Golf property



Golf properties are a special sub-group of properties where foreign investors can invest their capital. 
 
When talking about properties by a golf course, it is more than likely that these will be part of a golf resort or community. This is a large developer project, whose the central point are showcase golf facilities around which both residential and commercial property stand. These projects are of varying dimensions – from small communities with some dozens of residential buildings to massive projects with thousands of buildings, five-star hotels, shopping centres, hospitals, complete services etc. These large-scale centres function as independent and partially self-sufficient units. 
 
Development of recreational golf resorts is common especially in popular tourist regions – best in warm climates and, better still, in close proximity to the sea. Developers concentrate in particular on offering property as a second home, but there are some cases where people live in the resort all year round or, at least, for most of the year. More and more often communities are appearing, built near cities and large agglomerations, offering year-round peace and quiet for those wanting to escape city life. 

Properties for sale 

If you are interested in buying a property in a golf resort, you may choose from several options how and what to invest in. most of the usual resorts offer standardised apartments, bungalows, terraced houses and luxury and exclusive properties. In view of the size of some projects, construction of the properties frequently takes place in several phases. Developers do their best to prevent the further stages from disturbing the original owners of properties. Resorts also offer building plots where the owner can have their own individually designed villa or choose the design which suits them from cooperating building companies’ catalogues.
     
Prices of properties depend to a large extent on the location and quality of the resort. The smaller and cheaper resorts generally copy the price range of “non-golf” properties in the location in question. To greatly generalise, apartment prices start at around EUR 120,000, terraced houses are available from EUR 180,000 and the price of a detached house starts in the region EUR 280.000. The greater the self-sufficiency of the resort and the marketing support, the less dependent they are on the property prices in their vicinity and so create their own price range. This is the case with the highest quality, more expensive resorts. Prices “from” are set to correspond to the quality and prestige of the resort. There barely exists an upper limit.

What golf resorts offer

Each golf resort differs in the level of facilities and services which it offers to its residents. Some communities are perfect examples of luxury to the smallest detail and are exclusive to dollar millionaires. Europe has some luxury resorts, but many of them are in lower price brackets, not differing too much from the local property price levels.

In addition to residential properties, each resort tries to offer its residents necessary facilities. There are often restaurants, bars, sports shops (e.g. with sports clothes, golf equipment etc.), for ladies there are hairdressing services, cosmetic salons, wellness etc. Fairly often on site or nearby there is a quality hotel whose services property owners can also use. Resorts often have their own on site medic, security service and maintenance team who look after communal areas and can also help property owners if need be. Mainly prestige resorts offer more in the way of services, creating a rich cultural, sport and social programme for their residents. They hold golf and tennis tournaments, exhibitions and concerts attended by local and foreign VIPs and celebrities. 

Localities

There are many localities where recreational golfing resorts are under construction. Most such projects in Europe are built in Spain and Portugal. This is due to their suitable location and climate and also to the long-term interest in investment in recreational properties in this area. To give you an idea we can show you a few selected localities: 
    
Spain

Spain is paradise for golf properties. Over recent years numerous projects have been built and the choice is wide – from standard projects to luxury complexes. Other projects are still under construction. Developers are trying to find new localities appropriate for construction. Czech individual investors are mainly interested in projects near to the sea – Spain has the advantage with its long sea coast. But resorts are beginning to be built further inland which offer their residents peace and quiet, quality housing, services and good golfing conditions. The most popular region is the south of Spain.

In Andalusia alone there are at present over 60 golf courses, 30 of which are near the Costa del Sol (also known as the Costa del Golf). Prices “from” for golf properties on Costa del Sol, especially in renowned areas such as Marbella, are higher than the average mentioned above. But developers are also eagerly building in cheaper areas, too, such as the Costa de la Luz or Costa Cálida. The Canary Islands offering golf property, such as Fuertventura, have prices comparable to those on the mainland. Conversely, prices on Mallorca or Ibiza are higher. For further information, visit our site specialising in property in Spain.

