A Changing Landscape:

The six years leading to 2024 saw some seismic global events. A pandemic which brought the world to a standstill, economic uncertainties, international conflict and rising inflation and interest rates, to name a few.

Since 2018, when European Tour Destinations last conducted a review of the real estate performance within its international network of world-class golf destinations, much has changed.

Covid-19 not only prompted a boom in golf participation but a surge in demand for golf real estate as people yearned for green spaces, found a new appreciation for wellness and embraced WFA (work from anywhere).

Political uncertainty then ensued, however its impact across the golf property market has been minimal.

So what’s the current state of play of the real estate sector? Are golf properties still hitting the sweetspot?

In this feature, we share the findings of our new study into the real estate sold by venues in the European Tour Destinations network, zeroing in on three key areas:

The Market
Buyer Profiles and Behaviours
The Sales & Marketing Tools Driving Success

We’ll also hear from some of the resorts who took part in the research, including Estonian Golf & Country Club, Camiral Golf & Wellness in Catalonia, Quinta do Lago in the Algarve, and Pirin Golf & Country Club in Bulgaria as they share the facts, figures and trends driving their real estate business.

First, Sandra Ruttle, European Tour Destinations’ Real Estate Consultant, shares her views on the findings.

Sandra Ruttle, European Tour Destinations

Sandra Ruttle, European Tour Destinations

Golf homes still command a premium

Sandra Ruttle is European Tour Destinations’ real estate consultant and has spent more than 18 years managing and advising top golf property developments.

“We felt it was the right time to conduct this new study to understand the market post-pandemic,” she says. “Having undertaken similar research in 2018, it made sense to update our earlier findings and get a clearer picture of the current golf property market, premiums, buyer profiles and any new sector trends.

"The study found that properties on golf resorts, especially those with views over the golf course, still generate price premiums.”

The Covid Effect

“People realised during the pandemic that residential golf estates offer far more than green fairways,” Sandra continues. “They are amenity-rich lifestyle hubs; entire communities with restaurants, shops and spa facilities. And they have broad appeal with excellent service standards.

“Many resorts, keen to capitalise on the increased interest, further improved their offering, upgrading, renovating and broadening their amenities to capture the attention of an even wider audience.

“Their agile response to adapt to changing expectations and emerging trends served them well. And although the market has cooled in the last 18 months or so, amid increasing interest rates, our Destinations’ real estate has continued to sell and demand remains high.”

The Findings

“Properties on golf resorts still command a higher value than those outside these communities,” says Sandra. “Our study also shows that people are willing to pay an even higher premium than before to have a view of the golf course.

“Another standout finding is that buyers are younger than what they were six years ago. Owning a property in a golf community is no longer just for those in or approaching retirement. Our Destinations therefore need to respond by adjusting their marketing strategies accordingly and ensure they are reaching and appealing to the broadest market via the right mediums.

“Furthermore, today’s buyers are acting more quickly and decisively, the majority making a purchase after only one or two visits.”

The research was conducted by European Tour Destinations, with results based on a sample of nine golf resorts and the complete sale transactions of 138 plots, villas, townhouses and apartments during 2023.

The sample includes leading international resorts Quinta do Lago, Portugal, Bom Sucesso, Portugal, Camiral Golf & Wellness, Spain, Pirin Golf & Country Club, Bulgaria, Jumeirah Golf Estates, UAE, Estonian Golf & Country Club, and Linna Golf, Finland.

The Market

In 2018, properties on a golf resort were worth on average 19% more than equivalent homes outside the gates.

Endorsing the strength of the European Tour Destinations network, this figure remains the same today and is testament to the group's ambition to be at the cutting edge of resort design and development.

Across the network, it is as much as 30% (Camiral Golf & Wellness and Quinta do Lago), and for all resorts who completed the survey, there was at least a 10% uplift in value from being network member.

What has changed, however, is the premium for properties with a view of the golf course. That has risen to 16.1% from 9.5% in 2018.

At Quinta do Lago, one of Europe’s finest golf resorts located on Portugal’s Algarve, properties with a golf course view were worth between 25-30% more than those without, and at both Camiral Golf & Wellness in Spain and Estonian Golf & Country Club a course view meant 20-25% higher value.

Having on-site golf was in buyers’ top two desired amenities among 67% of the respondents, and it is clear that purchasers are happy to pay more to be closer to the fairways.

Mait Schmidt, Chairman of the Council at Estonian Golf & Country Club, which has plots, apartments, townhouses and villas, believes a golf property’s premium is more than just the view.

“Everything we do is in harmony with nature. Ours is a rural community that offers an active and well-being-focused lifestyle, close to nature with fresh air, bird song and open spaces, and which promotes social interaction.”

The market is also moving at pace in many resorts. It takes only one or two visits before a buyer purchases a golf property at 89% of resorts surveyed, with an average of 12 weeks between an initial enquiry and the sale completion.

