Russian, Chinese buyers snap up Phuket property

"Russians are buying real estate in Phuket to live. They intend to buy immediately as they want to start moving in right away," said Nattha Kahapana, managing director of property consultant Knight Frank Thailand, as cited by the Bangkok Post.

He added that many Russian buyers are interested in pool villas.

The President of the Phuket Real Estate Association Pattanan Pisutwimon told Thai media that since last year villas have been sold in large number and pool villa construction has been increasing.

"More Russian investors are coming to Phuket due to the war. They are buying properties that can be invested in," he said, as cited by The Phuket Express.

Chinese investors are also looking to purchase Phuket property as they seek to take advantage of an influx of tourists from China after the country lifted its Covid-19 restrictions.

Chinese buyers are interested in every type of property, including condos, villas, shophouses and even durian orchards, said Nattha, adding that many of them buy to rent out condos and villas to Chinese tourists.

One buyer, for example, recently bought 47 shophouses for THB50 million ($1.46 million) is looking to buy a durian orchard to offer durian tours to tourists, he added.

Pisutwimon confirmed that many Chinese buyers are looking for high-end property, including those that are more than THB10 million ($292,000) per unit.

Knight Frank Thailand expects the condo market in the second half of 2023 to have strong growth, with the key drivers the general election and a new cabinet likely named by the third quarter.