Research: in 2023, Russians increased investments in apartments in Thailand by 67%

Исследование: за 2023 год россияне на 67% нарастили инвестиции в квартиры в Таиланде

According to the Thai Government Housing Bank (GHB), in 2023, foreign investments in apartments in Thailand increased by a quarter and amounted to $ 2.12 billion, including $ 128 million from Russian citizens, which is 67% higher than last year’s figure. At the beginning of 2024, the demand of Russians in this market continues to grow: according to Tranio, the number of applications for the purchase of real estate in Thailand almost doubled in the first quarter (by 95.8%).

The content of the article

  1. At the beginning of 2024, Thailand became the No. 1 choice for Russians
  2. Russians’ preferences: condo on Phuket for rent and vacation
  3. Chinese investors choose rental units in Bangkok and Pattaya
    1. Top 10 foreign buyers of apartments in Thailand in 2023

According to the GHB report, the number of Thai apartments bought by Russians in 2023 increased by 55% compared to 2022 to 1,260 apartments, and the total volume of investments increased by 67% and amounted to $ 128 million. By the number of purchases in In Thailand, Russians outperformed U.S. citizens last year, who purchased 631 apartments, but are still noticeably inferior to Chinese citizens, who made 6,114 purchases over the year. The fourth and fifth positions in the ranking were occupied by buyers from Myanmar and Taiwan, who purchased 564 and 532 apartments, respectively.

Исследование: за 2023 год россияне на 67% нарастили инвестиции в квартиры в Таиланде

At the beginning of 2024, Thailand became the No. 1 choice for Russians

Russians’ interest in Thai real estate continued to grow in early 2024. According to Tranio, in the first quarter, this country took the leading position among all foreign destinations with 17.3% of applications, whereas last year Thailand still lost the championship to the UAE.

The increase in the activity of Russian buyers in the Thai market is associated with the restoration of the tourist flow and attractive rental yields in resort regions. In addition, there is a growing demand for real estate for seasonal holidays and second home format housing, which is in demand among specialists and businessmen working remotely.

In January—March 2024 for Thailand is followed in the top 5 by Georgia (13.1% of applications), the UAE (8.6%), Greece (7.7%) and Turkey (6.8%). At the same time, the most active growth in demand was noted in the Thai market, where the number of purchase requests almost doubled (by 95.8%) compared to the first quarter of 2023. However, over the same period, the median budget of Russian buyers in Thailand decreased by 29% and amounted to 151 thousand dollars against 211 thousand a year earlier.

The trend towards a decrease in the median budget arises due to an increase in the share of investment transactions. When buying real estate for relocation, the transaction budgets of Russians are often higher, whereas when investing, clients choose more affordable and sought-after real estate among tenants in the comfort or premium segments.

Until 2022, Russians most often considered the Thai market in order to buy real estate for recreation (about a third of applications in 2019-2021) and combine recreation and rental (the figure reached 63% of applications in 2021). Later, the share of Russian clients who are looking for real estate for rent and future relocation increased: from 2019 to 2023, there was an increase from 3 to 12% of applications.

Despite the fact that in 2023, the predominant goal remains the combination of rent and recreation (56% of applications), the share of purely investment requests has increased significantly: 3.4% of applications for resale in 2023, whereas in 2019-2021 there were no applications for such a purpose.

Исследование: за 2023 год россияне на 67% нарастили инвестиции в квартиры в Таиланде

According to GHB, among all foreigners, Russian citizens accounted for 8.7% of apartment purchases, and in this indicator Russians are second only to traditional leaders — the Chinese. Over the past year, having increased their share in the pool of transactions of foreigners by 1.7%, the Russians have held the second position for the past two years. In the second half of 2023, the top three most active foreign buyers included US citizens, who also retained this position at the end of the year.

Similar observations are given in the analysis of Colliers International, which implies that Russians purchased a quarter of all apartments and half of the villas in the southern part of Phuket in 2023. It is noted that about 80% of the demand is from foreigners who prefer the central and northwestern areas of Phuket, while the southern part of the island is popular with both local and foreign buyers.

A lot depends on the profile of the developer. Companies from Bangkok that have recently come to Phuket, the share of Russians is naturally lower. And for those developers who initially relied on hyped offers, Russians traditionally make up the lion’s share of buyers.

Preferences of Russians: condo on Phuket for rent and vacation

According to Tranio, in 2023, Russian customers were most active in such destinations as Phuket(57% of applications for the purchase of real estate in Thailand), Pattaya (15%) and Koh Samui (9%). The demand for real estate is exclusively for Phuket and in Koh Samui grew by 13 and 8%, respectively. In Pattaya, demand growth slowed by 10% after a record inflow of investments in 2022, although in 2023 this region still remained in second place in terms of the number of applications.

Against the background of the growth of investment transactions among Russian clients, the average check decreased. According to Tranio, the median budget for real estate transactions in In Thailand, at the end of 2023, it decreased by 23% compared to 2022 — to 150 thousand dollars, and in In the first quarter of 2024, it remains at a close level of 151 thousand dollars. The most noticeable decrease was recorded at Phuket (-25% relative to 2022), where buyers prefer service apartments in popular resorts.

