Three resorts are most popular among Russians: Pattaya on the southeast of the mainland part of the country and the islands of Samui and Phuket. Our compatriots mainly buy real estate in Thailand on the coast, preferring apartments within walking distance from the beach.
According to the international real estate agency Gordon Rock, the minimum price for housing at resorts starts from $30,000. “For that money, you can buy small one-bedroom apartments, studios of about 45 square meters. These will be properties in large economy-class residential complexes with a shared pool. Usually such properties are bought by regular tourists in Thailand – to live in their own apartment 2-3 months a year instead of renting. Better quality properties cost from $100,000. The remaining time they can be rented out, with a yield of no more than 5-6% per annum,” says Gordon Rock President Stanislav Zingel. The average price for quality apartments is €70,000.
Phuket and Samui are suitable for a quiet holiday, Pattaya for a more active one, while housing on the mainland sells faster than on the islands. “Island resorts are more expensive, real estate prices here are significantly higher than for similar properties on the mainland of Thailand,” says Tatiana Nikishina, Head of International Real Estate Sales at Moscow Sotheby's International Realty.
On the website Realestatethailand.com, a one-story house in Pattaya is sold for $73,000. The house area is 100 sq.m., with 2 bedrooms and 2 bathrooms. The land plot around the house is 164 sq.m. with a communal pool. For $154,000 in the south of Pattaya, you can buy large apartments (about 80 sq.m.) with a spacious balcony in a new residential complex. The apartments are fully furnished and located in close proximity to Jomtien Beach.
On the website Rethai.com, small one-bedroom apartments in a residential complex on Phuket are offered for $100,000. The residential complex is located not far from Patong Beach, but the apartments are sold without furniture.
On the website Phuket-tropical-realestate.com, the minimum price for one-bedroom apartments on Phuket starts from $45,000. The area of such apartments is 55-60 sq.m., and they are located in a residential complex built in the early 1990s. The territory has a garden and a shared pool. The distance to Patong Beach is 1 km.
The starting price for apartments in a new residential complex in the area of Karon Beach (one of the longest beaches on Phuket, length 5 km) is about $70,000. The apartments have a sea view, but it takes about 10 minutes by car to get to the beach itself. However, there are several pools on the territory of the complex.
A house on Phuket in the area of the western beaches (e.g., Surin, Bang Tao) can be found at the price of apartments – starting from $70-80,000. However, the area of such a house is equivalent to a two-bedroom apartment – about 100 sq.m. In addition, there is no pool near the house, and it takes about 15 minutes by transport to get to the beach. A larger house closer to the sea will cost more. For example, the price of a house with an area of 140 sq.m. located 2 minutes by transport from the sea (but without a pool) is about $150,000. A house of the same area, but with a communal pool and a 5-minute drive from the sea, costs $170-180,000.
“On the islands there is a much larger selection of luxury villas. Prices start from €1 million. For 500,000 you can buy a two-story villa with three bedrooms on Samui or a villa with two bedrooms in Phang Nga Bay on the coast of the Andaman Sea,” says Tatiana Nikishina from Moscow Sotheby's International Realty.
The price of exclusive properties runs into millions of dollars. For example, for $6.6 million on Phuket you can buy a three-story villa with ocean view and directly opposite the beach. The villa area is about 1,700 sq.m., with its own garden and pool (18 by 5 meters).
“Most wealthy buyers of real estate in Thailand considered purchasing villas of 700-1,000 sq.m. on large plots, with preference given to properties away from centers of civilization and beaches, since with rare exceptions beaches in Thailand are public, which means a lack of privacy. Also in demand are villas on the islands of Samui, Kood, where projects are often offered under management, for example, the Soneva Kiri project,” says Elena Yurgeneva, Regional Director of the Residential Real Estate Department at Knight Frank Russia & CIS.
According to Stanislav Zingel, there are not many exclusive offers in gated communities with good infrastructure in Thailand. “They leave the market quite quickly. In most cases, they are aimed at Europeans. The project's packaging consists of European comfort and Asian exoticism,” clarifies Stanislav Zingel from Gordon Rock.
It is important to know that Thailand has its own peculiarities of buying real estate. Under local laws, foreigners are not allowed to purchase a property together with land, therefore a long-term lease agreement is drawn up for the land plot, after which the foreigner enjoys all the rights of a landowner.
According to Igor Indriksons, head of the consulting portal Indriksons.Ru, there is a slow growth in prices in Thailand. “Currently, the Thai market can be called slowly growing, but at the same time promising. At the same time, potential income from buying real estate in this country can be obtained not only by investing money in popular resorts like Pattaya, but also in less promoted resorts – for example, Hua Hin and even Rayong. The main thing is to choose the right property,” Igor Indriksons believes.