Quake impact on property sales 'will be short-lived'
PHUKET: Real estate services firm Jones Lang LaSalle (JLL) believes the April 16 quake in the Thalang district will have only a short-term impact on property transactions in Phuket, as long as there are no stronger quake centred on the island.
Friday 20 April 2012, 12:04PM
But JLL has also urged property developers and owners to carry out inspections on their buildings.
Dexter Norville, JLL’s head in Phuket, said, “The good news is the Phuket quake was of a relatively low strength and most of the luxury resort and residential properties in the coastal areas are believed to be constructed to high standard.
“It may be too early to judge and analyse to what extent the Phuket real estate market will be affected by the recent earthquake. We will still have to wait and see if bigger quakes follow.
“But for now, the recent quake is unlikely to have a long-term effect on the Phuket real estate market as the Richter scale [rating] was low and the damage has been minimal and restricted to old properties close to the epicenter.
“Having said that, the incident will inevitably have a short-term effect on some property transactions on the island as news about the quakes has created some panic in the market.”
Mr Norville urged property owners and managers to carry out inspections and ensure that evacuation plans are in place for multi-storey buildings.
“To ensure the highest safety, property owners together with their property managers are encouraged to carry out property inspections, even if the property is a low-rise or low-density development.
“Inspections should include the major structural members of the building, including shear walls, beams and columns, looking for any major damage, and cracks greater than 2-3 mm wide.
“Property owners or management firms that do not have in-house experts should ask the municipality to send civil engineers or civil surveyors to inspect the property. A series of inspections may be required if the tremors continue.
“Condominium or apartment buildings should also have a set of evacuation plans for different circumstances because, at present, safety procedures focus mainly on fire.
“It is also important that property managers make these procedures known to all residents,” Mr Norville added.