number of hundreds of thousands of Spanish and foreign property buyers in Spain. Banks happily gave away 110% even 120% and in one case were advertising 130% mortgages in a rising market. Of course when the market stopped rising people were left in negative equity problems when they needed to sell and as unemployment rose from 8% to 26% lots of people were left in that position.
However, despite my not thinking that offering false dreams and stupid mortgage offers is a good business plan one thing stands out within the advert. Read on.
Only 15 minutes from the beaches of Puerto De Mazzaron, complete with its newly built marina, and various shops, bars and restaurants. Only a 10 minute drive away from the popular Paramount Theme Park
The Popular Paramount Theme Park? Just run that one by me again!!!
Which one would that be then? The one that has still not put a spade in the ground?
The one that has no support from Paramount just a couple of chancer politicians who have a possible agreement in place to use the name on a theme park if it is ever built?
The theme park that has no real financial backers? (Despite the fact they are claiming it will open in 2015)
The theme park that is served by an airport at Corvera which must also be popular because it is so pristine and new never having seen a plane as it doesn’t have the licences in place to open yet?
The theme park that no credible building licence has been granted for yet? (The licence in place is currently being contested for possible corruption)
Really popular I think you will agree. But let’s give them the benefit of the doubt and assume that they actually believe that there is a “very popular Paramount Theme Park” in Murcia. Does this justify them advertising these properties at 61,000 Euros?
Let’s go back to the original question. Is “A Place In The Sun” a scam. I would really like them to answer the question of the relationship they have with Blue Med for this promotion but I cannot see that it is a scam. Surely buyers will do their own due diligence and discover themselves that the Theme Park doesn’t exist, that the local airport isn’t open and that the prices they are advertising here are actually higher than I have seen these same properties advertised at recently with the same conditions (Oh hadn’t I mentioned that?) Or are we suggesting that people are stupid?