Golf is one of the most promising investment opportunities in Greece today and the potential for growth in this under developed market is outstanding.
A.Promising.Course.of.Investment
Golf is one of the most promising investment opportunities in Greece today and the potential for growth in this under developed market is outstanding. It is estimated that throughout the world, more than 60 million golfers make use of 32,000 golf courses. In Europe alone, almost 7 million people are active players. As Greece becomes a year-round tourism destination for Northern Europeans, and a first- and second-home location for both professionals and retirees, the demand for golf courses is rising.dramatically.
Due to a relatively low domestic demand historically, current development is low in absolute numbers and the room for growth is significant. Greece offers abundant locations in spectacular settings to serve golfers from colder climates, from where there are good connections to Athens, points of Greece’s mainland, and the Greek islands. There are five 18-hole golf courses in Greece: in Glyfada, Corfu, Rhodes, Chalkidiki and Hersonissos (Crete) and one 9-hole course in Elounda, Crete, catering to 1,300 local players. New championship courses are set to open in the spring of 2010.
The KPMG Golf Benchmark Survey 2007 finds that the business performance of golf courses in the Southeast Mediterranean region should be excellent (31%) or good (69%) versus that in Western Europe,.where.results.indicate.a.performance.of.good.at.56%.and.excellent.at.17%.
Globally, the number of golf courses is growing by 3% annually, with a 5% growth in the number of players..Greece,.and.investors.in.golf,.stand.to.benefit.from.this.worldwide.trend.
Year-Round.Golf
The climate in Greece is ideally suited to year-round golf. Average winter temperatures in southern Greece.average.14C.
Recent interest by major international names in the industry shows that Greece is set to create a new golfing destination in Southeast Europe. Troon Golf has recently agreed to manage two new, 18-hole championship courses, being designed by Robert Trent Jones III and Bernard Langher, at the Costa Navarino resort in the Peloponnnese. Trophy Golf & Resorts has signed on to manage the Jack Nicklaus course at the Kilada Hills resort, also in the Peloponnnese and Gary Player Design is overseeing the course at the Lavender Bay Golf Integrated Residential Resort near the town of Volos.
While six golf clubs operate in the country today, roughly 30,000 players use the courses, demonstrating the potential for significant growth. The well-developed tourism infrastructure throughout Greece is a perfect balance to further expansion. Hotels, restaurants, transport, and a full range of leisure activities and cultural attractions are well suited to complement the sport of golf. As an example, the new Bob Hunt-designed course on Crete cooperates with more than 60 partner hotels, an enviable position for a golf club anywhere.
Advantages.of.Investing.in.Golf
-..Climate.favourable.for.year-round.golf
-..Significant.unmet.demand,.huge.potential.for.growth
-..Available.land.amid.spectacular.settings
-..Well-developed.tourism.infrastructure.to.complement.the.golf.experience
-..Ideal.location.to.attract.both.dedicated.and.recreational.golfers
The Greek government has identified tourism infrastructure development as a priority target and encourages the development of new golf courses throughout the country. Golf is one of the most promising.investment.sectors.in.Greece.today.
Golf.Courses.in.Greece
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