Dispatch
From Russia with love As sanctions bite at home, Russian buyers are seeking asset safe-havens. And Pattaya, Phuket and Bali are among the Asian destinations reaping the rewards in real estate sales By Steve Finch
R
ussia’s invasion of Ukraine has resulted in its citizens being targeted by economic sanctions that rank among the swiftest and most punishing inflicted on any country to date. In London, occupiers seized multi-millionpound mansions owned by absent oligarchs. On Thailand’s beaches, Russian families on long-awaited post-pandemic getaways suddenly found themselves stranded. Western sanctions on Russian banks meant many Russian credit and debit cards no longer worked overseas. And numerous flights were
140
PATTAYA HAS LONG BEEN A FAVOURITE OF RUSSIAN INVESTORS, AND HAS WITNESSED A SURGE OF INTEREST SINCE THE START OF THE CONFLICT IN UKRAINE
grounded as insurers withdrew from Russian routes and carriers, including Aeroflot. In March, rising oil prices caused by the conflict further fueled inflation, prompting doom-and-gloom predictions for a global economy only just regaining momentum following the pandemic. Sanctions have produced few economic upsides—in Russia or elsewhere. Yet Southeast Asia’s property market has shown signs it could buck this trend, albeit in select destinations including Pattaya, Phuket and Bali.
