HomeTourismRussians bought a quarter of the apartments for sale in Phuket

Russians bought a quarter of the apartments for sale in Phuket

Thailand attracts Russians not only with its beach holidays, but also with the opportunity to purchase real estate there both for personal use and as a long-term investment. Most deals are concluded in Phuket, where, unlike Pattaya, nature is not yet so heavily polluted, and there are much more interesting offers from developers.

Russians are buying real estate in Phuket much more actively than other Europeans. At the end of 2023, Russia entered the top 3 countries whose citizens became owners of apartments in the tourist areas of this Thai island.

As follows from the published research Colliers International (Thailand), a quarter of the apartments put up for sale became the property of Russians. The French are left behind with 10% of completed transactions, but Chinese residents with 60% of purchased apartments are still out of reach. Thus, citizens of the PRC, Russia and France became the owners of 95% of the apartments out of all those that the Phuket authorities allowed foreigners to buy (according to Thai laws, citizens of other countries are allowed to purchase only 49% of the apartments in one condominium).

At the same time, the average prices for apartments are 100 thousand dollars (9,186,920 rubles at the Central Bank exchange rate as of February 28), although during the construction stage you can find options for 60–70 thousand dollars (5.5–6.4 million rubles .). By the way, the cheapest Moscow apartment in a new building with finishing was sold on February 29 for 6.3 million rubles. is a one-room apartment with an area of ​​20.1 square meters in a comfort-class residential complex in the Molzhaninovo area.

As for the number of offers on the Phuket real estate market, at the beginning of February 8,743 condominium apartments were waiting for their new owners, another 4,500 are planned to be put into operation during 2024.

Experts remind that Russians who purchase apartments on the island with the aim of further renting them out to tourists on a daily basis can count on 8–10% per annum in baht. If investments go into a facility still under construction, then the bar can rise to 25%.

At the same time, fixed-income offers began to appear on the Phuket real estate market – this is, in fact, an alternative to a bank deposit. And in this case, you can count on a stable 6–7% per annum. But there is a minus here – your apartment is transferred to the management of a third-party company, which decides absolutely all issues: what furniture will be in the rooms and when you will personally be able to use your own living space for recreation. As practice shows, owners are usually given a month a year and, as a rule, it falls during the rainy season.

Also, those wishing to purchase an apartment in Phuket should take into account that it can be rented out for daily rent only to those foreigners who have a tourist and hotel license. The latter guarantees that the condominium has infrastructure – a swimming pool, showers, etc. If the apartments are purchased at the construction stage, there is no guarantee that the developer will “forget” about some mandatory element and the owner simply will not be able to accommodate tourists in the apartment without violation law. And they are very strict in Thailand.

Source: Tourdom

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