Archive for August, 2009
“Great potential” for Thailand property
Thailand offers “great potential” to overseas property buyers, one real estate expert has claimed.
Nick Marr, chief executive officer of Homesgofast.com, stated that the country has attracted the interest of developers, airlines and holidaymakers and that those looking to purchase homes abroad should also consider the location.
Noting that Thailand has not been immune from the global economic downturn, Mr Marr said that “the groundwork for recovery is being laid for a healthy property market”, stating that he expects the sector to recover during 2010.
“The property market in Bangkok has a large unsold inventory of condos that offer very low prices,” he explained, adding that demand for these properties is likely to increase when investors discover the selection of cheap investment opportunities that are available.
According to a recent study by CB Richard Ellis, demand for houses in Thailand’s capital, Bangkok, fell during the third quarter of 2008, with supply of apartments in the city totalling over 10,000 in December of last year.
Iguana Group – The Only AIPP Approved Property Developer in Thailand
AIPP – Not here to sell Property overseas. We’re here to make sure its sold properly”
Iguana Company Ltd., is the only real estate property developer in Thailand to be approved by the Association of International Property Professionals, the industry body for the international property market. A non-profit organisation, the AIPP has been set up for one reason only: to improve standards of professionalism in this market. In a largely unregulated market, AIPP Members voluntarily agree to follow a professional Code of Conduct.
Building confidence in international property
By promoting the highest standards of professionalism in the overseas property industry, the Association of International Property Professionals (AIPP) has been set up to provide the consumer with confidence, and the industry professionals with a united voice.
We do not sell property. We are a non-profit organisation whose sole aim is to improve the standards of professionalism in the international property market, helping the industry and the public.
Thousands of people are buying overseas property: for holidays, for living or for investment. Millions are spent each year on overseas property, in Europe, in the Americas, in Asia and beyond. Consumers are left at the mercy of their own research into companies, their history, their service, their reliability. Now that can change.
The AIPP will set the standards in this industry, improve the service to the consumer and make sure that the public understands what it means when they see the AIPP Member logo on company literature.
AIPP Members have voluntarily signed up to follow the AIPP Code of Conduct, a code established to help consumers by showing where they will find professional companies; it is an illustration of each Member’s commitment to high standards in their work.
Members must act with honesty, transparency and integrity in all the dealings with the public and with the industry. For full details of the Code of Conduct and the AIPP Disciplinary Procedure, to which all Members have also agreed to be bound should the code not be followed, click on the highlighted links.
There is a full list of Members on this website; you can search by company name, membership number or simply view the full list.
To find out more about the work of the AIPP and how it will benefit the international property world, please call us on +44 (0)20 7409 7061 or email memberinfo@aipp.org.uk (industry) or enquiries@aipp.org.uk (consumer).
Posted by Ashley Tiernan
International Sales Manager Iguana Company Limited
Jones Lang LaSalle awarded Superbrand status
Jones Lang LaSalle, a professional services provider specialising in real estate, has been awarded Superbrand status 2009 by Superbrands Thailand.
The largest international property services firm in Thailand with over 860 staff, Jones Lang LaSalle has been the only real estate services provider in the Kingdom certified by Superbrands based on criteria that include market dominance, longevity, goodwill, customer loyalty, and overall market acceptance.
The Superbrand status is the latest addition to a number of recognitions obtained by the firm worldwide this year such as the Watkins 2009 Survey’s Best Overall Provider of Corporate Real Estate Services, FORTUNE Magazine’s list of World’s Most Admired Companies, The Ethisphere Institute’s list of World’s Most Ethical Companies, and Corporate Responsibility Officer Magazine’s 10th annual 100 Best Corporate Citizens List.
Suphin Mechuchep (pictured right), managing director of Jones Lang LaSalle (Thailand), received the Superbrand trophy from Steve Dodgson (left), CEO of Superbrands, at the recent Superbrands Tribune Event in Bangkok.
Posted by Ashley Tiernan
International Sales Manager Iguana Company Limited
WEALTHY BUYERS START ASIAN REVIVAL
Wealthy buyers are returning to key markets in Asia, prompted by low interest rates and government stimulus, according to analysts. Domestic investors who have been waiting for prices to bottom are driving most of the demand, although there is also some expatriate and cross-border activity.
CBRE’s Asia Investment MarketView for the first half of 2009 showed that real estate investment rose by 41% to US$12.4 billion in the second quarter of the year. “In the major commercial centres of Shanghai, Guangzhou, Singapore, Seoul and Hong Kong we’re seeing exceptional activity at the luxury end,” said CBRE Research Asia’s executive director Andrew Ness. “Some cities are relaxing restrictions on foreign buyers but the bulk of the market is domestic.”
Jones Lang LaSalle’s chief executive for Asia Pacific, Alastair Hughes, told the Bangkok Post that residential prices at the top end of the market are “bouncing back,” signalling the beginning of economic recovery. Transactions in Singapore are coming mostly from local buyers, while Shanghai, Beijing and especially Hong Kong are seeing more ex-pat activity, he said.
Interest rates plummet
Buyer transactions represent the release of pent-up demand following the end of many months of price falls. But it is also being encouraged by very favourable credit conditions and government actions, said Ness. The three-month SIBOR (Singapore interbank offered rate) has fallen to its lowest rate in at least ten years, 0.4871%, while Hong Kong’s HIBOR is at a five-year low of 0.21786%.
“We’re in an environment of unprecedented low interest rates and governments have scrambled to make lending much cheaper,” said Ness. “In Hong Kong, for example, some banks will actually lend at the HIBOR for the first year of the mortgage.” He also highlighted actions such as the Korean government’s cancelling of capital gains tax and the easing of loan-to-value ratios on secondary mortgages as having positive effects.
Resort buyers
While Bangkok has seen little improvement, other parts of Thailand such as Phuket, Pattaya and Koh Samui have experienced an increase in activity at the upper end of the market, said Japhy Goldman of agent Exclusive Properties. “Things took a short breather but prices have not dropped significantly and now it’s peak season we’re getting more traffic.”
Transactions have actually been improved by the loss of jobs in financial centres like Hong Kong and Singapore, he added. “Some people who are close to retirement don’t want to go back to the job market are moving here and hoping they’ll be able to do business over the internet. Because they’re buying primary residences they are prepared to pay more. We’re getting more and more enquiries all the time.”
Published by Ashley Tiernan
International Sales Manager Iguana Company Limited