• Tue. May 21st, 2024

Where wealthy Russians are currently moving their funds

BySamantha Johnson

Apr 4, 2024
Where wealthy Russians are currently moving their funds

Wealthy Russian investors are turning to Thailand’s beaches as a new destination for their money, as Europe remains closed to them due to economic sanctions and monetary blockades. In the past, wealthy Russians would buy apartments in Europe and the Middle East, but since Russia’s invasion of Ukraine, they have been seeking new investment opportunities.

According to the country’s real estate information center Reic, Russians owned the most apartments in Thailand last year, surpassing Chinese investors. The value of properties purchased by Russians in Thailand has been increasing, reaching six billion baht last year. Russians are especially interested in buying luxury apartments, with many opting for properties above 10 million baht.

Popular destinations for Russian investors in Thailand include the beach town of Phuket, where a housing boom is currently underway, as well as Chonburi and Bangkok. Russian airlines have flights to Thailand, making it easier for Russian citizens to visit and invest in the country.

Russian tourists have also been flocking to Thailand, with over a million Russians visiting Phuket alone last year. Russian influence can be seen in the street scene, with announcements in Russian at Phuket Airport and Russian delicacies available in the city. Some Russians have even acquired real estate and established companies in Thailand to secure their finances and avoid conscription back home.

For Thailand, the increased presence of Russian tourists and investors is crucial for the tourism industry, especially as the number of Chinese tourists has not returned to pre-pandemic levels. However, the influx of Russian money has led to rising real estate prices, making it difficult for locals to find affordable rental apartments.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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