Spanish residential property investment opportunity
Why Costa de la Luz?
A specialist real estate advisory team focused on identifying, for our clients, property investment opportunities in golf developments along the Costa de la Luz
Section I: General Overview of the Spanish Housing Market
2 Spanish House Prices remain affordable for northern European buyers
Spanish house prices have risen significantly, yet they remain cheap when compared to property prices across most of Northern Europe. The differences are more acute when compared to key Northern European cities, home to our target market. The most important macroeconomic factor affecting our business will be the purchasing power of foreigners (in particular Northern Europeans) who intend to purchase a property along coastal Spain. Property price evolution in Spain compared to property prices in EU countries Spanish average house price evolution 1987-2003 Average property prices in EU countries - 2002
3,000 3,000 1987-2003 CAGR 10.1% 2,000 2,000 /m2 /m2 é/m2 é/m2 €€ 1,000 1,000
0 0 1 2 3 3 9 9 994 K y a y 1987 1988 1989 1990 199 199 1 1 1995 1996 1997 1998 1999 2000 2001 2002 200 en U Ital nds ugal and eland a orwa Spain nl Ir Austri France ort N Swed Greece P Fi etherl Germany Denmark N Spanish house prices and GDP relative to the EU - 2002 Average property prices of European cities - 2002
140 4,000 Norway Denmark 120 Ireland Sweden Netherlands 3,000 Finland Austria UK 100 2,000 France Germany /m2 € 80 Italy 1,000 Spain 60 0 Greece 40 lm aris o ville P Dublin Madrid Se Malaga London Valencia 20 Frankfurt Barcelona Stockh Amsterdam
2001 GDP per capitacapita GDP GDP per per 2001 2001 - - RelativeRelative toto EUEU average average 0 40 60 80 100 120 140 160 €/m2- Relative to EU average
Sources: INE, UK land registry, HBOS, Department of Economy, Switzerland, RICS, Statistics Norway, Statistics Finland, Statistics Sweden, Denmarks Statistik, Gunne, Confédération Européenne de l'Immobilier, Bulwein AG, Ministerio de Fomento, Titan research
3 Affordability
According to the OECD, Spain is 14% cheaper than the EU 15 average. Moreover, it is 17% cheaper than the UK and 13% cheaper than Germany, countries that represent 40% of Spanish foreign visitors. The purchasing power of Spanish consumers is slowly converging with the EU average and, at €15,000, it is still substantially below the average EU income per capita of €23,000.
Price Levels vs EU 15 Average
25%
20%
15%
10%
5%
0%
-5% Italy Spain Ireland Austria France Finland Greece Sweden Belgium Portugal -10% Denmark Germany Luxemburg Netherlands EU 15 Average
-15% United Kingdom
-20%
-25%
-30%
Source: OECD Main Economic Indicators 2003
4 Foreign Investment in Residential Housing
BBVA research indicates that residential property investment by foreigners reached €3.5 billion in the first half of 2003. Foreign demand has grown between 20% and 40% per annum every year since 1999.
Foreign residential property investment
Source: BBVA, October 2003
5 Tourism trends fuelling a more permanent venture
• Spain received 79 million foreign visitors/tourists in 2002
• Northern Europeans are fascinated by Spain. 85% of the tourists who visited Spain in 2002 were “repeat” customers and 75% had been to
Spain three or more times, and more than 65% of them planned to return within 12 months. Coastal Spain attracted 86% of tourists in 2002
• Tourists spent € 38.5 billion in Spain in 2002
• August is the peak month
• 750,000 golfing tourists go to Costa del Sol each year, boosting tourism by 15%. Last 3 years 60% increase in spending on golf related
tourism
• British and German visitors represent 40% of the tourists visiting Spain. This figure has remained constant
• Tourists by origin (millions) – 2003 : England 14.5; Germany, 10; France, 8; Italy, 2.5; Netherlands, 2.4; Belgium, 1.8; Portugal, 1.7
• Andalucia is the region where tourists use hotels the least, staying mainly in rental properties or with friends and families
• The average stay is 10 days. Tourists who stay at hotels normally stay for shorter periods (8 days), while people who rent or stay with friends
stay for longer periods (16 days)
• 45% of tourists stay between 4 and 15 days
• 60% of English tourists come on “organized trips/holiday packages”
• Tourist arrivals via low-cost carriers grew 40%, reaching 2.6 million in 2002
• Hotel occupancy across Spain, during 2002 was 58%
Source: Anuario Estadistico, INE
6 Immigration trends
There are currently 1.45m registered foreigners in Spain (Ministerio del Interior). Coastal Mediterranean provinces have the largest number of registered foreigners. Over the last eight years the number of registered foreigners in Spain grew at a CAGR of 52%, compared with 7.5% in the previous decade (1985 – 1995). Forty percent of registered foreigners reside in coastal provinces, and represent approximately 5% of the local population in these areas.
