Jump to content

In Thailand, Russian Buyers Have ‘Disappeared’


Recommended Posts

In 2007, Russians accounted for 80 percent of the purchases in Pattaya, a resort city on the Gulf of Thailand, says David Walton, v.p. of sales and marketing for Waterfront, a tower project on Pattaya Bay. Today, the Russians buyers have practically vanished from Thailand’s beach cities, he says.


“The only game in town two years ago was the Russian market,” Mr. Walton said. “That market has virtually disappeared.”


Developers tell similar stories in markets around the world, from France to Bali. Waves of Russian buyers are simply gone from the landscape.


For Mr. Walton and the Waterfront , it is bad timing. The developer, the Bali Hai Company Ltd., backed by the Elran Group, a listed Israeli company, began marketing the 54-story project in August, just as the market plummeted. (Thailand’s tumultuous political situation hasn’t helped, either).


The 315 units in the tower are priced between 5.5 million and 65 million baht ($150,000 to $1.8 million). More Europeans are starting to explore Thailand, but not enough to make up for the lost Russians, Mr. Walton says. (He also said the developer was exploring fractionals as a way to generate revenue.)


“High season is not going to happen this year,” he said.




Have they actually started building this yet?

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • COVID-19

    Any posts or topics which the moderation team deems to be rumours/speculatiom, conspiracy theory, scaremongering, deliberately misleading or has been posted to deliberately distort information will be removed - as will BMs repeatedly doing so. Existing rules also apply.

  • Advertise on Pattaya Addicts
  • Recently Browsing

    • No registered users viewing this page.
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.