‘Little Moscow’ boom: Russians fuel Phuket property frenzy
Developer notes more than 70% of properties are bought by foreign buyers
Phuket’s luxury property scene is getting a flashy new address—“Little Moscow.” Tucked in the serene north of the island, Nai Thon Beach is rapidly transforming into Thailand’s next ultra-luxe real estate hotspot, fuelled by foreign money, especially from Russian buyers escaping war and winter.
The sleepy seaside village, nestled within Sirinat National Park and just minutes from Phuket International Airport, is now the centrepiece of a booming 10-billion-baht property empire spearheaded by the Manothama Raksa group under the Sea Heaven Phuket brand.
Leading the charge is Wiravit Manotamraksa, Vice President of B-Start Heaven Co. Ltd., and son of veteran Bangkok property tycoon Songsak Manotamraksa. Wiravit began building up land banks in Nai Thon more than a decade ago, capitalising on prices before the area’s value skyrocketed.
His first project, a 20-unit commercial block priced at 7–8 million baht per unit, quickly sold out, prompting a deeper dive into high-end residential developments. Partnering with Chinese investors, Wiravit rolled out two condominium phases, both nearly sold out, with starting prices rising from 120,000 to 170,000 baht per square metre.
“Foreign demand, especially from Russians, has remained incredibly strong. Over 70% of our units have been sold to overseas buyers, with Russians accounting for 95% in some projects.”
To boost investor confidence, the Wyndham hotel chain was brought in to manage the properties, offering a 7% annual return for five years and shared rental profits thereafter.
And they’re not stopping there.
In 2023, Wiravit’s Meris Co. Ltd. launched Phuvista Villas, a 500-million-baht ultra-luxury development, with units priced up to 72 million baht. Eight of the 10 villas are already sold, including one snapped up by a Polish buyer for 60 million baht, reported ฐานเศรษฐกิจ.
Looking ahead, Sea Heaven plans a new phase of low-rise condos, a 15-rai villa project near Nai Yang Beach, and by 2026, a mixed-use “wellness city” complete with condos, shops, and future ties to Bumrungrad Hospital.
“We aim to be Phuket’s Mini Laguna, like Thonglor or Ekkamai in Bangkok,” Wiravit added.
With little competition in Nai Thon, and foreign investment showing no signs of slowing down, Phuket’s newest real estate goldmine might just live up to its nickname—“Little Moscow”.
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