Phuket: Post-Covid and Post-Ukraine-War
Last updated 17/09/2026
- Thailand’s borders were effectively closed from April 2020 to November 2021; Phuket’s rental and resort market collapsed. (Source)
- After the outbreak of the war in February 2022, many wealthy Russians came to Phuket buying villas and apartments. (Source)
- According to Knight Frank, Russians bought 40–60% of properties for sale (up from 10–15% before); prices rose by 15–20%. (Source)
- Land in some areas rose in price from 3 to about 9 million baht per rai; near the beach up to 40 million; in Patong about 120 million per rai. (Source)
- Rents for luxury apartments rose by as much as 300%, but not in areas further inland where local workers live. (Source)
- Authorities expressed concerns about money laundering. (Source)
- A wave of new supply from 2024 is creating oversupply in some segments (e.g. apartments in Cherngtalay). (Source)