Approximately one third of registered foreigners are EU nationals. Many more EU citizens who live or have a second home in Spain choose not to register. For example Deloitte & Touche estimates that more than 500,000 British nationals own a second home in Spain.
Foreigners in Spain 1975 – 2003 (June)
1,600
1,448,671 1,400 1,324,001
1,200 1,109,060 1,000 895,720 800
600 538,984 Registered foreigners (000's) 400 430,422
165,289 200 241,971
0
1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Source: Ministerio del Interior, Delegacion del gobierno para la Extranjeria y la Inmigracion 7 Coastal property is surprisingly still cheaper than national average
According to Hamptons International, around 2.5 million people live on the coast. This number is expected to rise to 10 million by 2011. Average property prices along the southern costas have historically traded at a discount to the national average.
Average price growth in focused costas versus the national average 2002 property price comparison
1200 1400
1200 1000 1000
800 800 /m2 € /m2 € 600 600
400
400 200
200 0 1987 1991 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Costa de la Costa del Costa Costa Costa National Luz Sol Almeria Calida Blanca average Costa de la Luz Costa del Sol Costa Almeria Costa Calida Costa Blanca National average
Note: Titan’s definition of ‘Costa’ when analysing property prices, is to include any local municipality along the coastline, but not to include inland municipalities Source: Ministerio de Fomento, Titan Investments research Source: Ministerio de Fomento, Titan Investments research
Convergence towards the national average has been most evident in Costa del Sol and Costa Almeria. In the period 1999-2002, Costa del Sol property prices have risen 77% (CAGR 21%) according to the Ministerio de Fomento. This compares to a 54% (CAGR 15%) increase for the national average. Other costas have risen in line with Spain’s average, with the exception of Costa Almeria, which rose 61% (CAGR 17%) since 1999. Costa de la Luz remains the cheapest costa.
8 Comparison of rental yield potential and principal appreciation
Our research indicates that the current rates of price appreciation in Costa del Sol are not sustainable. We believe that tourism will remain strong in Costa del Sol, but other costas will have stronger price appreciation as they converge towards Costa del Sol prices over the next five years
5 year historical rolling CAGR %, based on regional house prices Indicative assessment of growth rates – 2003-2008 Average Discount to average 20% price/m2* price in Costa del Sol Price CAGR 2003 2003 2008 2003 - 2008 Costa de Sol 3153 0% 0% 3.0% 15% Costa de la Luz 1948 38% 15% 9.5-10.5% Costa Almeria 1778 44% 35% 5.5-6.5% Costa Calida 1501 52% 30% 11.0-12.0%
10% Costa Blanca 2178 31% 20% 5.5-6.5%
5 year CAGR%
5%
0% 1996 1997 1998 1999 2000 2001 2002
Costa de la Luz Costa del Sol Costa Almeria Costa Calida Costa Blanca
Source: Ministerio de Fomento * Based on our analysis of current average prices for two bed/two bathroom apartments in developments overlooking Frontline Golf or beachfront
Costa de la Luz Costa del Sol Costa Almeria Costa Calida Costa Blanca Average rental yield* 5.9% 10.3% 6.5% 5.8% 7.6% Principal appreciation 8.0-9.0% 3.0% 5.5-6.5% 11.0-12.0% 5.5-6.5% – Expected growth until 2008 ** *Rent is based on average seasonal weekly rents for a 2/3 bedroom apartment. High season is assumed to be 12 weeks, Low season 40; High season occupancy 80%, Low season occupancy ranges between 40-60% depending on location ** Inflation assumption 3% Source: Homes Overseas, Rental agencies, Titan Investments research
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Section II: Overview of Costa de la Luz
Not only charming and beautiful, Costa de la Luz also has superb property investment opportunities
10 Where is Costa de la Luz
Costa de la Luz is the coastline of the two Spanish provinces of Huelva and Cadiz. It faces both the Atlantic and the Mediterranean.
