Phuket property prices soar amid strong demand

The cost of real estate in Phuket, Thailand, has risen to a record high in 2024 due to high demand from foreigners, including Russians, local publication The Nation reported. “Land prices have soared to 25-100 million baht ($700,000 - $2.8 million) per rai (approximately 16 acres),” said Phattarachai Thaweewong, director of research and communications at Colliers International, as quoted by the newspaper. There is a growing trend of Russian buyers acquiring real estate for personal use and investment, especially in resort areas, The Nation notes. In addition, according to the publication, the number of Israelis renting rooms in residential buildings or hotels for long-term stays has increased. In July 2024, Bloomberg, citing the Ministry of Tourism and Sports of Thailand, wrote that the kingdom recorded a 1000% increase in the number of Russian tourists. Thus, in the first half of 2024, 791,574 tourists from Russia visited Thailand. According to the Knight Frank Thailand real estate agency, 338 villas were sold in Phuket in 2023, which is 82% more than in the previous year. It is specified that half of them were bought by Russian citizens. In October, the Russian Consulate General in Phuket announced that Russian citizens would be able to extend their visa-free stay in Thailand for an additional 30 days. Before that, an extension was only available for seven days.