In 2023, Russians accounted for a significant share of Phuket’s property market, purchasing a substantial portion of both apartments and villas. This trend has been reported by Kommersant, referencing data from Colliers International. The island’s appeal to Russian buyers sits within a broader pattern of Southeast Asian real estate interest from investors seeking favorable markets and favorable currency dynamics. The same data set places Russians in second place behind the Chinese in Thailand’s international property buying activity, with Russians holding about a quarter of the market share and identifying Phuket as a particularly attractive destination for both residence and investment.
When looking at the overall picture of real estate activity among international buyers in Thailand, Russians stand out for their sizable presence: roughly 25 percent of purchases, trailing the Chinese at around 60 percent and ahead of the French at about 10 percent. This distribution underscores Phuket’s standing as a hotspot for foreign buyers and highlights the shifting preferences of buyers from different regions, who are drawn by a mix of price, potential rental income, and ease of access.
Price competitiveness is a key driver for Russian buyers. Market observers note that affordable entry points near the beach can be found, with apartments located about 400 meters from the shore commonly available around the roughly one hundred thousand dollar mark. Villas that come with pools and gardens often command closer to seven hundred thousand dollars, presenting a compelling value proposition for both end users and investors seeking long-term returns.
Another important factor is the opportunity to generate income through tourism-driven rentals. Intermark Global notes that there is strong demand for furnished apartments with fixed rental income, a signal that professionals in the sector see as a reliable income stream. This rental potential adds a layer of financial viability to the initial purchase, making Phuket an attractive playground for investors who want diversified income sources beyond mere capital appreciation.
Flight connectivity and political stability further bolster Phuket’s appeal for Russian buyers. The availability of direct flights simplifies travel logistics, while Thailand’s well-established property rights framework provides a sense of security for foreign investors. Colliers International data shows that Russians acquired half of the 14,500 Phuket apartments and villas sold in 2023, a notable share that reinforces Phuket’s status as a preferred destination for international investors from Russia.
Industry observers like Mikhail Bulanov, a managing partner at Tranio, estimate that Russians may own just over half of the island’s apartment market. He also points to growing interest among compatriots in Bangkok as a center for more professional, investment-oriented opportunities. This suggests that Russian buyers are not only looking for vacation homes but also for strategic locations that can serve as long-term rental hubs or portfolio diversifications.
Beyond Phuket, attention has also turned to the United Arab Emirates as a potential destination for Russian buyers in 2023, signaling a broader, global interest in high-value real estate among Russian investors. Economists have discussed subsidies as a policy option to encourage more purchases from Russians, indicating that the market views government incentives as a potential lever to stimulate investment momentum.
In summary, 2023 showcased a robust appetite among Russian buyers for Southeast Asian real estate, with Phuket emerging as a standout market. The combination of attractive price points, solid rental prospects, direct travel links, and a stable investment climate created a compelling proposition for Russians seeking both leisure living and income-producing assets. As the market evolves, buyers are likely to continue evaluating Phuket alongside other regional hubs like Bangkok and emerging gateways in the region, always weighing rental yield, capital appreciation, and regulatory assurances in their decision-making process.