France
The golfing world owes a great deal to Jean Van der Velde, once France’s leading golfer. At the 1999 Open Championship in Carnoustie, in one of the most excruciating tournament finishes ever, he made a mess of the final hole, then lost the ensuing play-off. If he had won, every child in France might have grown up wanting to hit five-irons. Instead, his humiliating defeat seemed to sour his compatriots’ taste for the game.
“France is the one country in Europe where golf real estate development should have been more successful,” says Jeremy Slessor, managing director of European Golf Design.
French bureaucracy, linked to the ban on buying offshore and the implications of getting involved in French taxation and death duties, are just some of the reasons why developers – and investors – have preferred less regulated markets. Still, there are number of new course-linked housing projects that offer good investment potential at more affordable prices than similar property in either Portugal or Spain.
One of the best is Domaine St. Endréol, just north of the A8 in the Var department of Provence, a 40-minute drive from Cannes. There are pine trees, lush fairways and the odd flag in the distance indicating where a green might be. To the north there are mountains, and to the south, the sea. If you’re into celebrity-watching, there is also the chance of teeing off next to David Beckham, who has a house a short drive away in the hills.
The course here was built in 1981. Ten years later the president of Kagima, a Japanese construction company, came, played a round and enjoyed it so much he bought the land. Work has only just got going on the housing. In total, no more than 260 homes will be built on 400 hectares of land. The development is in clusters, each small hamlet based around a giant swimming pool; and a semi-detached house with three bedrooms, fitted kitchen, tall ceilings and a garden, complete with watering system, will cost from €527,000.
Brian Groocock, Savills’ man in the region, argues that it is the best place in France for golf and decent housing. “The Var has everything – an excellent climate, easy access and interesting courses,” he says. For those in favour of links courses, he recommends Roquebrune or Gassin, a new development near St. Tropez. For the golfing purist, he selects Barbaroux, which is further inland and consequently less expensive. For example, Groocock has a three-bedroom villa on the first tee with a swimming pool for sale at €650,000.
Another option for those with more money is Terre Blanche, a new development owned by Dietmar Hopp, one of the founders of SAP, the German software company. It is set on the hills at the back of Cannes, with views looking north to hilltop towns such as Fayence, Tourette and Seillans. Its 266 hectares are all fenced and security is tight so there is only one entrance. There are two decent golf courses and a Four Seasons hotel, but also the rather disconcerting feeling of being in a geriatric ghetto. At least there are plans to build a giant spa in the grounds, so non-golfers can be pampered. Prices for a 3,000 sq metre plot on which you are allowed to build a house of 300 sq metres, start from around €1m. There is also a joining fee for the course of €80,000 for two people, followed by an annual subscription of €7,500.
For people desiring a more rustic golf experience in France, Souillac Country Club in the Dordogne is worth checking out. There are nine heated swimming pools at the club, a boules pitch, children’s play area, and 18 decent golf holes. The glorified log cabins, hidden in the trees, start from €235,000, which includes membership to the golf and country clubs. The final development has just begun.
“It’s got a very French feel, it’s terribly relaxed,” says Rob Parfitt, who works in the Souillac marketing department. “It is not a championship course, but it offers four hours of challenging fun on the fairway or in the forest.”
Portugal
There are some UK golfers who cannot endure winter without a trip or two to the Algarve. There is no finer feeling than leaving Gatwick on a foggy damp morning and emerging a couple of hours later in fine sunshine and a gentle breeze. After a spell on the putting green, a warm-up on the driving range and a couple of Sagres beers, you are ready for a good round the next day.
The great thing about the Algarve is that you could stay there all winter and not have to play on the same course more than a couple of times. Highlights range from the Henry Cotton-designed Penina, which has one of the great par 3s, to Quinta da Ria, one of the newer courses in the eastern Algarve, which has got serious golfers drooling.
But it is in the two peripheries of the Algarve, the west and the east, where all the property action is happening. In the west around Lagos, buyers are drawn to not only the courses but also the wonderful beaches and wild countryside, says Melanie Down, Vigia Group property marketing manager. “We are seeing considerable interest both in Parque da Floresta and its sister beach resorts,” she says. “Clients seem to like being close to a golf course, but also having easy access to other leisure facilities such as the beach.”
