40% of Phuket condos owned by Russians?

[webfact]

 

By Peter Roche

 

According to Thailand’s Real Estate Information Centre (REIC), Russian citizens own almost 40% of foreign-owned condominiums in Phuket, valued around a combined 880 million baht.

 

Russians have become the primary condo buyers in Phuket, surpassing the Chinese. Since the Russian invasion of Ukraine in February 2022, Thailand, and specifically Phuket, has become a haven for Russian citizens. The number of Russians in Phuket has increased, with 233,000 arrivals reported at Phuket International Airport between November 2022 and January 2023 – approximately 3,000 – 5,000 new arrivals each day.

 

With the war entering its second year, more and more Russians are investing in real estate in Thailand. Some wealthy Russians have applied for the Thailand Elite Card, which allows for stays ranging from five to twenty years, with membership fees ranging from 600,000 baht to two million baht.

 

Russian citizens own nearly 40% of the condominiums owned by foreigners in Phuket, with some investing over US$500,000 (nearly 18 million baht) in seaside villas. Or, more specifically, 40% of the available condos for foreign freehold over a specified time which the REIC didn’t specify in their article.

 

As a result, rental rates for condominiums in the province have increased, with luxury condominiums that used to rent for 35,000 baht per month now costing three times as much. Some condo rates are now as high as 210,000 baht per month.

 

Phuket real estate agent Sofia Malygaevareal told Al Jazeera that her Russian clients are typically wealthy individuals aged 30 to 35. Some plan to stay in Phuket for three to six months, while others plan to stay long-term. Some Russians even purchase one-way tickets to Thailand, with no intention of returning to their home country, as they are fleeing conscription.

 

Russian citizens are not just moving to Phuket but are also opting for other popular tourist destinations in Thailand, such as Bangkok, Koh Samui, and Pattaya. According to the head of the Russian Orthodox Church in Pattaya, Mikhail Ilyin, Russian people have been arriving in Pattaya since October 2022. Many are young couples who are concerned about their safety if they remain in their home country.

 

However, the influx of Russian citizens has caused problems in the job market for locals in Phuket. Many business owners and residents have complained that foreigners, particularly Russians, have taken away job opportunities. Locals claim that many Russian citizens are working illegally and running tour agencies in the province. They have become taxi drivers, tour guides, chauffeurs for Phuket city tours, singers and musicians at bars, and even civil engineers.

 

Source: https://phuket-go.com/phuket-news/phuket-news/40-of-phuket-condos-owned-by-russians/

 

-- © Copyright Phuket GO 2023-02-28

 

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[2baht]

Oh My Godski They've overtaken the Chinese! Will Phuket become communist?

[Henk Langeweg]

>Russian citizens own almost 40% of foreign-owned condominiums in >Phuket

 

And what is the percentage of foreign owned condo's?

[phetphet]

Forcing rental prices up in Samui also by creating a shortage of availability.

Just normal reaction to supply and demand.

 

Same with the international schools filling up, road traffic very busy and shopping mall and supermarkets packed..

 

Thai businesses such as restaurants and massage parlours must be doing a roaring trade. Nothing to complain about.

[KhunLA]

13 minutes ago, Henk Langeweg said:

>Russian citizens own almost 40% of foreign-owned condominiums in >Phuket

 

And what is the percentage of foreign owned condo's?

Come on ... don't ruin a good spin.

 

Yes, the op-ed is a bit different than the title.  IF, and a big IF, if foreigner quotas or 41 % was max'd out for all condos, then less than 20%.

 

Which would actually make sense, if RU tourist, all of them, are buying condos, as their arrivals are probably in the 20% bracket of, and that's just a guess.

 

Actually smart investing ... good for them.   Any luck, they'll be able to lease them out.

Edited February 28, 2023 by KhunLA

[Gottfrid]

Only 880 million baht? That must mean there is not many foreign owned condos in Phuket, then. Only a total value of 2bn baht.

[ezzra]

I can attest to it that in Pattaya where i live in the top unit is owned by a Russians and it isn't a cheap unit, where they bring the money from god only knows.

[BobBKK]

Good news for the local economy!  at least they have stopped the hyperbole  - money coming into Thailand helps Thais!

[edwardandtubs]

1 hour ago, 2baht said:

Oh My Godski

I didn't realise God was Polish.

[stoner]

57 minutes ago, ezzra said:

I can attest to it that in Pattaya where i live in the top unit is owned by a Russians and it isn't a cheap unit, where they bring the money from god only knows.

probably from their bank account the same way you did. 

[Olmate]

1 hour ago, Gottfrid said:

Only 880 million baht? That must mean there is not many foreign owned condos in Phuket, then. Only a total value of 2bn baht.

This+1.  Sounds more like one Soi to me! 

[decline]

1 hour ago, ezzra said:

I can attest to it that in Pattaya where i live in the top unit is owned by a Russians and it isn't a cheap unit, where they bring the money from god only knows.

Blood

[Harveyboy]

3 hours ago, ezzra said:

I can attest to it that in Pattaya where i live in the top unit is owned by a Russians and it isn't a cheap unit, where they bring the money from god only knows.

Mafia ..perhaps with the influx of these Ski's sure the bad boys will follow ..