I live on the outskirts of Bangkok in Thailand and am having a heated debate with a friend who has just started work with the real estate developer in the coastal city of Pattaya. Over the past few years enormous numbers of Russians have made Pattaya their number one holiday destination and many have purchased condominiums here which led to a flurry of development activity (some would say oversupply).
Then came the EU and US sanctions on Russia and a halving of the value of the Russian ruble. Not surprisingly the Russians have dwindled to almost nothing.
But my friend as well as many others directly involved in real estate have a strong belief that the ordinary Koreans will come to the rescue and start investing heavily in condominiums here? I simply can’t see that happening.
I see small numbers of Korean tourists now in Thailand but most of these people are staying in hotels and this doesn’t necessarily mean they are anxious to buy condominiums in Thailand.
To those expats who understand the spending patterns of Koreans is my friend’s expectations correct or is he wrong?

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