I think South East asia will kick off far sooner than anywhere else but I can't see many new UK golf courses for a while and with the depressed state Europe will be at least 5 years before things start to move. I figure that golf courses will be at the back end of the cycle after house building starts again. I read an article in January 2008 that predicted pretty much everything that has happened and the main statement was "you will never see house prices as high as they are now in our lifetimes". House prices dont seem to have fallen much recently, the big fall was the last half of 2008, but bottom line they are still 30-35% too expensive, first time housing was for a long time based on mortgage lending on 3 times the mans income and 1.5 times the ladies, for normal 23 year olds that relates to £80-85,000. First time housing here starts at maybe £120,000. That is a fundamental breach of how the housing economy works, if it was 3x a mans income for so many years, how so it went to 6x? I think house prices need a big drop before buying a house works again, equally if you buy a property to rent, a reasonable rent on a first time property would be £600 per month, when you consider a rental house might need £2500 set aside for insurance, maintenance and repairs that leaves £4,700 per annum profit, perhaps close on a 6% yield....that works okay and you will see investors buying. At £120,000 the yield is 4%, that wont keep anyone fat and leaves no margin for investment houses to take a turn. Demand for golf is less one of our counties have just reported a loss of 1000 members, with less golfers there will be less courses so I can't see the need to build new ones.