The largest share of transactions with a high check falls on Koh Samui, where the median budget of Russian buyers reached 257 thousand dollars. In this region, customers are more likely to consider buying villas.

GHB statistics, on the contrary, reflect that the average budget for Russian buyers in 2023 increased by 6.7% and amounted to $ 100,709 against $ 94,412 a year earlier. The difference in indicators is due to the fact that official statistics include data only on apartment transactions.

Official statistics reflect an increase in the average square footage of apartments that Russians purchased in Thailand: 42.3 square meters in 2023 against 40.6 square meters. meters a year earlier. The layouts of the average area are traditionally popular with investors from Russia, China and Japan, and more spacious apartments (on average 55 sq. m. meters) are chosen by citizens of the United Kingdom, the United States and Germany.

After 2022, the Southeast Asian region is experiencing a significant influx of Russian capital: in fact, it has now become the second key hub for Russian investments in the international market after the Middle East. Russian developers are creating or expanding their presence in the markets of Thailand and Bali, which makes buying in these regions easier and more affordable for end customers.

Исследование: за 2023 год россияне на 67% нарастили инвестиции в квартиры в Таиланде

The lion’s share of Russian demand in the Thai real estate market is made up of clients with investment goals who want to place capital in stable assets abroad. Among the decisive factors in choosing Thailand, Russian investors name a loyal visa policy, the availability of international schools, clinics, a high level of service and comfortable conditions for permanent residence.

Another factor that affects investor activity is the trend in the Russian domestic market. After the increase in the key rate and the curtailment of preferential mortgage programs, conditions for investment in new buildings have become less attractive. At the same time, in some Asian markets, it is possible to purchase real estate in a comparable budget — about 120-160 thousand dollars, if we talk, for example, about the Phuket market — with the prospect of rental yields at the level of 7-8% per annum in dollar terms.

Chinese investors choose rental units in Bangkok and Pattaya

Chinese citizens are still the key foreign investors in the Thai real estate market. In 2023, the Chinese purchased 6,614 apartments with a total value of 982 million dollars In monetary terms, the increase in purchases amounted to 18.2% by 2022. Most often, the Chinese choose apartments to receive rental income, and over the past year they have increased their activity with an eye to the rapidly recovering tourist flow from China after the lifting of quarantine restrictions.

To stimulate tourism, in September 2023, the Thai government introduced a visa-free regime for tourists from China and Kazakhstan, which was extended for another 6 months on March 1, 2024. Citizens of these countries no longer apply for short-term paid visas upon arrival, but automatically receive a stamp for 30 days.

Исследование: за 2023 год россияне на 67% нарастили инвестиции в квартиры в Таиланде

The Chinese make up the most massive segment among foreign buyers of real estate in Thailand, but not in the Phuket. The most popular investment object is apartments in Bangkok or Pattaya, a type of real estate that is understandable and accessible to Chinese citizens. More affluent investors choose villas and townhouses on Phuket, the west coast, including the Lagoon, is popular.

Compared to 2022, the number of purchases by Chinese citizens increased by 16%. Nevertheless, the share of investors from China decreased from 49.4% to 45.8% over the year, due to the growing activity of buyers from Russia, Taiwan and Myanmar. The number of transactions from buyers from Taiwan grew by 132% in 2023, and Myanmar by 62%. Reasons for increased demand from buyers from Taiwan, Myanmar and Hong Kong are similar to the motivation of Russians in 2022: investors are trying to secure capital against the background of geopolitical tensions in their region.

Top 10 foreign buyers of apartments in Thailand in 2023

Among European investors, the growth in demand for projects in Asia is dictated by the fundamental reasons for the decline in performance in local markets. So, now investors in Germany have to bear more costs caused by rising interest rates and inflation in Germany.

Buyers from the United States are traditionally major players in the Thai housing market (4.4% of the total volume of transactions in 2023), but last year they managed to stay on the third line: demand and average budget growth by 16%. Against the background of the general growing demand, there were also some negative trends. In particular, the investment activity of Australian citizens decreased by 7% compared to 2022.

The material was prepared for Forbes Russia


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Nationality of the buyer

The number of apartments purchased

Total cost, $

Area, sq.m

The average cost of an apartment, $

Average area, sq.m



6 614

$982 111 324

261 035

$149 624




1 260

$128 187 799

53 319

$100 709





$92 853 429

34 696

$146 747



Great Britain


$106 664 909

28 239

$189 908





$83 674 550

21 367

$158 257





$71 474 409

27 480

$146 747





$65 489 434

24 558

$135 237





$59 849 747

25 799

$126 605





$32 140 465

13 973

$117 973





$39 851 875

11 423

$149 624


Other countries

2 867

$442 830 578

157 326

$155 379


All countries

14 449

$2 105 128 517

659 215

$146 747