Golf’s Economic Impact in Portugal: A €760.5 Million Story
News Summary
A recent study reveals that Portugal’s golf industry is projected to add €760.5 million to the economy between 2014 and 2024. Conducted by the NOVA School of Business and Economics and presented at the European Golf Business Conference, the study highlights the significant economic contributions from job creation, tax revenue, and a booming real estate market near golf courses. With ongoing support and development, golf is proving to be a strategic asset beyond just a sport.
Golf’s Big Role in Portugal’s Economy: €760.5 Million Impact from 2014 to 2024!
When you think of golf, you might picture lush green courses and the great swing of a club, but in Portugal, the sport is doing a whole lot more than just providing a pastime. A recent study has uncovered that the golf industry is set to contribute a whopping €760.5 million to the economy over a decade, proving it’s a force to be reckoned with!
A Game-Changer Beyond Sports
This isn’t just about the joy of hitting a hole-in-one; this study titled ‘Assessment of the Impact of the Golf Industry in Portugal via Residential Tourism and the Real Estate Market’ was presented at the European Golf Business Conference held in beautiful Madeira. Conducted by the NOVA School of Business and Economics, this research was requested by the National Golf Industry Council (CNIG), and it highlights how golf stretches its influence far beyond sports. Get ready because the stats are both impressive and intriguing!
Big Numbers: Jobs, Revenue, and Growth
From 2014 to 2024, the overall impact of the golf sector has been phenomenal. It raked in a total gross value added (GVA) of €407 million and netted more than €70 million in tax revenue. That’s not all—during this time, the industry has been a source of income for workers, providing €143 million in wages. That’s a whole lot of dollars flowing into the local economy!
Every year, the golf industry is responsible for creating an average of 810 full-time jobs. Imagine how many families are supported by these positions! This is not merely a sport but a significant economic driver that keeps many happy and employed.
Construction Thrives with Golf
The real kicker? The construction side of the golf industry significantly contributes to the economy. It’s accounted for the largest impact with a staggering €679 million in output and €344 million in GVA. It’s clear that golf courses are more than just places to play; they are catalysts for growth, acting as beacons for development.
The Value of Properties Near Golf Courses
Another interesting tidbit from the study reveals how highly sought-after golf courses influence real estate. Demand for tourist developments near these splendid greens has surged, leading to €81 million in property sales and resale activity. In fact, properties right next to or with views of golf courses see a remarkable 20% appreciation in value! For those lucky enough to overlook a course, homes are about 19% pricier than comparable properties situated further away.
Golf: A Strategic Economic Asset
As per the findings, golf isn’t just a hobby but a strategic sector with wide-reaching impacts beyond tourism. It resonates through construction and residential investment, showing that the beauty of a golf course can spark growth in various sectors. It’s comforting to know that this beloved game is doing more than just entertaining; it’s contributing to a stronger economy.
Looking to the Future
The CNIG acknowledges the study’s findings as a validation of golf’s significant economic relevance, underscoring its status as a pillar of quality tourism. Ongoing support initiatives, like VAT reductions and efforts for efficient water resource management, are to be cultivated to further enhance this sector. As golf courses continue to thrive, so does their impact on the economy, making it an exciting time for both fans of the sport and those invested in Portugal’s flourishing landscape.
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