Developments near the beach include a range of villas at Quinta da Fortaleza, which is set on an elevated site above Cabanas Velhas beach, with prices starting at €665,000. In the east, there is the allure of low fees of around €60 – which is in some cases half the price of those in Vilamoura or Quinta do Lago.
Promoters are trying to talk up Jack Nicklaus’s new course at Monte Rei Golf and Country Club, which is less than half-an-hour’s drive from the Spanish border. Prices have now been released for the first phase of properties. They range from €650,000 for a three-bedroom linked villa to €1,125,000 for a four-bedroom twin villa, both on the Miradouro Village. A villa situated around the Jack Nicklaus course will cost from €1,535,000. According to Stephen Tuckwell, who is marketing the project, a quarter of the 30 plots in the first phase have already been reserved.
The original developments near Faro, such as Quinta do Lago, Vilamoura and Vila Sol are responding to the competition by offering other activities. Vila Sol has added a five-star hotel and a luxury spa, which should ease the sale of the final phase of Vila Sol Village, where nine apartments are still for sale, ranging from €309,000 for a two-bedroom to €467,000 for a three-bedroom.
“We have created two beach clubs,” says Miguel Velez, marketing director at Vila Sol. “There will be an exclusive area for those who want to rest under beach umbrellas. Then there will be a larger area, where people will be able to use sporting equipment such as windsurfers and kayaks..”
There is no shortage of property available at Vila Sol. Expect to pay from €500,000 for a 1,200 sq metre building plot, while a new villa will cost from €750,000.
Turkey
Turkey has been very considered in its introduction of golf to the country, with three designated areas: Belik, Bodrum, and Sorgun. In the first there are already six courses, including the Gloria Golf Resort, where the World Golfers Championship, which aims to find the best amateur player in the world, will be held in November. There are a further five courses about to be built.
“The quality of golf at Belik gives the Costa del Sol a good run for its money,” says Slessor, of European Golf Design. “In fact, if I were taking a group of friends out on holiday, I would take them to Turkey. The courses are generally in better condition, they are cheaper and there are not as many people on them, so a round doesn’t take five-and-a-half hours.”
At the moment there is not that much property for sale in the area – the developer concentrated first on creating hotel beds. But homes will be a priority in phase two of the development, which should be completed within the next two years, according to Ayhan Yeginsu, managing director of Leisure Development Consulting. “Once plans are finalised towards the end of the year, it will be possible to buy off-plan,” he says. “A three-bedroom house on the courses will cost between €60,000-180,000.”
With its climate, considered by some to be superior for golfing than Portugal’s, combined with its cheaper cost of living and housing, many expect a scramble in the autumn for the best plots.
Bulgaria
It needs a leap of imagination, perhaps even faith, to consider Bulgaria as a golfing destination. There is only one rather rundown golf course near Sofia. And the game is so underappreciated by retailers in the country that one of the best presents you can take any businessman is a bag of tees.
However, if the developers are to be believed, this is set to change. Four courses are either in the planning stage or under construction. Ian Woosnam, together with IMG Management, is behind two 18-hole championship courses, while Gary Player is designing the other two. Woosnam’s first course is near Bankso, a ski resort.
While construction will not be finished until late 2007 or early 2008, pre-release orders are being taken. One-bedroom apartments are on offer via Bulgarian Dreams, a London-based estate agent, for £50,000, with three-bedroom villas on the fairway from around £130,000.
One advantage of Bankso is you can ski during the winter. At Balchik, the site of Woosnam’s other course, which is near Varna, you can sail on the Black Sea. At the Lighthouse Golf Club you can buy an apartment for about £36,000, while a villa with seaviews starts from about £110,000. The Gary Player courses will be built nearby.
“It has all happened in the last couple of years,” says Robert Jenkin, a director at Bulgarian Dreams. “The prices are very good compared to Spain or Portugal, while the build quality is similar. You don’t get winter sun in Bulgaria, but it is still very pleasant.”
