Thailand has emerged as a new investment destination for wealthy Russian investors, who were previously drawn to Europe. With economic sanctions and monetary blockades limiting their options, Russian capital is now seeking new opportunities around the world. After the conflict in Ukraine, Russians have turned their attention to Thailand, where they have been investing in real estate.
According to the country’s real estate information center Reic, Russians accounted for the highest number of foreign investors in Thailand last year, surpassing even the Chinese. The value of properties purchased by Russians in Thailand increased significantly, reaching six billion baht. Luxury apartments priced above 10 million baht are particularly popular among Russian buyers, with Phuket being a favorite destination.
The influx of Russian investors has led to a real estate boom in cities like Phuket, Chonburi, and Bangkok. Despite limited international flights from Russia, Russian airlines have maintained routes to Thailand, making it easier for Russian citizens to visit and invest in the country. Russian tourists are a large and growing demographic in Thailand, making significant contributions to the local economy.
In addition to purchasing real estate, some Russians have obtained long-term visas to stay in Thailand, seeking to secure their finances and avoid conscription back home. The increase in Russian visitors and investors has had a positive impact on Thailand’s tourism industry, especially as the number of Chinese tourists has not yet returned to pre-pandemic levels. However, the influx of Russian money has also led to rising real estate prices, making it more challenging for ordinary Thai residents to find affordable housing.
Overall, the growing presence of Russian investors in Thailand has brought both opportunities and challenges to the country’s real estate market and economy. While it has boosted tourism and created job opportunities for locals
