Inquiries for Thailand-based properties increased 26 percent in the past month, according to data provided by Russian real estate portal Idinaidi.ru.
Russian buyers, who, according to the data, are primarily interested in properties worth about EUR150,000 (USD208,021), are looking to invest in overseas properties due to the declining value of the Russian ruble following the recent political turmoil.
Meanwhile, Chinese demand for high-end residential property in Chiang Mai remains strong, according to a recent report from English-language Thai daily The Nation. The city, located close to Myanmar and Laos, is considered a gateway to China.
Several firms, including Sansiri, Pruksa Real Estate, Property Perfect and Land & Houses, are expanding their operations in the city to accommodate the growing demand for high-end properties.
“We will launch our new project in Chiang Mai this year, having seen strong demand from both local and foreign buyers who want a luxury residence costing more than THB10 million (USD309,321),” Property Perfect’s deputy chief business development officer, Wongsakorn Prasitvipat, told The Nation.
Buyers from China currently need to participate in joint ventures with a local in order to legally purchase homes in Thailand.