Despite a climate similar to San Francisco’s, 750 miles of
coastline, 200 golf courses and more castles per square mile than anywhere else
in the world, Wales is best known for its sheep. It is heavily industrial in
parts, but most of the country is rural, with a scant population of three
million. In the south exists the gently undulating Brecon Beacons mountain
range, and to the north are the craggy mountains of Snowdonia.
Most popular for vacation villas are the cities of Newport
(future site of the 2010 Ryder Cup) and the capital of Cardiff, with its
namesake bay. Under construction is the one-acre Watermark residential
development, which will feature 51 contemporary one- and two-bedroom apartments,
eight two-bedroom skyline apartments and one penthouse overlooking Cardiff Bay.
 The St Andrews Grand, which operated as a hotel in
the late-19th century, sits across from the 18th-hole of the Old Course. Since
2006, the redstone building has been under extensive restoration. If current
plans prevail, the property will open in 2009 with 23 private residences. (Click image to enlarge)
But in this country no bigger than the state of Massachusetts,
large-scale development is unpopular. "Wales is not set up for the same degree
of building as Scotland," says real estate agent Anthony Clay of UK-based Knight
Frank. "The Welsh are hesitant to sell to out-of-towners; they tend to hang onto
their homes and keep them in their families. It’s very tricky to buy land to
develop here and most attempts to do so normally come up against heavy
opposition." Some developers, however, have been successful getting around
planning laws by converting old industrial buildings such as mills, barns and
churches into modern homes. Occasionally castles come up for sale, but typically
with a "Grade I" or "Grade II" listing, which places stringent restrictions on
any sort of change.
Also protected from development is the Gower Peninsula, located
on Wales’ picturesque south coast. Mumbles is the most popular of several small
villages that make up the area, but limited real estate has caused prices to run
about 20 percent higher than in the rest of the country—putting it on a par with
southern England. Even modest accommodations, such as fishermen’s huts that sold
for $62,000 three years ago, are now being snapped up for more than $400,000.
Currently, $3.2 million will buy a five-bedroom Edwardian home on a half acre
near the famous Langland Bay Golf Club.
 Set within the Royal Infirmary in Edinburgh, the
Quartermile development will include 900 residential units. (Click image to enlarge)
One of the few resort communities in Wales is the Machynys
Peninsula Golf & Country Club, which includes 158 New England–style homes.
The development is located in Carmarthenshire, overlooking the Gower Peninsula,
and is on phase four of a six-phase plan. Situated next to a Jack
Nicklaus–designed golf course, the project offers access to a country club,
health club and spa.
But for most buyers, the attraction is not the resort as much as Wales
itself. It is unlikely that the country will ever attract the kind of
investments seen in Scotland. Chances are it will keep its appeal as one of the
few places left in the United Kingdom where fields and countryside take
precedence over bricks and mortar.
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