Russian investors "pour money" into Phuket, Thailand

The beauty of Phuket beach. (Source: Tugo)

Mr. Phatthanan Pisutwimol, President of the Phuket Real Estate Association (P-REA), said that real estate business in Phuket province has recovered quickly, as the island is popular with foreign tourists wanting to escape the cold weather in the Northern Hemisphere.

Prospects for pool villa projects and multi-ownership properties are improving, while condominiums are also popular with foreign investors.

“Russians are visiting Phuket in large numbers, which has helped the tourism industry here. They stay from one week to six months and most prefer to rent villas with pools,” Mr Phatthanan said.

Many people want to buy and live in villas with pools rather than rent them. Many Russian investors have also bought and resold or rented them out.

Clearly, Russian tourist spending has boosted Phuket’s economy , with local tourism-related businesses hit hard by Covid-19 bouncing back quickly.

Sharing the same view, Vice President of P-REA Boon Yongsakul commented that Phuket's sea and beaches are very popular with Russian tourists.

Since the arrival of the Russians, the rental houses on the island have been almost entirely occupied. This has also benefited the hotel maids, gardeners, pool cleaners and restaurant staff, although the downside is that the large number of foreign visitors can lead to traffic congestion, accidents and law violations.

Mr. Boon also emphasized that Russian investors are looking for opportunities to invest in real estate in Phuket because some have lived there for several years and are familiar with Thai laws. Some are interested in investing in multi-ownership real estate projects, apartments and mixed-use real estate projects.