BangkokPost-June 14
China’s zero-Covid policy has seen Russians overtake the Chinese as the top foreign buyers of condos in Phuket, with the total in the first quarter exceeding the whole of 2021. Nattha Kahapana, managing director of property consultant Knight Frank Thailand, said the Phuket condo market in the first half of 2022 is poised to see an upward trend driven by foreign purchasing power, particularly Russians. “Russian investors started to return in late 2021 and became the main purchasing power during this period,” he said. According to the Real Estate Information Center, Russians were the top nationality making condo transfers in Phuket in the first quarter of 2022, with 74 units worth 245 million baht. This number outpaced both last year’s Chinese purchases of 66 units, and the Russian acquisition of 54 units in 2021. He said the Phuket condo market was very popular amongst foreigners as their investment was for both personal holidays and renting them out. According to Knight Frank, condo supply in Phuket totaled 26,068 units at the end of 2021 with no new supply launched that year.. Nearly 90% of the units sold last year were to Russian buyers, with a few Europeans and some Chinese buyers, who come to Phuket annually. The remaining 10% were sold to Thais who purchased condos as their holiday homes. Read more at: https://www.bangkokpost.com/property/2325883/russians-crowned-leading-buyers-of-phuket-condos
