KPMG survey compares golf course development costs in Europe, the Middle East and Africa.
Scotland's Royal Dornoch is probably the world's most northerly great links, but that might not be the case in a few years' time.
The 36-hole St Patrick's Golf Links complex in Donegal, Ireland, is to be redesigned by Nicklaus Design.
Construction is under way at Verdura, architect Kyle Phillips's new design in Sicily.
Royal Birkdale is to undergo significant alterations in preparation for the 2008 Open, the ninth time the championship will have visited the Lancashire links.