44 | GOLF REAL ESTATE WORDS | Sean Lightbown
REPORT
www.opp.org.uk | FEBRUARY 2012
famously said, “a good walk spoiled,” it is hard to deny nowadays that golf is big business. Very big. According to data from market research group Mintel, more than 63 million golfi ng holidays were taken in 2009, while there are 56 million golfers worldwide playing on more than 32,000 courses. Today, the total estimated value of the golf tourism industry is US$25.3 billion (£16.4 billion) worldwide. And, according to trade body The International Association of Golf Tourism Operators (IAGTO), golfers are a worldwide phenomenon. 28.6 million North Americans play the game, with Asians (18 million) not far behind. Europeans take third spot with 8 million
Golf: fl ying or fl agging? W
hether you think golf is your idea of a perfect Sunday or, as Mark Twain
players, while Oceania (1.5 million), South America (1 million) and South Africa (0.5 million) make up the rest of the main markets. However, since the boom in the 1990s, golf real estate has lurched from one tragedy to another, with closures hitting hard. So what does the future hold for the sector? The International Association of
Golf Tourism Operators (IAGTO) is confi dent that the market can battle on. It has seen its membership expand to 1,814 companies from 90 countries, compared to just 500 in 2005, with a lot of its success attributable to its wealthy audience according to spokesman Callum Taylor. “Golf tourism has weathered the storm quite well,” he says. “In comparison with other industries, golf travel has not been hit
as hard because golf travellers generally have a higher net-worth than general leisure tourists.”
Apart from the top perfomers (Spain, Portugal and Turkey are the leaders in golf tourism in Europe, according to Taylor) continuing to do well, what
“IAGTO is aware of the need to expand into growth
markets...and Asia is a primary target”
more can golf developers look towards in the future?
Expansion into emerging growth markets says IAGTO ... with Asia as their primary target. In January, Vietnam opened its fi rst-ever island golf course, the Vinpearl Golf Club, and this
April, IAGTO will hold its fi rst-ever Asia Convention in Hong Kong “to promote sustainable growth and ensure golfers are increasingly aware of what a diverse golf destination Asia offers.” Additionally, Taylor told OPP, “in
March 2011, IAGTO opened a Chinese Offi ce and we have representatives in all the key outbound golf markets. Our Asia Convention will complement these activities.” “Golf holidays to Asia have increased with golfers looking at long-haul holidays to places like Cambodia, Vietnam, Malaysia and China. Furthermore, 275 IAGTO tour operators are selling Asian golf destinations ... and therefore this market needed to have its own dedicated convention,” he adds. The event takes place at The Mines Resort and Golf
Golf tourism has been a lucrative multi-billion dollar industry for years, and properties built alongside golf courses have been a part of this business for decades. However, as the global economic slump took hold, the number of golfers and golf properties fell away. Is it all over or is a new dawn for golf real estate coming?
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