Country Snapshot: GREECE. Thessaloniki. Corfu. Athens. Sparta. Rhodos. Crete

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1 G O L F A DV I S O R Y P R A C T I C E I N E M A Country Snapshot: GREECE A DV I S O R Y Thessaloniki Corfu Athens Sparta Rhodos Crete Published in August 2010

2 The Greek golf market in July 2010 Number of golf courses* 6 Number of registered golfers 1,339 Average golfers per course 223 Golf participation rate (%)** 0.01 * Regular golf courses with minimum nine holes ** Percentage of golfers versus total population The Greek economy Key indicators * 2011 * Population (m) GDP at current market prices (EUR b) Real GDP growth (%) Consumer price inflation (%) * Forecast Source: Economist Intelligence Unit, 2010 Golf courses operating in Greece in June 2010* Corfu Thessaloniki Golf courses in Greece Golf in Greece is still in a relative stage of infancy, with only six regular 18-hole golf courses and one 9 hole par 3 course currently in operation. These courses are located across the country, with three of them on the mainland and three on various islands. Sparta Athens Rhodos While four out of the six golf courses are stand-alone facilities, two are part of a larger tourism complex. Although there are several residential developments located around or in proximity to these courses, the recently opened Costa Navarino Dunes course is the first and only master-planned, integrated golf resort development in the country. Crete * Regular golf courses with minimum nine holes 18-hole golf course The quality of most golf courses in Greece is perceived to be lower than that in golf tourism destinations like Spain, Portugal and Turkey. Nevertheless, Greece possesses facilities that have been designed by recognized golf course architects, such as Robert Trent Jones and Harradine Golf. Demand and rounds Although golf courses in Greece benefit from the Mediterranean climate and offer players the opportunity to play golf throughout the year, Greece has less than 1,400 registered golfers, a number which has been stagnant for a while. The standstill of local golf demand is not surprising given that five out of six courses are located relatively far from populous urban centers. Similar to other countries in the South East Mediterranean (e.g. Cyprus, Malta and Turkey), golf courses in Greece rely on golf tourists to generate rounds and revenues, with approximately 90% of all rounds played comprising green fee rounds. Nevertheless, Greece currently lacks the critical number of golf courses or a golf cluster with integrated accommodation and service facilities that are required for becoming an attractive and competitive golf tourism destination. This is well demonstrated by the fact that the average rounds played at 18-hole golf courses in the South East Mediterranean (including Greece, Turkey and Cyprus) is over 23,000 rounds per year, while within Greece courses average significantly less at around 10-15,000 rounds annually.

3 Green fees in the Southern Mediterranean region (2010)* Average number of rounds played at 18-hole courses by region 120 Middle East 54% 46% 40, South Africa 46% 54% 33, Western Europe 65% 35% 25, Turkey - tourist region Turkey - Cyprus Greece Malta Istanbul region South-East Medit. 10% North Africa 11% 90% 89% 20,400 23,100 *Green fees are 18-hole peak rates and include local VAT 0 15,000 30,000 45,000 Member rounds Source: Golf Benchmark Survey Green fee rounds Pricing According to our research, the average 18-hole green fee in Greece is EUR 67 in the peak season, similarly to Cyprus and Malta. In contrast, Turkey, and in particular the Belek region, is now considered an established golf tourism destination and, due to high demand in peak periods, golf courses are able to achieve higher average green fees than other countries in the region (see adjacent graph). Only three out of six golf courses in Greece offer a membership scheme, further highlighting the limited demand from the local population. Latent demand for golf in Greece In 2009, Greece recorded 15 million foreign visits, with the top 10 source markets accounting for over 60% of all visitors. If we apply the golf participation rates in these top 10 source markets, there appears to be a significant latent demand already present in Greece, as the following table indicates.

4 Tourism in Greece Latent golf demand Top source markets % total arrivals in 2009 Number of arrivals in 2009 Golf participation rate in source market Potential golfers arriving in Greece in Germany 15.9% 2,371, % 14, United Kingdom 14.2% 2,117, % 44, France 6.5% 969, % 5, Italy 6.3% 939, % 1, Netherlands 4.4% 656, % 12,058 Other (Bulgaria, US, Russia, Cyprus, Belgium) 16.4% 2,445,983-15,625 Total of the top % 9,500,558 93,821 Source: Association of Greek Tourism Enterprises, KPMG research The preceding table shows that Greece is already a popular destination among some of the main golf tourism feeder markets of Europe including Germany, the United Kingdom, France and the Netherlands. As the top 10 source markets account for approximately 64% of total arrivals in Greece, we estimate that the total number of potential golfers arriving in Greece is in the range of 100, ,000 persons. It is fair to assume that a significant part of this latent demand is registered amongst leisure tourists, therefore could be activated for golf tourism. Making modest assumptions on the average rounds typically played by golf tourists and the average number of rounds played on courses in the Mediterranean region, it appears that there is currently development potential for up to 20 courses in Greece to satisfy this latent demand. Future outlook Unlike some of its Western European competitors (such as Spain and Portugal), due to a lack of supply Greece has not yet been able to capitalize on its established leisure tourism market to develop golf tourism. The potential for golf tourism should be recognized and, along a clear development strategy, the government should support the growth of golf supply, for the following key reasons: The country is an established tourism destination with strong sports traditions: Greece is a widely popular tourism destination, and was ranked 12th in terms of receipts in 2008 by the UN World Tourism Organization. The country is also the birthplace of the Olympics and has a strong sports tradition. Favorable climate for year-round golf: courses in Greece can benefit from the Mediterranean climate and offer players the opportunity to play golf throughout the year.

