The first golf tourist resort will be developed on the Portuguese volcanic island, the Azores. Oceanico and Siram Group will invest €700m on the project which will include a range of residential units and a hotel.

Simon Burgess, managing director of Oceanico Developments said: "We believe that we can create one of the worlds best golf experiences and a very strong investment opportunity. With new direct flights from the UK scheduled to start to start in May, this is a key time for the Azores in the golf and tourism market."