Houses in Chiang Mai. Market outlook

Introduction

Located 700 Km north of Bangkok Chiang Mai is the second largest city of Thailand. The area and its surroundings offer  a lush environment with  forests, mountains and waterfalls.  Chiang Mai is visited by many  travellers mesmerized by the beauty of its natural landscape and cultural expressions, evidenced by ancient traditions and a large number of Buddhist Temples. Chiang Mai is also  praised for its crafted silver, wooden items and silk.

As a tourist destination the area provides a peaceful and natural scenario where holidaymakers can find a wide range of outdoor sports and activities including visiting local hill tribe villages, trekking, mountain biking, rafting and climbing.

Chiang Mai’s Temples are one of its most distinguished attractions where visitors can benefit from a culturally eye-opening experience

Property market in Chiang Mai

Since foreigners are not allowed to own land in Thailand, condos and apartments have become an alternative for many willing to settle or retire in Chang Mai. As a result many modern “foreign-oriented” condominium projects have been developed in areas like  Nimmanhaemin road, University area and Huay Kaew Road.  “Student-type” apartments near the University are very popular and comfortable while condos along the riverside are usually highly expensive and mostly preferred by Japanese residents.

Market Outlook in Chiang Mai

Overall residential properties in Chiang Mai are considerably cheaper than those in Bangkok and Phuket. Nevertheless, in line with its prospering tourist industry and the overall growth of the economy Chiang Mai has experienced important increases in house prices . The increasing development and growing popularity of the city as an attractive tourist destination has had an impact on every aspect of Chiang Mai’s economy. Real estate market has not been an exception. These increments in prices are more evident within the city, especially around the riverside,  the night market and the popular Nimmanhaemin areas. This strong demand causes  a  rising land scarcity.  However it still can be said that  residential properties in Chiang Mai still offer a good value for the money. At least when comparing to most Western countries or even other parts of Thailand.