After one of the biggest property booms Europe has ever seen, Polaris World, the most well-known developer in Spain, has started building apartments again after seeing a small upturn in sales over the past six months.

The company will construct more than 400 new apartments in 2011. It is the only major Spanish developer with new build apartments coming on stream throughout this year.

Jose Luis Hernandez, CEO at Polaris World, says: “Like everyone else we had a very hard time in 2008 and until maybe six months ago when we began to see a small upturn. To survive we had to slash our costs. So we stopped advertising, reduced our work force to exactly what we could afford and no more. We sold off assets to clear our debts. Of course we took heavy losses but we have survived.

“It has been difficult to survive and I look around at the companies we used to compete with and they have all either gone or are what you might call asleep.”

Regarding the company’s continued focus on the Murcia region of Spain, Hernandez says: “It seems certain now that Paramount will build their new theme park in the area. It is expected to be operational in 2013. This is second only to Disneyland Paris in scale throughout Europe and will eventually mean 20,000 new jobs. Secondly, the new airport at Covera, just 15 minutes away from all our resorts will open in 2011 meaning we have three international airports within 45 minutes of Polaris World.”

He adds: “The vast majority of Britons looking to emigrate – nearly 40% - intend to come to Spain. Spain is also the top overseas holiday destination from the UK.”