Portugal

In labelling Spain as the paradise of golfing, we were doing considerable injustice to Portugal. The southern region of Portugal – the Algarve – is the promised land for golf. Countless golf resort projects have sprung up here, some directly on the coast. Lucky property owners have a view not only of the green, but also over the sea. The prices of golfing properties are similar to those in Spain. 
  
Florida

The USA is the mother of so-called golfing properties and living in resorts or in communities of all sorts. The centre of golfing properties is Florida. Very high quality golfing projects are under construction too in South and North Carolina and, of course, in California – elsewhere in the USA, golfing communities are springing up near to every large town. 
   
Caribbean

Due to its suitable climate, the Caribbean is the ideal destination for golf enthusiasts. Developers are building golf resorts on almost every island of reasonable size. These projects tend to be of very high quality and utmost luxury. Some standard, reasonably-priced golf projects can be found with prices often lower than in Europe.

Other localities

There are numerous localities with golf properties. To finish with, we could mention   France or Italy, even though such communities here are less frequent than in Spain. Brisk building activity near to golf courses is also the trend in Cyprus. It can be fairly interesting living near a golf course in Austria, especially if there is good skiing nearby. An example of this is Kitzbuhel, Kaprun/Zell am See or Schladming. In the case of Austria these are not self-contained recreational resorts but smaller-scale residential developments.

Buying and owning a property

Buying golf properties is absolutely the same as buying standard property. That means that the process is governed by the laws of the country in question. Developers together with the vendors of golf properties are able to offer investors a range of services and concessions such as mortgage provision, non-binding property reservation, site tours, construction, etc. Specialised property dealers who market these projects organise the whole turnkey buying process. 

In most cases this concerns the purchase of new property, property under construction or even before construction has begun. This means that the purchase price is payable in instalments dependent on the progress of construction. Normally the client reserves a property by payment of a returnable deposit of around EUR 3,000. The first instalment of the purchase price is of an amount around 30% of the total purchase price, but in some cases this can be a much lower sum, maybe even EUR 15,000.
    
The advantage of owning a property at a golf resort is the fact that the firm which administers the resort generally provides the owner with complete services connected with property ownership and upkeep. The property owner becomes a member of a property owners association (called an owners’ club or otherwise, but this changes nothing in the essence of the matter). The owner receives necessary services in return for payment of a regular flat fee. The level of the fee is set individually and is different for different properties within one resort. If, for instance, we take an apartment in a standard European resort, the monthly fee amount to around EUR 120. This fee includes building and communal area administration, care of the garden, pool, security, waste removal etc. In addition to these payments, the owner must also pay for energy according to actual consumption.  
   
Since the resorts themselves often operate their own golf tourism, if the owner is interested, some of them are able to arrange convenient rental of the property to afford the owner income. Such income can be fairly attractive because these resorts often lie in areas with a long season of warm weather (and so a long rental season).

Golf

Most of those interested in buying a property at a golf course are chiefly concerned with the golfing conditions at the resort. (On the other hand it must be said that even people who do not play golf buy golf properties.) 

The quality of golf courses is one of the quality indicators of the resort. Luxury resorts have their golf courses designed by golfing legends such as Jack Nicklaus, Arnold Palmer or Nick Faldo. But even standard resorts can offer very good or even exceptional golfing conditions. Two or three golf courses side by side are not unheard of.   

The property owner has two options for using the golf course: 

a) Long-term membership
The owner has the right to buy long-term membership with preferential conditions at reduced rates – for him/herself or for the whole family. As part of membership he has the right of related concessions or discounts. The discount on membership for an owner of a resort property can be in the order of several tens of percent. For the buyer of expensive and luxury properties, club membership can be free. For illustration: the reduced golf club membership fee for the whole family would cost the owner of a property in a certain Spanish golf resort EUR 17,000 for 25 years. If the golf course is not yet finished, you can pay in stages – e.g. reservation fee 30% and the remainder after the course is ready. 

b) Green Fee Discount
If the owner does not buy membership he/she has the right to a discount on the green fee on separate games (the discount is generally in the region of 20 to 30%).

Conclusion

Golf properties are and will continue to be attractive opportunities for foreign investors – both from the point of view of use of the property, and also from a capital investment point of view. You just have to choose the right golf resort.

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