South Korean Companies Expanding Golf Course Acquisitions in Kyushu – What’s Behind the Trend?

The number of golf courses in Japan is more than seven times that of South Korea

IIn recent years, a significant shift has been taking place in Kyushu’s golf industry—an increase in acquisitions by South Korean companies.

South Korea-based Saikan Holdings, which operates in IT, gaming, and real estate, had already been managing the Takeo Ureshino Country Club in Saga Prefecture. Since 2023, the company has expanded its operations to include four more golf courses in Saga, including Tenzan Country Club in Taku City.

In December 2023, SHOWGOLF, a South Korean company that runs golf practice facilities and a golf course booking platform, announced its acquisition of Satsuma Golf Resort in Kagoshima Prefecture. Then, in February 2024, Yongpyong Resort, a major leisure company, acquired Aino Country Club in Unzen City and Shimabara Country Club in Minamishimabara City, both in Nagasaki Prefecture. This trend of South Korean firms purchasing Japanese golf courses shows no signs of slowing down.

Why are South Korean companies so eager to acquire Japanese golf courses?

A journalist from a national newspaper explains:

“In April 2023, the South Korean business magazine Economist published an article titled ‘A Weak Yen Opens Up the Skies. The Surging Interest in Buying Japanese Golf Courses’. It reported that South Korean companies and individual investors have been eyeing Japan’s golf courses, especially as the yen’s depreciation since 2022 has made them more attractive investments.”

A South Korean investor specializing in golf course M&A also reveals:

“Japanese golf courses, especially in rural areas, have seen a decline in value, making them highly appealing to investors. Although prices vary, Japanese golf courses are generally around 20% cheaper than those in South Korea. While Japan’s population is more than twice that of South Korea, the number of golf courses is seven to eight times greater. As a result, Japanese golf courses are undervalued compared to those in Korea. In short, Japan is a prime target.”