Map of Europe illustrating Costa de la Luz Region of Huelva
Region of Cadiz
11 Costa de la Luz – Portuguese border to Sotogrande
Land is still attractively priced and developers are focusing their attention on this region. The leading real estate agencies of Costa del Sol are starting to open offices in the Costa de la Luz. The region’s international profile will likely be enhanced in the immediate future.
Costa de la Luz is the western part of Andalucia’s coastline and borders both the Atlantic and the Mediterranean. The Andalucia tourist site describes these 417 km of coastline as ‘beautiful golden sands and small seaside towns devoted to national tourism.’ The coast has been guarded from over development by local municipalities, conscious of protecting the local seafood industry.
Nicknamed the Spanish Algarve, the Costa de la Luz occupies the significant stretch of Atlantic coastline between Portugal and the Gibraltar Straits. The historical majesty of Seville and Huelva are within striking distance of the coast. It is also famous for the port of Cadiz and the sherry region of Jerez. The white sandy beaches are often secluded and the area has a traditional ambiance.
The region’s capitals, Huelva and Cadiz, are easily accessible from international airports in Faro, Seville, Jerez, and Gibraltar. Huelva is within 45 minutes driving distance from Faro and Seville. Similarly, Cadiz is less than 30 minutes away from Jerez’s international airport and between 1 and 1 ½ hours from Seville’s and Gibraltar’s international airports.
Summer temperatures are more pleasant than in other costas due to the Atlantic’s cooler breeze. The province of Cadiz has one of the most benign weather systems in Spain. Temperatures range between 22 and 14 degrees throughout the year, 300 days of sunshine are normal, and the average sea temperature is 17 degrees. An average year round temperature of 20 degrees gives the Costa de la Luz the perfect microclimate for an active holiday.
The people of the Costa de la Luz are proud of their quiet life and intend to keep it that way. The surrounding area offers residents a huge array of activities and is regarded as the cultural hotspot within Spain.
Local municipalities are keen to avoid the over development mistakes incurred by neighboring regions like the Costa del Sol. In consequence municipalities have strict planning restrictions. New developments have strict restrictions on building volume (typically 6-12% build on a plot set aside for urbanization) and must adhere to environmental regulations. Yet in the same breath, local municipalities are eager to work with reputable developers that suggest sensible projects.
12 Property pricing in Costa de la Luz
Our research indicates that Costa de la Luz is still 30% cheaper than the national average. We believe that prices in the area will converge to the national average, especially prices for high quality properties designed with the northern European buyer in mind.
Andalucia – 2002 Price €/m2 for each municipality Pricing growth in Costa de la Luz versus national average
1200
29.6% discount to national average 1000
/m2 800 €
600
400 1991 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Costa de la Luz National average Costa de la Luz Costa Almeria Costa del Sol
Source: Ministerio de Fomento Source: Ministerio de Fomento
Despite this discount, price appreciation within Costa de la Luz has been strong, growing on average 15% since 1998
13 Property pricing comparisons
Like-for-like price comparisons of apartments in Costa de la Luz versus Costa del Sol, confirm that Costa de la Luz is significantly cheaper. According to our analysis apartments in Costa del Sol that overlook golf courses or beachside are on average 38% more expensive on a €/m2 basis than Costa de la Luz equivalents.
Our like-for-like sample includes “2 bedroom - 2 bathroom” apartments on either frontline golf or frontline beach. Prices are analysed on a price per m2 basis. Although properties are not homogenous products and their prices will vary depending on the interior qualities and surroundings, these price comparisons provide useful insight into regional differences.
Price €/m2 for apartments currently advertised on estate agent websites*
60 Costa de la Luz sample size: 59 50 Costa del Sol sample size: 225 40 Costa de la Luz mean: €1,948 Costa del Sol mean: €3,153 30 20 10 Number of flats Number 0
<500 1999 2499 3499 4499 5499 750-999 1250-14991750- 2250- 2750-29993250- 3750-39994250- 4750-49995250- 5750-5999
Costa de la luz Costa del Sol
* Market data is more readily available in Costa del Sol allowing for a greater sample size Source: Company websites, Titan Investments research
14 Province of Cadiz
Costa de la Luz was a well-kept secret - Spanish tourists have known of this coast’s appeal for a long time - but it has finally come to the attention European tourists and homebuyers. Germans, who have historically been the trendsetters in European tourist destinations, have started to move here permanently. English tourism to Cadiz has increased significantly in recent years, and British estate agents are just starting to offer product in this area. With a new daily flight service offered by Ryanair, the region of Cadiz will fast become a favoured tourist destination for the British.
