International Property Journal - News and information on global property markets

Whether he wants to admit it or not, Jay Walker is living every marketing executive’s worst nightmare.

As the marketing manager for the Village Coconut Island Resort in Phuket, he’s spent the last three years dealing with global economic crisis and, more recently, televised riots in the streets of the nation’s capitol, Bangkok. In a column for Asia Property Report, Walker calls it “a very interesting experience,” displaying a gift for understatement.

Headlines from the world of property:

Dubai: Older Offices Have a Vacant Look

New buildings are gobbling up tenants, leaving older buildings to struggle. From the National.

New York: Priciest Condo Takes a Tumble

Price of condo in Philippe Starck building drops $7 million. From Curbed.

Dubai

Prices in Dubai fell 47 percent in the last year, the largest drop reported in the latest Knight Frank Global House Price Index.

Overall, Knight Frank’s news was fairly upbeat, with 68 percent of the countries reporting upticks in the third quarter. However 57 percent of the countries were still lower than a year ago, led by Dubai, Bulgaria (down 28 percent) and Thailand (down 18.4 percent).

The report spotlights the rollercoaster in Asia, where Singapore is down 14.5 percent from a year ago, but posted a 15.2 percent jump in the quarter. Hong Kong prices are up 5.6 percent from a year ago.

An “interpretation center” vaguely resembling a hobbit house, built at the convergence of two rivers in South Africa, won the “Building of the Year” award Friday at the World Architecture Festival in Barcelona, touted as “the biggest architectural awards program in the world.”