What Kind of Real Estate Can One Expect to Buy in Thailand After Selling a Property in Russia?
Currently, a growing number of Russians are looking to sell their properties in Russia and purchase real estate in Thailand. In 2022, Thailand became one of the top 10 countries where Russians prefer to buy property. The Kingdom is not among the most expensive countries for purchasing homes, which attracts many expatriates. Moreover, the Thai government has not imposed any sanctions on Russians, making the process of buying property relatively straightforward.
Not everyone has a large sum of money to buy real estate abroad, so let’s explore what kind of property you can afford in Thailand after selling a home in Russia.
Content:
- Housing Prices in Russia
- Housing Prices in Thailand
- Possibility of Obtaining a Mortgage or Installment Plan in Thailand
Housing Prices in Russia
Real estate prices in Russia vary widely, depending on the city, infrastructure, year of construction, view, apartment size, and other factors. Let's take a look at the average figures.
In Moscow, the average price of a 3-room apartment is approximately 17.8 million rubles (around $287,000 at an exchange rate of 62 rubles per dollar). A 1-bedroom apartment in Moscow costs about 8.3 million rubles, and a 2-bedroom apartment is priced at around 11.6 million rubles as of November.
Prices also vary significantly in different regions and cities. For instance, in Moscow, the cost per square meter is around 332,000 rubles, while in the Moscow region it is 173,000 rubles, in St. Petersburg 191,000 rubles, in Yuzhno-Sakhalinsk 162,000 rubles, in Anadyr 157,000 rubles, in Kazan 149,000 rubles, and in Tver 99,000 rubles.
Housing Prices in Thailand
The average price for an apartment in Bangkok is approximately 3,400,000 Thai baht ($106,383).
In Bangkok’s central Sukhumvit area, the price per square meter is around $3,653, whereas on the outskirts of the city, it drops to about $1,896.
In luxury resort areas like Phuket, the price per square meter averages $1,300 in the interior of the island and can reach $3,070 or higher in tourist areas (up to $6,000–7,000 per square meter).
In Pattaya, properties on the outskirts far from the sea are priced at around $1,600 per square meter, while in the city center or near the coast, the price averages $2,350 per square meter.
These are average prices, and the specific cost of real estate in both Russia and Thailand depends on various factors.
- Location
Real estate in the city center is typically more expensive than in the suburban areas. - Size
The number of rooms and bathrooms directly affects the overall value of the property. - Age and Condition of the Property
An apartment in a new luxury residential complex will cost more than an older, second-hand property. - Housing Type
Private houses tend to be more expensive than apartments or townhouses. - Complete Offer of Amenities
In Thailand, properties with amenities such as a swimming pool, garden, gym, or coworking space will have a higher price, whether in an apartment complex or a cottage community.
In 2022, real estate prices in Russia were decreasing, while in Thailand, they were on the rise.
What Kind of Real Estate Can One Expect to Buy in Thailand After Selling a Property in Russia?
Possibility of Obtaining a Mortgage or an Installment Plan in Thailand
It can be challenging for foreigners to obtain a mortgage when buying property in Thailand.
To get a mortgage from a Thai bank, one typically needs to have an official job in the country, a residence permit, or a spouse with Thai citizenship. Another option is through a non-governmental organization, MBK Guarantee, which offers up to 50% of the property price. The minimum loan is BHT 1,000,000, and the loan term is up to 10 years. This organization, which started in 2008, actively lends to foreigners for real estate purchases, but only for properties in Bangkok and resort towns.
For foreigners who do not have enough funds to purchase property outright, an installment plan from the developer is a more realistic option. Various companies offer different terms, often providing interest-free installments until the completion of construction and a fixed interest rate afterward.
Given the price comparison, selling a property in Russia and buying one in Thailand can allow you to acquire a well-renovated property or a spacious apartment on the secondary market, with enough left over to renovate it if needed.