Golf courses

Golf course valuation is a specialised sector of the market and comparable evidence is scarce. Accurate valuation of golf courses depends on many issues, some of which are not found in valuation of other property types:

• an understanding of golf, its development and operation;
• an appreciation of the physical features of the property in question and other factors influencing value;
• a thorough understanding of the trading accounts of the business;
• an ability to prepare accurate forecasts for the fair maintainable trade; and
• a detailed knowledge of the market.

Worked examples illustrate the basis of the valuation.

The golf section is maintained by Alan Plumb and Amanda Blythe-Smith of Savills.