Hotel Online  Special Report


KPMG Golf Course Development Cost Survey
in the Europe, Middle East and Africa Region
From North Cape to Cape Town

KPMG in Central and Eastern Europe
Travel, Leisure and Tourism Practice


Dear Reader

Recent research confirms that there are approximately 32,000 golf courses worldwide. Presently, some 50 million people play golf throughout the world. 

Although the United States represents the largest golf market in the world with around 17,000 courses and approximately 27 million golfers, the game itself originates in Europe and continues to have a strong presence there, with more than 6,000 golf courses and roughly 4 million registered golfers. 

Golf course development is a growing business all over the world. In recent years, approximately 1,000 new golf courses have been established annually worldwide.  More mature markets include the U.S., Japan, South Africa, the United Kingdom, Ireland, Sweden and Spain; moreover there are also a number of countries and regions (e.g. South America, the Middle East and Eastern Europe) where golf is becoming increasingly popular. 

International experience proves that, especially when combined with real estate and/or tourism development, a golf course can often offer an exciting investment opportunity. 

Having comparable primary information on golf course development costs can be of prime importance for developers, operators, as well as public institutions when thinking strategically about golf development. 

KPMG�s Travel, Leisure and Tourism Network has prepared the a comprehensive study of golf course development costs in Europe, Middle East and Africa (EMA). This research aims to provide investors, developers and other industry stakeholders with a better understanding of the factors that influence the construction cost of golf courses, their typical development timing and the process of selecting golf course architects and construction companies. 

If you would like to receive the full KPMG Golf Course Development Cost Survey in electronic format free of charge, please email [email protected]

I would like to take this opportunity to thank our sponsors Nicklaus Design & Robert Trent Jones II Golf Architects

If you would like to receive any clarification or discuss the survey results, please feel free to contact me. 

Andrea Sartori
Partner, Head of Travel, Leisure and Tourism Group CEE
KPMG Advisory Services Ltd.
[email protected]

Objectives and methodology

In order to prepare the Golf Course Development Cost study we have carried out a questionnaire-based survey among developers and operators of golf courses opened after 1 January 2000 (Data collection period: February-May 2005.). Sending questionnaires to more than 500 golf courses, we recorded an 18% response rate covering 25 countries from the EMA region.

The detailed questionnaire was structured around the following topics:

  • What are the key motivations for developing a golf course?
  • What factors influence developers in selecting course designers and construction companies?
  • How long does it take to develop a new golf course in the EMA region?
  • What are the main difficulties arising during construction?
  • How much does it cost to develop a golf course in the EMA region?
The golf courses constituting the base of our sample were identified by comprehensive secondary research, utilising statistics from national and international golf associations.

In order to complement the findings of our survey we also sought the opinion of golf course architects. By addressing a set of specific questions to designers, we heard their perspective about golf course development costs, as well as their professional opinion about the issues covered by this research.

We have highlighted the main findings from these interviews in the relevant sections of our survey summary.

Countries and sub-regions considered in the survey

The target countries in our research were clustered into sub-regions based on geographical proximity and similarity in economic development.

The following groups were defined:

Regions Countries
Europe UK & Ireland UK, Ireland 
Scandinavia Denmark, Finland, Norway, Sweden, Iceland
Central Europe Austria, Belgium, Germany, Netherlands, Switzerland
Mediterranean Spain, Italy, Cyprus 
Eastern Europe Poland, Czech Republic, Slovakia, Hungary, Estonia
Middle East UAE, Turkey, Kuwait
Southern Africa South Africa, Mauritius

KPMG welcomes your inquiries concerning both the results of this survey and the possible development of golf-related projects.

Report sponsored by Nicklaus Design and 
Robert Trent Jones II Golf Course Architects

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received, or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

� 2005 KPMG CEE Ltd., a member firm of KPMG
International, a Swiss cooperative.
All rights reserved.

If you would like to receive the full KPMG Golf Course Development Cost Survey in electronic format free of charge, please email 
[email protected]


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