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Understanding Russians’ need to invest in Phuket real estate

The real estate market was crazy due to war-related investor concerns

The Thai seaside resort is considered a hub for foreign investment. According to Thailand’s Real Estate Information Centre (REIC), around 40% of foreign-owned condominiums in Phuket are held by Russians and are worth a combined 880 million baht. Russians are now the top condo purchasers in Phuket, surpassing Chinese buyers.

According to Al Jazeera, after Russia invaded Ukraine last year, Thailand has become a refuge for Russian citizens. Russians are becoming more prevalent in Thailand, particularly in Phuket. Several Russians have spent more than USD 500,000 (almost 18 million baht) on beachfront homes. Around 233,000 Russian arrivals were recorded at Phuket International Airport between November of last year to January 21 of this year.

As the war enters its second year, more and more Russians are buying property in Thailand. Even some well-off Russians have sought the Thailand Elite Card, which permits stays of five to twenty years. Membership in this card costs between 600,000 and 2,000,000 baht, around USD 17,000 and USD 57,000, respectively.

One of the salespeople in Thailand said, “The real estate market was crazy due to war-related investor concerns. The purchase was more during the months of November, December, and January than had in the preceding ten years.”

Russians are purchasing more safe haven homes in Southeast Asia as a result of their worries about the long-term prospects for their economy. At first, buying real estate abroad was a common practice in nations like Bulgaria and Germany. Yet, with the invasion, Europe is no longer the top choice. The Middle East, Turkey, and Southeast Asia were the three most sought-after locations for buying property in 2022.

A Moscow-based firm ‘Intermark Real Estate’ stated that Southeast Asia contributed to 27% of international deals in 2022, up from 12% in 2021. It also stated that Russian people have not only moved to Phuket but are also opting for other tourist destinations like Bangkok, Koh Samui and Pattaya.

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