Let's all play!

The Moscow Golf & Luxury Property Show, an exhibition dedicated to golf and premium class foreign property, that took place at the Tishinka Trade and Exhibition Centre in Moscow on 22nd - 23rd April, heralded great success. Kim Waddoup, President of AI Group, the exhibition's organisers, notes with particular interest the constant goal towards which Russians strive - to live in comfort and beauty, the way Europeans do. He also observes how Russians are adopting a lifestyle more reminiscent of the West, including a new-found passion for golf.

– Mr. Waddoup, how would you characterise the concept of "elite real estate" and how is it linked to playing golf?

– "Elite or luxury real estate" is a wholly relative term. First and foremost this means a property of the highest quality, but its price may vary wildly from country to country, or depend on which region or town the property is in. This exhibition has generally represented elite real estate in the 200,000 - 500,000 Euro category, with the most expensive costing anything up to 2-3 million Euros, although in general the asking price of elite property can be a lot higher. We have chosen to focus simultaneously on both luxury and golf-related properties, firstly as there is, without exception, a golf course in the best resorts around the world, including the USA, Portugal, Spain, Turkey and Bulgaria. This is an essential attribute of any modern top resort. Secondly, the popularity of golf in Russia is growing fast and that is a fact that cannot be overlooked. This is only the second time we have hosted an exhibition of this kind, the first being a year ago, and the number of visitors has already increased dramatically. Moreover, not only has the visitor quota grown, but the quality too. By that I mean that people not only ask about and are interested in what we have to offer, but they are actually buying property in foreign golf resorts as well. And golf resorts are always elite complexes with the highest quality of service, a developed infrastructure and round the clock security.

– What can you tell us about golf as a sport? What are its advantages over other sports and what is special about it?

– People often think that golf is a sport for the wealthy, and in Russia, in general, it is the rich who play it. However, in the West and in the USA, golf is a very democratic game that is played by the middle classes, pensioners, school children and students alike, in other words it is a game for anyone and everyone. It is interesting that in Russia today golf is gaining popularity amongst children and teenagers, a fact that gives grounds to hope and believe that golf in Russia has a great future. We also shouldn't forget that golf is officially included as an Olympic sport and in 2016 a golf championship will be introduced into the Games for the very first time. Golf is a particular type of sport. And what is more, I am professionally a good judge of that myself, having become a member of the English Golf Club at 17 years old. Golf strengthens one's willpower. It teaches concentration and helps a person to relax and forget their problems and worries. From that point of view it is unrivalled. If we talk about golf resorts, then they are always situated at the sea, in very picturesque and ecologically clean locations. It is a quiet and restful game, during which one can unwind at the same time as feasting one's eyes on the most wonderful surroundings. That's why golf resorts are great for people of any age.

– How much does it cost to join a golf club as a member?

– There are golf clubs that charge a very high joining fee, over 100,000 dollars, plus an annual membership fee that can cost several thousand dollars or tens of thousands of dollars. Wealthy Russians can join these clubs. At the same time, in Western countries there are golf clubs with an entry fee of a few thousand dollars or even a few hundred dollars. There are many golfing centres where, for a small fee of around 20-30 dollars anyone can play. Excellent Bulgarian and Turkish golf clubs have such affordable rates, where you can sunbathe, swim and play golf from April to the beginning of November. That is very important given that in Moscow it's still very cold mid April.

– What can you tell us about the firms who exhibited at the exhibition?

– About a hundred companies from all over the world exhibited their properties and services at the show. There were representatives from the USA, Singapore, the Caribbean islands and, of course, from Europe. For example, countries represented included Bulgaria, Turkey and Cyprus, all well loved by Russians, where there are some excellent golf resorts and where you can buy elite real estate for significantly lower prices than you can in, say, western European countries. Participants at the show have on offer magnificent leisure options in southern countries, where wonderful and wholesome climates coincide with a high standard of living. What's more, in many of these countries, for example in Bulgaria, the cost of accommodation is considerably lower than in Moscow. At the show, managers, lawyers and participating company representatives also help buyers with the formulation of all the necessary documentation, including getting visas and rights of residency and they organise reconnaissance trips etc.

– And do the lawyers of these firms help with mortgages?

– Of course. Law abiding Russians who have chosen the foreign home of their dreams and who cannot afford to finance that dream outright, can easily find funding. Unlike Russia, in Western Europe and North America mortgages are very developed and widely utilised by the local population. Banks wanting to attract clients offer very good credit options aimed at people with various levels of income and at various age groups. Annual interest rates are not high, plus there are all manner of incentives, including deferred payments of up to three years. Banks issue mortgage loans up to 70% or more of the property price, with a repayment period of 10-15 years, but a mortgage can be decreased or increased as the client requires.

– Why, in your opinion, do Russians buy property abroad? What are the most compelling motives for this?

– The main motivation is the desire for a better quality of life. As Russian incomes and salaries grow, so proportionately do Russian appetites and the desire for a comfortable life. Only about five years ago, Russians in their general masses would not have dreamed of buying property abroad, let alone gulf-related real estate. Now doing that is completely real, as there is a strong desire to improve the quality of one's own life and that of one's nearest and dearest. Senior and middle managers working in reputable companies, entrepreneurs and students studying abroad are all learning to play golf. That's because golf, as well as being a form of relaxation, is a means of social interaction, perfect for networking and bonding. The heads of large companies use it to business network and young people, by playing golf, get to know their peers, with whom they will be building tomorrow. And, of course, the purchase of golfing real estate is an excellent investment. It has good liquidity and is always highly prized due to its location in prestige resorts, where the elite of many countries go to relax. Moreover, this segment is least of all subject to the effects of the global recession.

– Which countries are the most popular with Russians?

– The range is huge. Many golfing properties are bought in Spain, Bulgaria and Turkey. Russians are also interested in parts of the Caribbean, the States, France, England and Portugal. To single out any one country or group of countries would be hard, as tastes and requirements differ and Russians buy real estate all over the world.

– What can you tell us about the development perspectives of the golfing industry in Russia and how is this reflected in the interest of Russians in foreign golf-related real estate?

– As I have already mentioned, golf in Russia is on the up. Many Russians, successful in their lives, want to be more like their western counterparts. And in the West, golf is a game for the upper echelons of society, including the middle classes. The fact that a Golf Academy was opened last year in the Moscow Sports Complex "Luzhniki", where children and young people can learn to play the game, is indicative of this. The Russian national golf team will also train there. And next year will see both the construction of a new Luzhniki Golf Club and the introduction of western standard golfing infrastructure. Therefore I am completely convinced that golf's future in Russia is very up-and-coming. All this naturally leads to the desire of golf lovers to play not only during the summer months, but also in the winter too, in warmer climes. Correspondingly, the demand for golfing real estate abroad will increase here.

© www.MoscowGolfShow.ru

20-21 April 2012:
• The Moscow Golf & Luxury Property Show 2012 - announcement

22-23 April 2011:
• Golf and foreign high-end real estate at the Moscow Golf & Luxury Property Show
• Let's all play!

23-24 April 2010:
• Event of the Year Devoted to Overseas Property and Golf Industry
• International Property Shows Set Priorities