At Bom Sucesso in Portugal and Pirin Golf & Country Club in Bulgaria, sales were rapid, on average within four weeks.

The Buyers

Eight out of nine resorts reported that buyers are either the same age or younger than before, with the average being just over 52.

Only Pirin Golf & Country Club in Bulgaria said that buyers were older in 2023 than in previous years.

This trend of younger residents has many implications: how they engage with a resort’s amenities; how long they own the property for; whether they become a golf member or prefer to pay green fees; even how much they spend while staying at the property.

And it’s not just age that’s different in 2024.

In 2018, 84% of properties sold were to international buyers. Today that number has nearly halved to 46%, although there is a noticeable variation depending on the resort.

Camiral Golf & Wellness and Quinta do Lago reported that just 15% and 8% of their respective sales were to domestic buyers. At the other end of the scale, the figure was 90-100% for Linna Golf, in Finland, Estonian Golf & Country Club and Jumeirah Golf Estates in the UAE.

This can be attributed to locals moving out of cities in search of green open space or more people returning to their native country and buying or investing in golf property.

Bom Sucesso in Portugal said they had more buyers from the USA, while the UK and mainland Europe continue to be the most popular origins of overseas buyers.

On average, property owners are more likely to play golf than in 2018, with 49% versus 33%, however, this too varies from resort to resort, with 100% golf-playing buyers at Linna Golf versus just 10% at Jumeirah Golf Estates.

In terms of what people are looking for, on-site golf is the most desirable, followed by amenities such as restaurants, and services (e.g. concierge and security).

Green technology and environmentally friendly practices continue to influence buyer behaviour, with 89% of resorts saying it is important to purchasers.

Janina Aust, Real Estate Sales Manager at Camiral Golf & Wellness, said: “Our buyers are very happy to hear that we exclusively use heat pumps in new constructions, complemented by solar power. None of the new properties depend on gas any more, and barely any need an electricity supply.

“Buyers are also very happy with the fact we use recycled water for the golf courses and native, drought-resistant grass to reduce water consumption. The resort has also substantially increased the number of charging points for electric cars.

“Sustainability has long been very important to us, and we’ve seen in the last few years that it’s growing in importance to the people buying our real estate, too.”

The Sales & Marketing Tools Driving Success

The digital era has given golf resorts more ways than ever before to reach and engage with potential real estate buyers.

From social media advertising to slick digital brochures, resorts in the European Tour Destinations network are using a wide range of marketing tactics to attract and convert potential real estate owners.

However, 89% of resorts in the study said that once a prospective buyer has made contact, the approach most likely to convert the lead into a sale was either an in-person meeting at the resort or through a personal referral.

This shows that human connection is still critical for closing sales, so should remain an important part of a resort’s 360 approach to marketing.

Online, 56% of resorts found Instagram to be their most successful social media channel for attracting buyers, while two resorts reported the best results on Facebook and two said LinkedIn.

At Pirin Golf & Country Club, an experiment to use influencer marketing proved successful. The resort’s Sales and Marketing Director, Ina Kanazireva, says: “It became obvious to us that adverts in magazines and newspapers - in fact anything in print - are more of a brand advert, and an expensive one at that. We therefore started using only social media as a way to advertise.

“Once we put all our budget and energy into social media, we saw quick and effective results. The next step we felt was to work with influencers - however you should select these carefully, as their audiences, i.e. your prospective customer pool, will be determined by the type of influencer you choose.

“We worked with numerous local influencers, many of whom didn’t play golf, however we were eager to tap into their considerable audiences.

“These included editor-in-chief of ELLE magazine Bulgaria, Maria Georgieva (@mariaginsta) with 77.7k followers, Iasen Savov (@iasens), award-winning travel influencer with 768k followers, Izabel Ovcharova (@izieqka), content creator, YouTuber and Podcaster with 387k followers, and Ralitsa Metodieva (@raia_mett), a lifestyle influencer with 66.4k followers.

“The influencer programme gave us a huge boost, putting Pirin Golf & Country Club firmly on the map and turning it into the resort everybody was talking about.”

AI is yet to become widespread in golf resort real estate, with only 33% using it last year for tasks such as writing content for property listings and generating ideas for blogs.

The Future is Bright...

The results of the survey are extremely heartening,” concludes Sandra Ruttle.

“They confirm there is a thriving and evolving golf property market, buoyed by post-pandemic lifestyle shifts, ongoing demand for green spaces and a greater appreciation of nature and wellbeing.

“Despite global uncertainties, the appeal of golf real estate remains strong, with properties on golf resorts continuing to command premium prices, particularly those with views of the course.

“A younger demographic of buyers, many of whom are making swift decisions, highlights the industry’s dynamism.

“And while resorts have enjoyed success exploring new digital marketing tactics, personal connections and in-person experiences are still crucial for closing sales.

“Above all, the findings tell us that by being agile and adapting to new trends and buyer expectations, our Destinations are not just surviving, they are thriving.”