In an interesting article in Five Days explain that the housing crisis has also reached the golf course. Apparently, the shareholders of the field of Moral are watching and they are willing to sell their shares dropped in price by 32% since 2006.

The money people who bought their shares at the end of the last decade as an investment, have found that renting is now cheaper to belong to the club who own stocks. When they need liquidity, not because they do need the money but because it is more difficult to obtain loans for other projects, this is the first thing you want to sell. Even before the villa on

In the same article mentions that the golf industry rose in Spain with the housing boom, creating 100 new fields in the past 10 years, a business of 1,500 million annually. Many Spanish began to play a roots of a brick house next to a field. But now with the crisis, prices fall about 30% and begin to endanger these luxuries.

The start of boom in golf took me to my studying biology. I remember at that time started a war that still continues today: the water. Farmers complained that they had no water for irrigation, while the fields were wasting water they wanted. In the race was a professor of ecology somewhat atypical. He said (and I think he was right) that a liter of water accounted for more than economic benefit to a golf course in a field of lettuce, so perfect was that farmers had to sell their land because they can not water them, so that put a golf course.

But the trouble with investing in luxury items is that when a crisis is the first thing that falls. We still need lettuce, but we can do without golf. What if the crisis is growing? (and not look like he has to want to stop). We'll have a bunch of useless golf courses that require excessive water consumption and no longer generate profits of yesteryear. And that will go into LIMITING farmers, who have their water, or the government will have to let the rooms cost transfers to ensure water for all. Honestly now I'm rethinking the thesis that professor mio ...