The first quarter of 2026 tells a clear story: Russian buyers moved in a different direction to nearly everyone else in Thailand’s condo market.
While Chinese, Myanmar, Taiwan and US buyer volumes all fell sharply, Russian condo transfers rose 33% year-on-year to 383 units worth 1.66 billion baht, up 69% in value compared to the same period in 2025, according to data from the Real Estate Information Center (REIC).
The increase pushed Russian buyers past Myanmar to become Thailand’s second-largest foreign buyer group by both volume and value.
What the figures actually show
Chinese buyers remained the largest foreign group but posted the sharpest decline. Transfers dropped 39% to 906 units worth 3.5 billion baht, down 43% in value year-on-year.
Myanmar, which held second place in the first quarter of 2025, fell to third. Transfers declined 36% to 279 units, with value falling 39% to 968 million baht.
Taiwan, in fourth place in both periods, saw transfers fall 31% to 136 units worth 688 million baht, down 24% in value.
The US remained fifth, with 138 transferred units worth 685 million baht, representing declines of 6% in volume and 16.5% in value.
Russia was the only nationality among the top five to record growth.
Phuket’s share of Russian buying
Phuket recorded the highest condo transfer value for Russian buyers, totalling 1.06 billion baht from 156 units. That accounts for 64% of their total transfer value nationwide.
The detail worth noting is the price point. Russians spent an average of 6.8 million baht per unit in Phuket, indicating demand for higher-priced units rather than entry-level stock.
Russian buyers also represented 44% of the total foreign condo transfer value in Phuket during the first quarter, which amounted to 2.43 billion baht from 420 units.
Put simply, Russian buyers now dominate foreign condo transactions in Phuket by value.
Why Russian demand is growing in Phuket
Surachet Kongcheep, head of research at Cushman & Wakefield Thailand, points to seasonal patterns and community networks.
“Late in the year through the beginning of the following year is typically the peak season for Russian tourists visiting Thailand,” he said.
He noted that Russians tend to buy condos by following existing communities. They previously concentrated in Jomtien, where large Russian communities and Russian-speaking agents actively marketed condo projects to them.
“Phuket is now seeing a similar trend, with Russian agents becoming highly active in the market,” Surachet said. “When developers organise agent events in Phuket, Russian agents often outnumber those of other nationalities.”
The presence of Russian-speaking agents, familiar services and established buyer networks appears to be reinforcing demand rather than diluting it across multiple locations.
The practical shift behind the numbers
Surachet also said domestic issues in Russia had encouraged overseas investment. He added that difficulties in transferring funds due to Russian banks being excluded from the SWIFT international payment system now appeared to have eased for both developers and buyers.
In plain English, payment friction that may have slowed Russian transactions in earlier periods appears to have been resolved or worked around, allowing buyers and developers to complete transfers more easily.
The 69% increase in transaction value despite a 33% increase in unit volume suggests Russian buyers are either moving upmarket or paying higher prices per unit than they did a year earlier.
What this means for Phuket property
For Phuket developers, agents and sellers, Russian buyers now represent the largest single foreign buyer group by spending. That makes pricing, marketing, agent relationships and language support particularly relevant.
For buyers comparing Phuket with other Thai resort markets, the trend suggests concentrated demand in areas where Russian communities and services are already established, which may support resale liquidity in those locations.
The data also shows that foreign buyer activity in Thailand remains highly uneven. While Russian demand grew sharply, the four other top nationalities all declined, pointing to varied economic, regulatory or confidence factors affecting different buyer groups.
Whether Russian demand sustains this growth rate beyond the seasonal peak remains unclear, but the first quarter figures show a significant shift in who is buying, where they are buying, and how much they are spending.
Frequently Asked Questions
Why did Russian condo transfers increase while other nationalities declined?
Russian buyers rose 33% in Q1 2026 while Chinese, Myanmar, Taiwan and US buyers all fell. Cushman & Wakefield Thailand cited domestic issues in Russia encouraging overseas investment, eased payment difficulties related to SWIFT exclusions, and the development of Russian buyer communities and agents in Phuket.
What share of Phuket’s foreign condo market do Russian buyers represent?
Russian buyers accounted for 44% of total foreign condo transfer value in Phuket during Q1 2026, totalling 1.06 billion baht from 156 units. That made them the largest foreign buyer group by spending in Phuket during the quarter.
Are Russian buyers purchasing higher-priced units in Phuket?
Yes. Transfer value rose 69% while unit volume rose 33%, indicating higher average transaction prices. Russians spent an average of 6.8 million baht per unit in Phuket, suggesting demand for mid to upper-tier stock rather than entry-level condos.
How does Russian buyer activity in Phuket compare to Pattaya?
Historically, Russian buyers concentrated in Jomtien, Pattaya, where large Russian communities and Russian-speaking agents were established. Phuket is now seeing similar community development and agent activity, according to Cushman & Wakefield, with Russian agents increasingly outnumbering other nationalities at developer events.
Could this trend continue beyond Q1 2026?
The first quarter typically coincides with peak Russian tourist season in Thailand. Whether the 33% growth rate sustains beyond seasonal patterns depends on continued demand from Russian buyers, payment system stability, domestic economic conditions and Phuket’s ability to support expanding Russian buyer communities.
Sources
- Bangkok Post — Property — Russian condo tranfers surge by 33% in first quarter — link
- Real Estate Information Center (REIC) — Q1 2026 foreign condo transfer data
- Cushman & Wakefield Thailand — market commentary