5 golfbenchmark.com The potential benefits of developing golf (tourism) in Greece Tourism benefits Increase tourism receipts Reduce (flatten) seasonality Attract higher spending tourists Complement the current leisure offering of tourism destinations Facilitate the conventions & incentives business Further improve the image of Greece as a holiday destination Investment benefits Potential investment spending (domestic and Foreign Direct Investment) Create employment opportunities locally Social benefits Enhance quality of life and promoting positive values Offer a healthy lifestyle Support rural communities Shifting tourism trends: Greece s traditional sender markets (e.g. Germany, United Kingdom, France and Italy) all have aging populations and the traditional sun and sea offering by Greece is being challenged by relatively cheap and more remote, albeit increasingly accessible destinations. Golf as a tourism product could increase Greece s competitiveness. Accessibility and infrastructure: The country is easily accessible from key golf sender markets of Europe. New infrastructure developments (roads and airports) are opening up new areas of the country for integrated golf developments. Availability of land: In certain areas of Greece there is an availability of underutilized land that could be well suited for golf course projects. According to our research 6-8 integrated golf and real estate developments at various stages of planning are set to take place throughout the country. These projects however are likely to be realized only in the medium term, due to current financing and regulatory obstacles. In demand terms, the key challenge remains to create clusters of golf courses that could attract international golf tourists. In order to facilitate growth in golf demand and supply, there is a clear need to implement a proper golf development strategy that is also supported by the government and local regulations, in order to steer and assist the progress of golf in the country. Did you know? The first golf course in Greece opened in 1964 near Athens. The inaugural Faldo Series Greece Championship 2010 is aimed to provide a challenge to golfers aged 12 to 21 and may help to progress golf development in the country. Local contact Hellenic Golf Federation For further information please contact the Golf Benchmark Team: KPMG Golf Advisory Practice in EMA H-1139 Budapest, Váci út 99 Hungary Tel: info@golfbenchmark.com For more information about KPMG s market intelligence studies, we invite you to visit: golfbenchmark.com 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. KPMG and the KPMG logo are registered trademarks of KPMG International Cooperative ( KPMG International ), a Swiss entity KPMG Advisory Kft., a Hungarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved.

6 KPMG s Golf Advisory Practice in EMA continues to strive to add value to the golf industry. Through our thought leadership programs, KPMG undertakes various initiatives that can help those with a stake in the golf industry to make informed decisions. In 2006 KPMG launched the inaugural Golf Benchmark Survey (GBS), one of the largest ever golf research projects. The GBS is a market intelligence study designed to collect and share comparable golf industry benchmarks. The primary objective of the Golf Benchmark reports is to allow golf courses to compare their individual performance against high, average, and low performers in their geographic markets. Since its first launch, the survey has been extended to new regions including India, China, Japan, South America and the Caribbean in addition to several regional reports within Europe, Middle East and Africa (EMA). KPMG s Golf Advisory Practice in EMA has also published a number of additional market intelligence studies under the Golf Benchmark initiative, including the Golf Course Development Cost Survey in EMA, the Value of Golf to Europe, Middle East and Africa, and the Golf Travel Insight report. For more information on our thought leadership and to download all our reports free of charge please visit The Golf Business Community is an exclusive platform for individuals within the golf industry who are interested in building and maintaining relationships, gathering the latest golf research and golf industry news, and staying in the loop. This is a virtual, interactive meeting place for the international golf business community. Complementing this website is a regular e-newsletter providing a steady flow of news/interviews, surveys, latest industry research, choice picks from quality golf business intelligence, and an opportunity to do online networking. For more information, we invite you to visit: The Golf Business Forum is a unique platform for professionals involved in the golf business industry to meet, learn, exchange ideas and do business at an exciting and memorable event. The Forum has quickly established itself as the foremost golf industry event in Europe, Middle East and Africa and brings together major stakeholders in the business of golf including: golf and real estate developers, investment groups, banks, equity funds, master planners, golf course architects, suppliers and operators. The event attracts participants from five continents, and is supported annually by many of the leading market players in the golf industry. For information on forthcoming events, visit

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