Activities on offer in Cadiz Comments Cadiz has hosted several international sporting events, including the 2000 Tall Ships Regatta and the 2003 Olympic World Sailing Championships. Tarifa has been transformed into the European kite-surfing capital in recent years.
Cadiz is home to the “Real Escuela Andaluza de Arte Ecuestre”, has more than 70 horse sporting facilities, and hosted the World Equestrian Games in 2002.
It is also well known for its beautiful inland ‘pueblos blancos’ (white villages) such as Arcos de la Frontera, Medina Sidonia and Vejer de la Frontera, which are built on impressive steep hilltops.
The region of Jerez is best known as the home of Sherry. There are over 59 wine cellars including world famous Domecq, Gonzalez Byass and Sandeman bodegas.
Cadiz has 15 golf courses, and is home to three of the top ten Spanish courses, Valderrama, Real Club de Golf Sotogrande and Montecastillo in Jerez. The 1997 Ryder Cup and Volvo Masters have been hosted in courses in this province.
Other activities include two casinos in San Roque and Cadiz, flamenco shows, a Formula One race track, 47 museums, and 5 nature reserves.
Source: Patronato de Turismo, Titan Investments
Activities on offer in Huelva Comments The playas de Huelva (the beaches of Huelva) are made up by 15 long stretching golden sand beaches broken up by national parks and small fishing villages devoted to national tourism.
The small family owned seaside restaurants offer what is considered the best seafood cuisine in Spain.
The beaches being in a cove shape are well protected by the Atlantic winds (Las Ventas), although the area is popular for wind and kite surfing.
As a measure of new demand between Punta Umbria and El Rompido during 2003 there were 300 hotel beds. This year there will be over 3,000.
Further inland the Sierra de Huelva is the land of Jamon, Manzanilla and magical undulating forested mountains. Small white villages are dotted around with ancient crafts such as ceramics and wood carving.
East of Matalascañas, is the Doñana national park – the largest in Europe along with the largest congregation of bird wildlife. One can take jeep or bicycle safari’s to tour the national park.
Huelva has 7 existing golf courses and planning permission exists for at least another 7 to be built in the near future.
Source: Playas de Huelva website, Titan Investments 16 World-class golf facilities – the region of Cadiz
Two thirds of all European golf tourists choose Andalucia as their favourite Spanish golf destination. Approximately 60% of golf tourists are British, 15% Scandinavian, 12% German and 5% French. Although Malaga is still the main golf destination within Andalucia, Cadiz is becoming an increasingly attractive region as is evidenced by it hosting major tournaments such as the Volvo Master’s golf tournament in both Montecastillo and Valderrama.
Golf course details Golf courses in Cadiz region* Flag Course number Course Holes Par length Open date Designer Green fee Club de Golf 1 Valderrama 18 + 9 72 6,234 1985 Robert Trent Jones 250 & 275 Club de Golf 2 Sotogrande 18 + 9 72 6,224 1964 Robert Trent Jones 150 & 160 3 Hotel-Golf Almenara 18 72 6,186 1998 David Thomas 60 & 85 4 The San Roque Club 18 72 6,440 1990 Tony Jacklyn 80 12 13 14 5 Club de Golf La Cañada 18 70 5,746 1982 Robert Trent Jones 48 11 Alcaidesa Links Golf 6 Course 18 68 4,924 1999 Peter Alliss 70 Dehesa de 7 Montenmedio Golf 18 71 5,897 1996 Alejandro Maldonado 75 Hotel Golf & Country 10 8 Club Benalup 18 72 6,000 2001 Paul Rolin 53 9 Club de Golf Campano 9 70 6,050 1985 Robert Trent Jones 31 5 9 8 6,466 - Severiano 1 2 7 4 10 Golf Novo Sancti Petri 36 72 6,510 1990 Ballesteros 54 3 6 Club de Golf Vista 11 Hermosa 9 72 5,746 1975 Progolf 38 & 76 Club de Golf Costa 12 Ballena 18 72 6,187 1996 Jose Maria Olazabal 50 Hotel Golf & Resort 13 Montecastillo 18 72 6,424 1992 Jack Nicklaus 90 2001 & 14 Golf El Puerto 18 72 6,314 2003 Manuel Pinero 50
