The first quarter of 2026 saw a notable increase in Thailand’s condominium market, with Russian buyers emerging as the only nationality among the top five foreign purchasers to experience growth in both unit transfers and total transfer value. In this period, condominium transfers to Russian nationals surged by 33% year-on-year, reaching 383 units valued at 1.66 billion baht, which marks a 69% increase in value compared to the previous year. This growth propelled Russians to become the second-largest group of foreign buyers, surpassing Myanmar, which held that title in the first quarter of 2025. Meanwhile, Chinese buyers continued to be the largest foreign group overall, but reported a significant decline, with transfers dropping by 39% to 906 units, valued at 3.5 billion baht, down 43% year-on-year. Myanmar fell to third place, witnessing a 36% drop in transfers to 279 units, with a corresponding 39% decrease in value to 968 million baht. Taiwan, ranked fourth, also experienced a contraction, with transfers declining by 31% to 136 units worth 688 million baht, which is a 24% reduction in value. The US maintained its fifth position, transferring 138 units valued at 685 million baht, reflecting declines of 6% in volume and 16.5% in value. In Phuket, Russian buyers accounted for the highest condominium transfer value, totaling 1.06 billion baht from 156 units, which represents 64% of their total transfer value across Thailand. Furthermore, Russians made up 44% of the total foreign condominium transfer value in Phuket, which amounted to 2.43 billion baht from 420 units during the first quarter. Surachet Kongcheep, head of research at Cushman & Wakefield Thailand, noted, “Late in the year through the beginning of the following year is typically the peak season for Russian tourists visiting Thailand.” He also pointed out that Russians often purchase condominiums within existing communities, as seen previously in Jomtien, where there is a significant Russian community. This trend is now being mirrored in Phuket, with Russian agents increasingly active in the local market. “When developers organise agent events in Phuket, Russian agents often outnumber those of other nationalities,” added Mr. Surachet. He mentioned that domestic issues in Russia have stimulated overseas investments, and while challenges in transferring funds due to Russian banks’ exclusion from the SWIFT international payment system have been present, these difficulties appear to have eased for both developers and buyers.
Source: Bangkok Post
