News Forum - Russians overtook Chinese as Phuket condo kings in Q1

[Thaiger]

A leading Thai real estate consultancy firm revealed Russia was the No.1 country for buying apartments in Phuket in the first quarter of 2022, with 74 properties worth 245 million baht. China was previously the Phuket condo kings but thanks to the mainland’s zero-Covid-19 policy, the former Soviet state has surpassed Chinese buyers in the holiday resort, with Q1’s total topping the entire year of 2021. Nattha Kahapana, managing director of property consultant Knight Frank Thailand, says since the beginning of 2022, the Phuket apartment market has experienced an increasing trend, pushed by international purchasing power, mainly Russian property speculators. […]

The story Russians overtook Chinese as Phuket condo kings in Q1 as seen on Thaiger News.

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[Loong]

More made up facts to give the impression that the property market in Phuket is buoyant?

Quote

 

Chinese nationals bought 66 units, while Russians bought 54 units last year.

 

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Last year, about 90% of the units sold were to Russian buyers with some Chinese and European investors.

The first quote says that the Chinese bought most units last year.

The second quote seems to suggest that the Russians bought most units last year.

They can't both be true!

What are these? Re-sales? New condos?

[Grumpish]

Compared to 20,000 (4,000 new) sales in total to all nationalities in 2019 - to say the market has some way to go to recover is something of an understatement.

https://content.knightfrank.com/research/1952/documents/en/phuket-condominium-market-2019-thailand-2019-7096.pdf 

[BIGGLES]

I don't believe a single word that these people say. Snake oil salesman. 

If there is a single ounce of truth in it, then the Thai government need to be very careful that, as nation, they are not facilitating sanction  busting rules, with any possible fall out on the national economy. 

However, it's just nonsense. Just take a look round ALL  of the property websites.

They're full of property of all kinds of property, advertised for month after month after month, for sale and rent, all overpriced and still on the market.

Adverts now for one bed condos in Patong, for 6500thb per month. Still no takers.

[Poolie]

Knight Frank now sell snake oil? Interesting.

[Vigo]

My takeaway is that Thailand has facilitated money laundering by Russians by allowing these financial transactions.

[drkenchao]

interested to know if chinese or russians mainly owners/buyers in pattaya