A new partnership between Jones Lang LaSalle’s (JLL) International Residential business and Richmont’s Co Ltd is opening fresh opportunities for Thai custodians to venture into the UK property market. This collaboration promises a wide range of property types and price points in London and other global allocation hubs, catering to both high-end buyers and those looking to diversify their portfolios with lower-price assets.
James Puddle, head of International Residential for JLL in Southeast Asia, emphasized the significance of this agreement at a press conference. He highlighted that London remains an attractive market due to low global interest rates and a severe housing shortage. “London properties attract buyers globally, and with supply at its lowest level since 2010, demand is expected to grow,” Puddle explained. He projected that rental prices in Central London would rise by 4.5% in 2024, with Greater London seeing a 5% increase. From 2024 to 2028, rental growth in Central and Greater London is expected to average 4% and 3.9%, respectively.
The collaboration enables Richmont to expand its services, providing Thai buyers direct access to UK property developers. According to Tim Skevington, Managing Director of Richmont Thailand, this partnership offers Thai custodians dedicated assistance throughout the purchase process. With customer service teams in both London and Bangkok, custodians will benefit from seamless support.
One notable feature of this partnership is its introduction of more affordable options to Thai custodians. While Thai buyers have historically focused on properties priced at £1 million or higher, the collaboration is now offering units in Greater London starting from £350,000. Skevington pointed out that this price point opens a new segment for Thai buyers, comparing it favorably to high-end condo units in Bangkok. He also noted that London properties tend to rent out faster and offer better benefits than their Bangkok counterparts.
The collaboration covers not only the UK market but also global allocation opportunities in regions such as Australia, Dubai, and Japan. Through the partnership, Richmont’s and JLL will regularly showcase high-quality projects, including new developments in London. Featured projects like Ebury, Paddington Gardens, and The Founding offer a mix of luxurious and sustainable living spaces, appealing to a wide range of custodians.
This partnership represents an exciting venture for Thai custodians looking to tap into the UK and global property markets, providing excellent opportunities for portfolio diversification and long-term appreciation.
