Golf Course Property A Hole in One for Overseas Property
Data analysts Mintel have estimated that there are over 9 million golfers in the UK alone, 64% of whom are ABC1 males with an average age of 37-45. Of those, an estimated 50% would consider travelling abroad to play the game or have already done so. With this in mind, foreign property destinations are increasingly promoting golf above all else in an attempt to tap into this undeniably lucrative golfing goldmine, local governments actively supporting and engineering golfing opportunities as a way of bringing in a steady stream of cash and tourists.
Brazil may still be in its overseas investment infancy but even so, the Brazilian tourist board Embratur has announced that two more “new and high standard” tourist ventures based around the golf industry are now being planned. Proposals by an international estate agent envisage two eight-hole golf courses complete with tourist facilities in Barra dos Coqueiros, an island near the Brazilian city of Aracaju, and the other in the state of Sergipe, both situated in the northeast of the country, the area which has seen unprecedented levels of interest from overseas investors and developers. Jorge Santana, the Brazilian secretary of state for economic, science and technology development, said: “This tourist venture is the first of its kind in the State of Sergipe. It is an important milestone because from here we have opened ourselves up to other investments of this size.”
Another country keen to get the ball(s) rolling is Cyprus, where the government is planning to build 11 new golf resorts in order to boost levels of foreign investment in the country and compete with other European markets such as Spain and Portugal. Despite the country’s notoriously arid, hilly landscape, Cyprus’ southern half is counting on the fact that its property prices hover at around 30% lower than those of its rival markets as a significant lure. Across the border, North Cyprus saw the opening of the The Korineum Golf and Country Club last year, a challenging 18-hole international course, Academy, Pro Shop and Club House and the first of its kind in Cyprus.
Just across the water, Turkey is also going all-out to grab those golfers and it seems as though the region of Belek is the lace to be. In a recent study by accountancy firm KPMG, the majority of tour operators and golf course architects it surveyed predicted that Turkey would experience huge growth in the next few years as a result of its increased popularity with golfers. As a result, the Turkish government is planning an incredible 50 further golf courses to be competed by 2050, in addition to the numerous courses already in existence all over the country. Belek itself has 11 championship courses with a further two due for completion next year, cementing its claim to being the
bastion of Turkish golf. Two of the industry’s biggest names, Nick Faldo and Colin Montgomerie, have also realised the area’s golfing potential and designed courses in the Belek region that are expected to open for business next year.
Even the Spanish are taking an official line and the government there has recently banned any future development of private golf courses, with associated property developments, in an aim to help promote tourism, protect the environment and, ultimately, get the cash into official coffers. Hotels will be allowed to build courses but strict controls and regulations over space and planning permissions have been enforced. According to Spanish newspaper El Pais, in 2005 some 365,000 tourists came to Andalucia to play golf and spent over €500million.
