Jones Lang LaSalle manages the Palm Beach Club in Phuket.
Property management group Jones Lang LaSalle grew by over 20 per cent in Phuket last year, increasing the total number of estates it manages on the island to 17.
The Chicago-headquartered global company established its Phuket office three years ago. Jones Lang LaSalle aims to increase its number of managed estates in Phuket to over 20 this year and expects the number of staff to rise by 50% by the end of 2011. Estates managed by JLL in Phuket include Kamala Beach Estate, The Cape, The Palm Beach Club, and The Bay Cliff Patong.
“Phuket has many beautiful estates ranging from villa developments to resort condominiums. Each of them is different and requires a multitude of management’s services. Making sure our can deliver the requirements for each client is of utmost importance,” said JLL Thailand head of estate management Dexter Norville.
The firm is also planning to open a management office this year in Pattaya, where continued growth in resorts and condominiums presents opportunities.
“As the trend of property owners and investor outsourcing to professional property management service providers continues, our portfolio of properties under management has seen a dramatic growth from 2.0 million sqm in 2007 to now 3.8 million sqm, making us the largest property management service provider in Thailand,” said Mrs Suphin Mechuchep, managing director of Jones Lang LaSalle Thailand.
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Thailand Property Outlook
This points to the need for a better and more transparent system for issuing travel warnings. Countries are generally large, and it is rare when travel to every part of a country can be deemed unsafe. A civil disturbance in Toronto doesn’t affect travel to Vancouver any more than demonstrations in central Bangkok affect vacationers in Phuket.
Examples like these lead me to urge foreign embassies and the global media to think of their responsibility to prevent unnecessary panic towards their host nations and to see that an accurate picture is projected.
Although the Thai real estate industry has continued growing significantly since 2008, we have not seen a real estate bubble environment manifesting. The industry seems to have learned its lessons during the 1997 financial crisis and has successfully implemented the following safeguards: The banking industry has become much more cautious providing project financing and mortgage loans.
The completion of the Suvarnabhumi-Bangkok International Airport has spurred growth in commercial property markets in eastern Bangkok as well as in the beach resort of Pattaya. Thailand has become even more accessible by air with a wide range if International carriers using Bangkok as a hub. In recent years, there has also been a surge in budge carriers, offering very competitive prices to both local and international destinations.
Bangkok falls 19 places to 49th most expensive location worldwide
Locations reliant on international tourism have seen their rental markets hit especially hard during the pandemic, resulting in some major drops in the rankings. Bangkok has fallen 19 places to 49th, while Hanoi saw a similar drop of 12 places to 81st.
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