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Russians spearhead revival of Phuket’s property market in dash for villas

By William Stewart
23 April 2018

Many tourists from Russia to Thailand are from Siberia - and after a drastic fall in the wake of the 2014 downturn, they are now back on the tropical  vacation island.

Picture: mykaul.

Russians were named as the top buyers of villas on Phuket, which has an increasing number of direct flights.

They were followed by Chinese and European buyers, according to Prakaipeth Meechoosarn, head of advisory and transaction services for resort property sales at property consultant CBRE.

‘Russian buyers are looking for investment products in the lower-end market or units priced below 35 million baht ($1.05 million, 66 million roubles) per villa  with rental returns, while Europeans are mainly looking for a vacation home,"

The villa market saw strong sales in Layan Beach, Bang Tao Beach and Surin Beach -- all on the west of the island -- as they are near Laguna Phuket and close to some new high-end developments on Kamala Beach, south of Surin Beach, it was revealed.

Russians are also among the top three buyers of condominiums on Phuket.

‘Phuket condos are very attractive to investors,’ said Mr Phattarachai. 

‘Last year, Pattaya-based developer New Nordic launched 300 units with a guaranteed yield of 10% for 10 years.’

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