After a few very tough years following the global credit crunch and the wider unfolding of the economic downturn in 2008, it is good to see stronger activity in today’s lifestyle real estate market and a revival of golf projects, with some prominent transactions taking place in various parts of the world. Nevertheless, the last 5 years have left their mark on the golf market, with supply growth significantly slowing down and participation rates decreasing in many regions. Against this background, we have still managed to identify more than 400 golf projects in the EMA region since early 2008, including new developments as well as full renovations or extensions of existing facilities.

International experience proves that when combined with real estate and/or a touristic development, a golf course can still offer an exciting investment opportunity. Having comparable primary information on golf course development costs can be of key importance to developers, financiers and operators, as well as public institutions when thinking strategically about golf development.

Together with other research regularly published at, this study aims to provide investors, developers and other industry stakeholders with a better understanding of the factors that influence the construction costs of golf courses, typical full-project development timing and the process of selecting golf course architects and construction companies. In addition, we have also provided an insight into the added value that a golf course and a broadly acknowledged golf designer can give to a surrounding real estate development.

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