Source: Patronato de Turismo, Cadiz * Blue flags indicate golf courses in the pipeline
17 World-class golf facilities – the region of Huelva
The region of Huelva is the fastest growing golf tourist destination within Andalucia. There are 7 golf courses in existence and no less than 7 courses in the pipeline that have received planning permission
Golf course details Golf courses in Huelva region* Flag Course 6 number Course Holes Par length Open date Designer Green fee 1 Isla Canela 18 72 6,248 1993 Juan Catarineu 62 Enrique Canales & 2 Islantilla 27 72 5,697 1992 Luis Recasens 57 5 3 El Rompido 18 72 5,834 2003 Alvador Arana 50 1&2 4 Nuevo Portil 18 71 5,528 2001 Alfonso Vidaor 45 6 3 2 4 4 5 5 Club de Golf Bellavista 18 69 5,688 1976 Luis Recasens 35 1 3 6 Dunas de Donana 18 72 6,136 2002 Fernando Menaya 50 7 Corta Atalaya 9 68 4,730 1982 n/a 6 1&2 Costa Esuri 36 n/a n/a 2005/06 Jose Canales n/a 3 Isla Canela II 18 n/a n/a 2006/07 n/a n/a 4 Nuevo Portil II 18 n/a n/a 2006 n/a n/a 5 Unnamed 18 n/a n/a n/a n/a n/a 7 6 Unnamed 18 n/a n/a n/a n/a n/a 7 Unnamed 18 n/a n/a n/a n/a n/a 7
Source: Real Federacion Espanola de Golf * Red flags indicate golf courses in the pipeline
18 Spoils of the Atlantic – the region of Cadiz
Cadiz has a large number of beautiful golden sand beaches, many of which are backed by beautiful and rugged cliff faces. There are several national parks that stretch down to the beaches making for an impressive backdrop when blended with the cliff faces
Attractions along the coast of Cadiz Blue flag beaches and Marina’s • 38 beaches of which 16 are Blue Flag quality • Water sports offered at all beaches • 4 Marinas • 23 yacht clubs • Commercial port of Cadiz, a key destination for European cruise ships • 10 locations for deep-sea fishing • 6 scuba diving & underwater sites • 11 recommended sites for windsurfing and kite surfing, including Tarifa – regarded as the European capital of windsurfing
Source: Cadiz Turismo Source: Cadiz Turismo
19 Spoils of the Atlantic – the region of Huelva
The beaches along Huelva are truly breathtaking, often backed by long sand dunes and dense national forests of pine trees. They are all fine grain golden sand beaches.
Attractions along the coast of Huelva Blue flag beaches and Marina’s • Pretty and quaint seaside fishing villages, populated by family run restaurants with exquisite seafood cuisine • 15 beaches of which 8 are Blue Flag quality • Water sports offered at all beaches • 5 Marinas • 1 commercial port at Huelva • 8 yacht clubs • 5 fishing ports • 6 scuba diving & underwater sites • 6 recommended sites for windsurfing and kite surfing
Source: Playas de Huelva website Source: Blue Flag
20 Airport infrastructure
Costa de la Luz is easily accessible through the four international airports that operate in the region: Faro, Gibraltar, Jerez and Seville
Cadiz
Ryanair announced on 2nd December 2003 that it is going to make Stansted-Jerez a daily service (previously it was only weekends). They expect to fly 100,000 passengers to Jerez during 2004, a six fold increase in passenger traffic versus 2003. The number of passengers flying into Jerez airport grew at a 58% CAGR between 1997 an 2001, totaling 159,700 arrivals in 2001. Germans accounted for 69% of all passengers flying into Jerez airport – ‘Holiday destination trend setters’. August was the busiest month with 35,069 passenger arrivals. Flights from the EU accounted for 99.3% of all international flights into Jerez airport during 2001. Charter flights accounted for the bulk of flights with Thomas Cook’s German charter flight, Condor, flying just under 50,000 passengers. Ryanair has continued the Stansted-Jerez flight path following the acquisition of Buzz from KLM.
