Russian condo tranfers surge by 33% in first quarter

Russian demand for Thai condominiums surged in the first quarter of 2026, making them the second-largest foreign buyer group by both volume and value. Condominium transfers to Russians rose 33% year-on-year to 383 units, with their value increasing by 69% to 1.66 billion baht. This growth contrasts sharply with other major foreign buyer groups.

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Late in the year through the beginning of the following year is typically the peak season for Russian tourists visiting Thailand.

Chinese buyers, who historically dominated the market, experienced the steepest decline. Their condominium transfers dropped 39% to 906 units, and the value fell 43% year-on-year. Myanmar, previously the second-largest group, slipped to third place with a 36% decrease in unit transfers. Taiwan and the US also saw contractions in their condominium purchases.

Phuket emerged as the prime location for Russian buyers, accounting for 1.06 billion baht from 156 units, which represented 64% of their total national transfer value. This indicates a strong preference for high-priced properties in the island province. Russian buyers constituted 44% of the total foreign condominium transfer value in Phuket during the period.

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Phuket is now seeing a similar trend, with Russian agents becoming highly active in the market.

Experts suggest that the peak season for Russian tourists in Thailand, typically late in the year through early the following year, contributes to this trend. Additionally, Russian agents are becoming increasingly active in markets like Phuket, mirroring a trend previously seen in Jomtien. Domestic issues in Russia may also be encouraging overseas investment, and reported easing of difficulties in transferring funds via SWIFT have likely facilitated these transactions.

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When developers organise agent events in Phuket, Russian agents often outnumber those of other nationalities.