Phuket Property Watch Your Eyes on Real Estate in Thailand
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Thailand’s real estate and tourism industry has been making waves in recent years, attracting investors and tourists from all over the world. With its low cost of living, favorable climate, and diverse culture, Thailand has become an increasingly popular destination for those looking to invest in property or experience a unique travel experience. According to a recent NewsArticle by Bangkok Post, the country’s real estate industry has grown significantly in recent years, with over 8.42 million square meters of new supply added in 2020 alone. Meanwhile, the tourism industry has been a major contributor to Thailand’s economy, with millions of foreign visitors arriving each year. In this blog post, we will explore the current state of Thailand’s real estate and tourism industry, highlighting its growth, potential, and challenges.
Russians Leading The Way in Phuket Real Estate
Russian tourists have been showing a strong interest in Thailand as a holiday destination in recent years, with many choosing to invest in the country’s real estate sector after an extended stay. According to the Immigration Bureau’s deputy commander, Pol Maj Gen Phanthana Nutchanart, more than 370,000 Russians have visited the country since January, a sharp increase compared to last year when only 435,000 Russians visited the country throughout the year.
While some Russians are choosing to stay in Thailand to avoid fallout from the war in Ukraine, others may have different reasons to visit, such as the country’s warm weather and picturesque seaside provinces. Pol Maj Gen Phanthana also noted that most legal issues involving Russian tourists in Thailand have been minor and that there has been no indication of any criminal elements entering the country illegally.
Popular Type of Real Estate
Among the provinces that are popular with Russian tourists are Phuket and Pattaya, where the real estate market has been seeing a significant increase in activity. Phatthanan Pisutwimol, the president of the Phuket Real Estate Association (P-REA), stated that the real estate business in Phuket has recovered quickly as the island is a popular destination for foreigners looking to escape the cold weather in the Northern Hemisphere. Russians, in particular, are visiting Phuket in large numbers and boosting the tourism sector. They prefer to stay for up to six months and mostly rent pool villas, with many opting to buy and live in these properties rather than renting them.
Pisutwimol noted that the prospects for pool villas and horizontal property projects are improving, while condos are also popular among foreigners looking to invest. The most popular zones in Phuket for Russian investors are tambon Choengtalay in Thalang district, tambon Kamala in Kathu district, and tambon Rawai in Muang district. Spending by Russian tourists has also helped the local economy in Phuket, and businesses that were hit by Covid are now making a quick recovery. Overall, the influx of Russian tourists is a positive development for Thailand’s economy, particularly in the real estate and tourism sectors.
Russians have been visiting Thailand in large numbers for years, and they are known to be affluent holidaymakers who prefer to visit seaside provinces like Phuket and Pattaya. Among the many reasons why Russians like to visit Phuket, renting pool villas for a medium term and buying them to set up a new life are some of the most popular ones.
Phatthanan Pisutwimol, the president of the Phuket Real Estate Association (P-REA), stated that Russians are among the foreign tourists who are looking to escape the cold weather in the Northern Hemisphere. They stay in Phuket for up to six months and most prefer to rent pool villas. “Many want to buy and live in pool villas rather than renting them,” he said. The most popular zones are tambon Choengtalay, tambon Kamala, and tambon Rawai in Muang district. The high demand for pool villas has boosted the local economy in Phuket, and real estate businesses have been recovering quickly.
Apart from the desire to escape the cold weather and set up a new life, Russians may also be visiting Phuket to avoid the ongoing tension between Russia and Ukraine. According to the IB deputy commander, some Russians are choosing to stay in Thailand to avoid fallout from the war in Ukraine.
Pattaya Second Most Popular Region For Russians in Thailand
Another popular destination for Russians in Thailand is Pattaya, a sea-side beach town located about 150 kilometers southeast of Bangkok. The town is known for its beautiful beaches, great nightlife, and affordable cost of living. Russians are attracted to Pattaya not only for its beaches but also for its good schools, making it a great place to live for families. According to the Pattaya News, Russians are the second-largest group of foreigners living in Pattaya, after Chinese nationals. The Pattaya Mail reported that the number of Russian tourists in Pattaya is on the rise, with the town’s infrastructure and services becoming more accommodating to the needs of Russian tourists.
In conclusion, the reasons why Russians prefer to visit Thailand are varied, ranging from the desire to escape bad weather to setting up a new life. Phuket and Pattaya are two of the most popular destinations for Russians in Thailand, with Phuket being a great place to rent or buy pool villas for a medium-term stay, and Pattaya being a beautiful seaside town with affordable living costs and good schools.
