In recent years, wealthy Russian investors have been turning to Thailand’s beaches as a new destination for their money. Due to economic sanctions and monetary blockades, Russia’s wealthy citizens have been seeking new investment opportunities outside of Europe. According to the country’s real estate information center Reic, Russians owned the most apartments in Thailand last year, surpassing Chinese investors. The value of properties purchased by Russians in Thailand has been increasing, reaching six billion baht last year.
Russians are especially interested in buying luxury apartments, with many opting for properties above 10 million baht. Popular destinations for Russian investors in Thailand include the beach town of Phuket, where a housing boom is currently underway, as well as Chonburi and Bangkok. Russian airlines have flights to Thailand, making it easier for Russian citizens to visit and invest in the country.
The increased presence of Russian tourists and investors is crucial for the tourism industry in Thailand, especially as the number of Chinese tourists has not returned to pre-pandemic levels. However, the influx of Russian money has led to rising real estate prices, making it difficult for locals to find affordable rental apartments. Despite this challenge, many Russians have acquired real estate and established companies in Thailand to secure their finances and avoid conscription back home.
