Russian, Chinese investors drive Phuket property market
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Loading... - Kulap Chaichana
- 19 Apr 2023
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The Phuket property market is on fire now, with the help of Chinese and Russian investors. Chinese buyers are reportedly increasing their investments, buying up villas, shophouses, and even orchards, to cater to Chinese tourists. Russian property investors are also contributing to the surge in demand for villas and homes in Phuket.
While Russians are interested in buying pool villas, Chinese investors like every type of property to offer complete service to Chinese tourists. They will bring tourists and provide housing, restaurants, shopping, and even tours of durian orchards.
According to Nattha Kahapana, the managing director of property consultant Knight Frank Thailand, we can expect more in the coming months.
“Russians are buying real estate in Phuket to live. They intend to buy immediately as they want to start moving in right away. More Chinese investors are expected to come to buy seven-eight months after the flow of tourists.”
The Phuket Real Estate Association reports huge demand, saying all finished condo units and villas with pools had been sold out. As Covid subsided, sales of condos and luxury villas began to steadily grow.
The president of the association suggests that 2023 will be considered a “golden year” for Phuket’s real estate market, and the trend will continue. They expect another year or two of high demand from Russians, looking for the best location and price from developers they can trust.
Russian buyers have increased 10-15% over pre-pandemic levels and now account for 40-60% of total pool villa sales in western Phuket. Due to this, while real estate values around the province have jumped 3% to 5%, western Phuket has seen prices spike 15-20%. Read More…
