According to the Centre for Macroeconomic Analysis and Short-Term Forecasting, a Moscow-based think-tank, Russia saw a record nett outflow of US$239 billion in 2022 alone, four times the outflow in 2021.
In this flight of capital to investment opportunities outside the Russian economy, which has been hobbled by sanctions, Phuket has “emerged as one of the target destinations”, said Phuket Real Estate Association general secretary and vice-president Phattanan Phisutvimol.
“The luxury sector boom is astonishing. About 4,000 units of luxury villas are being developed in Phuket this year, which is a lot, as the number doesn’t include luxury condominiums.”
The top five foreign investors in property on Phuket are the Chinese, Russians, Americans, Germans and other Europeans, he cited. In 2022, Russians were the largest group of foreign buyers in terms of condominium transfers, reported the Bangkok Post.
WATCH: Thailand’s ‘Little Russia’ — Why rich tourists are rushing to buy Phuket’s luxury houses (8:26)