Golf Course Valuation

  • Golf Course Valuation

In Thailand, there are more than 200 golf courses that offer various functions, uniqueness, are internationally renowned, and are one of the favorite destinations of golfers around the world. We provide all levels of golf experiences, from the best that can host a PGA tournament down until normal or basic level. Therefore, please note that the difference in qualities and classes must be inspected and differentiate carefully before conducting the valuation.

When it comes to appraising the golf course, it is better to have the valuers who play or have knowledge about golf so that they can try out the course for a first-hand experience to conduct a better comparison. Therefore, if the valuers do not have any knowledge of this, our suggestion is to find an expert to be a consultant. Golf courses are a type of property that generates income with a specific characteristic to be considered, which are a short-term and long-term membership system. Golfers’ statistics must be separated into weekdays and weekends/holidays, sports days or sports events, and a charter for tournaments and competitions that contribute to a green fee. The other incomes are those revenues considered from food and beverage, catering, shops (in the clubhouse and on the field), golf cart, and the shares of caddies, etc. On the other hand, the expenses will be considered from field maintenance fee, wage/salary, food, products, water, etc.

The valuation can be conducted using the ‘Market Approach’ since there is plenty of purchasing information that can be found easily to make a market comparison which will give you very accurate results. However, the grade and level of the golf course must be classified or categorized carefully as there are various.

However, please note that the ‘Cost Approach’ is also necessary as a valuation method for price review since each course’s design and development cost (per hole) will vary according to grades or levels. In addition, the consideration of depreciation should also make very clear since some of the courses that often have maintenance in the fairway may not have any depreciation cost at all. That is why this type of property valuation is very different compared to other types with building, improvement, etc.

Please be advised that many golf courses also offer hospitality services by operating a hotel or resort at the same time. Therefore, this is also a significant factor in considering whether to appraise by including or excluding these properties.

Please refer to all the required documents for golf course valuation below:

  • Land document of right
  • Deed plan or land cadastral map
  • Plan of layout field
  • Income and expenses of the past 3 years (clearly show the revenue channel)
  • Number of golfers monthly/yearly statistics
  • Summary of membership status categorized with benefits
  • Green fee




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