For travelers flying from the UK and visiting the region of Cadiz, Gibraltar airport is very convenient being at the southern tip of the region. Currently over 140,000 UK travelers fly into Gibraltar annually
Flights to Jerez airport – 2001 Top ten EU arrivals into Jerez airport – by passenger Top EU airlines flying to Jerez airport – by passenger
110 60 105 50 40 100 30 15 (000's) 20 (000's) (000's) 10 10 5 0 Condor Hapag- Aero Lloyd Ryanair City Bird 0 (Thomas Lloyd (IC) (IC) (KLM UK) (Sabena) Germany UK Belgium France Netherlands Cook)
Source: Aeropuertos Espanoles y Navegacion Aerea Note: IC = Independent Charter
Huelva
The local government intends to build an international airport in the province of Huelva in a town called Gibraleón. The closest international airport is in Faro, Portugal, a short driving distance away, which caters 4.7 million passengers annually. Seville’s airport, only forty five minutes away from both Jerez and Huelva, offers relatively easy access to Costa de la Luz.
21 Flight paths to Costa de la Luz
Main European flight paths to airports in proximity to Costa de la Luz Comments Jerez • Ryanair is expecting to fly over 300 flights to Jerez during 2004 • German cities account for 3 of the top 5 EU cities flying to Jerez • During 2001 there were 159 flights to Jerez from London – more than any other individual city.
148 Seville • Seville is not yet open to international
361+250 charters and low cost airlines • Currently London and Paris have the most 159 499 number of flights to Seville • Brussels and London feature in the top 5 118 EU cities flying to both Seville and Jerez Gibraltar • 536 133 140,000 British tourists use Gibraltar as an
145 142 entry point to mainland Spain every year. 317 The airport is unlikely to see any expansion until the sovereignty issue is resolved. Faro • Faro airport is the second most popular airport in Portugal after Lisbon. Faro >20,000 from 159 = Number of flights during 2001 handles approximately 4.7 million EU countries passengers per year. Easyjet expects a 50% rise in traffic from Britain to Portugal in 2004.
Source: AENA, ANA
22 Road & Rail
Major road extensions: - Linking Algerciras with Jerez (completion date; 2006-07). This highway will reduce current journey time of 2 ½ hours down to just 45 minutes - Huelva to Sevilla (complete) - Extension of Cadiz highway towards Tarifa
Extensions of the high-speed train, AVE, from Seville to Huelva and Cadiz are expected for 2007
Source: Patronato de Turismo, Ministerio de Fomento
23 Why golf in Costa de la Luz?
In 1993 only 22% of golfers playing in Costa de la Luz were foreign compared to over 70% for both Costa del Sol and Costa Almeria. Foreign golf players in Costa de la Luz now account for 53% of total golfers. Foreigners are becoming increasingly interested in golfing in Costa de la Luz.
In 1994 over 90% of all golf rounds played by foreigners in Andalucia were played in Costa del Sol. This figure has dropped to 81% as foreigners are looking to other costas for new challenges.
Rounds of golf played by foreigners as a percentage of total Average number of rounds played per course during 2001 rounds played
90.0% 45,000 80.0% 40,000 70.0% 35,000 60.0% 30,000 50.0% 40.0% 25,000 30.0% 20,000 20.0% 15,000 10.0% 10,000 0.0% 5,000 1993 1994 1995 1996 1997 1998 1999 2000 2001 -
Costa del Sol* Costa Almería Costa de la Luz Costa del Sol* Almería Cádiz Huelva
Source: Golf Federation of Andalucia Source: Golf Federation of Andalucia * Costa del Sol includes golf courses in the Sotogrande area which although in the region * Costa del Sol includes golf courses in the Sotogrande area which although in the region of of Cadiz, are labelled as part of Costa del Sol Cadiz, are labelled as part of Costa del Sol
24 Why golf in Costa de la Luz?
Growth of rounds of golf played in Costa del Sol Growth of rounds of golf played in Costa de la Luz and Costa Almeria
1,800,000 350,000 17.1% CAGR – Costa de la Luz 1,600,000 8.8% CAGR 300,000 14.6% CAGR – Costa Almeria 1,400,000 250,000 1,200,000 200,000 1,000,000 150,000 800,000 100,000 600,000 50,000 400,000 0 200,000 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Costa Almería Costa de la Luz
Source: Golf Federation of Andalucia Source: Golf Federation of Andalucia Growth of rounds played by foreigners in Costa del Sol Growth of rounds of golf played by foreigners in Costa de la Luz and Costa Almeria
1,400,000 8.2% CAGR 180,000 28.4% CAGR – Costa de la Luz 160,000 1,200,000 10.4% CAGR – Costa Almeria 140,000 1,000,000 120,000 100,000 800,000 80,000 600,000 60,000 40,000 400,000 20,000 200,000 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 Costa Almería Costa de la Luz
` Source: Golf Federation of Andalucia Source: Golf Federation of Andalucia
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