Thailand’s Real Estate Information Centre (REIC) reported that Russian citizens own nearly 40% of foreign-owned condominiums in Phuket, worth a collective 880 million baht (US$25).
In Phuket, Russians have overtaken the Chinese as the No.1 condo buyer.
Since Russia invaded Ukraine on February 24 last year, Thailand has become a refuge for Russian citizens, as reported by Al Jazeera. The number of Russians in Thailand, especially in Phuket, has increased. From November last year to January 21 of this year, Phuket International Airport reported 233,000 Russian arrivals.
As the war enters its second year, more and more Russians are purchasing real estate in Thailand. Some wealthy Russians have even applied for the Thailand Elite Card, which allows for long-term stays ranging from five to 20 years. The membership fee for this card ranges from 600,000 baht (about US$17,000) to two…
