With the possible exception of Monopoly, there is not a game in the world whose financial fortunes are tied more closely to trends in the property market than golf. This is less because of the large tracts of land required to play than the tendency of developers to include golf courses in residential real estate projects.

This model has been particularly popular in recent times in the US, the world’s biggest golf market. In the words of one expert, “most new golf courses are built as amenities to support home sales”, and adjacency to a course has traditionally helped US estate agents to secure premium prices for houses.