Phuket has become a playground for Russia’s wealthy elite, causing property prices to skyrocket by 15 to 20%.
Amidst Thailand’s tourism boom and the aftermath of the Russia-Ukraine conflict, affluent Russians are making Phuket their long-term home, revealed Maetapong Upatising, president of the Phuket Real Estate Association.
“Phuket’s allure lies in its world-class amenities, including an international airport, schools, golf courses, yacht marinas, hospitals, and a dazzling array of luxury villas and condos.”
This influx has prompted major developers like Origin, Sansiri, Siamese Asset, and Raimond Land to invest heavily in Phuket, unveiling projects in coveted areas such as Cherng Talay and Patong.
Land prices have surged from an average of 3 million baht to a staggering 8 to 9 million baht per rai, with prime plots hitting an…
