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Pa Daet, Mueang Chiang Mai, Chiang Mai
Chiang Mai is a city located in the mountainous northern region of the Kingdom of Thailand. Originally developed in 1296, it was the capital of the independent Kingdom of Lanna until 1558. The “Old City” area of Chiang Mai still retains vestiges of a time gone by with historic walls and moats from its history as a capital city during feudal days. Chiang Mai is also home to hundreds of elaborate Buddhist temples, including 14th-century Wat Phra Singh and 15th-century Wat Chedi Luang, adorned with carved serpents.
The city is approximately 700 km north of Bangkok and contains some of the largest mountains in Thailand including Doi Suthep and Doi Inthanon, the two tallest in the nation.
Chiang Mai has a strategic location set along the Ping River, a major tributary of the Chao Phraya River, contributing to its historic importance that continues today.
Condo & apartment projects types
Chiang Mai is a much more welcoming place for many expats when compared to Bangkok for example. With a population of over 8 million, Bangkok is a massive city. Chiang Mai on the other hand, despite being the second largest city in Thailand, is home to a significantly smaller population of around 1 million. The city takes only 20 minutes to drive from one side to the other so it is more compact than the sprawl that is Bangkok.
You won’t find the same traffic congestion, heat and emissions based air pollution as you would in Bangkok. The pace in Chiang Mai is much more relaxed, often attracting artists and musicians more than the fast-paced business types that reside in Bangkok. There are also many historic sites, with well over 300 temples scattered across the city, which is surrounded by mountains and valleys so it is much more natural in appearance than its Capital City counterpart, Bangkok. The real estate market is also, as a result, much more affordable and contains many options. Let's review some various types of condo and apartment types in the region.
Low-End Condo
Chiang Mai has some great low-end condos which may be quite appealing for individuals who want to have permanent residence in Chiang Mai. These condos are typically smaller in overall square meters and not necessarily intended for family use. That said, when viewing these condos under the term “low-end,” it should not be considered a disparaging term.
Many of these condos are furnished with modern appliances and comforts. They are simply at the lower end of the price scale because they are usually studios or smaller 1 bedroom units and not situated directly on the mountain side, yet many may still be a simple walk to the shops and even modern enough to use as a home or a rental unit.
These low-end condos can offer remarkable market value for the money, especially for foreigners with price constraints. Many freehold condo developments on the island offer studios or one bedroom units that can sell for under 2 million baht. Take a look at some lower end condos for sale in Chiang Mai powered by FazWaz here:
Apartments
Although the vast majority of newly built projects in Chiang Mai are condominiums, some offer only apartment style ownership. The two may look identical, but condos and apartments are very different legally.
Freehold condominiums allow the Non-Thai National permanent ownership of the unit (not the land below it), whereas apartments are sold as a leasehold only. The leasehold of an apartment is for a maximum of 30 years, with the possibility of renewing the lease 30 years a maximum of two terms totaling 90 years. Take a look at some apartments for sale in Chiang Mai powered by FazWaz here:
Townhouses
Townhouses and Shop houses are quite common in Thailand, and Chiang Mai is no exception. They are found mostly in the suburbs surrounding Chiang Mai city and bordering many major roads.
A typical townhouse is usually a terraced structure with two or more stories and the Thai variation on this is known as a “shop houses” because they typically have a shop on the ground floor, with living quarters upper floors and are typically 3 stories.
Foreign buyers, especially those with a Thai spouse or families looking to live near higher-density areas find these properties quite appealing. With a smaller footprint, taxes are lower, yet these shop houses are spacious and provide the opportunity to generate income from the shop as a foreigner can easily open a small business in its lower level so long as there are at least two Thai shareholders. Take a look at some Townhouses for sale in Chiang Mai powered by FazWaz here:
Resort Style Condominiums in Chiang Mai
In most cases, a foreigner in Chiang Mai will opt for a freehold condominium. These developments are typically newer projects and being freehold, are able to be outright owned, meaning there is far less bureaucracy to deal with.
These medium-to-high end resort style condominiums are typically priced between 3 million and 15 million baht, depending on location, floor space and amenities. These modern developments will often provide common areas of interest such as a café, fitness center, and swimming pool.
Additionally, offering a guaranteed income on the unit for the first few years, developers can attract investors seeking an opportunity, rather than a place to live. As a result, many condo owners do not live in Chiang Mai, but rather, rent their property for a length of time. Take a look at some Resort style condos for sale in Chiang Mai powered by FazWaz here:
Chiang Mai’s Low and High Density Estate Houses
A popular option with middle class Thai nationals and foreigners with Thai spouses and families are housing estates. These estates are usually gated communities, in the suburbs where land is plentiful. A typical estate is a three-bedroom house atop a plot of land with space to garden or to install a swimming pool. Some developments are lower-density areas with larger properties and larger gardens whereas others are high-density and reside among other property types but still provide privacy within the compound with ease of access to the local neighborhood.
CLuxury Freehold & Penthouse Condominiums in Chiang Mai
Property developers understand the feeling of exclusion and the uncertainties that results when foreigners are unable to own land in Thailand. As a result, freehold luxury condominiums are increasing in number.
With gorgeous mountain views, renowned developers, and first class property management, these projects offer everything a buyer with capital could want in Chiang Mai. Some of these freehold properties resemble a villa, while others, a luxury penthouse, complete with a rooftop garden, terrace and private pool.
As these luxury condos are often a part of a complex, they offer a range of common area facilities, such as a fitness center, restaurants and grocer. The developer may also offer rental guarantees for the investor. Take a look at some Resort style condos for sale in Chiang Mai powered by FazWaz here. We have gathered some top projects for you here:
The best investment projects in Chiang Mai
Chiang Mai has seen a tremendous amount of investment in infrastructure over the past decade and now boasts one of the largest numbers of modern shopping malls outside Bangkok, making it a shopper’s paradise for tourists and locals alike. The city is also home to over 100,000 students at any one time, attending one of the ten universities in the city. This means there is a booming rental market providing accommodation to those studying in the city. The parents of many students studying in the city are also buying condos for their children, which is another element that is leading to constantly growing prices in the area.
Chiang Mai is constantly benefiting from new, modern facilities and infrastructure, including a large selection of shopping malls.
There is also strong rental demand at the upper end of the property market as Chiang Mai is one of the largest industrial centres in Thailand due to its close proximity to neighboring countries. Unemployment in the city is less than 1%. Many of the manufacturing plants in the area have foreign managers who are in constant need of high-quality housing options.
The large amount of investment in Chiang Mai is not likely to end any time soon. Planned over the next few years are a THB 100 million expansion to the city’s airport, a high-speed railway link which will pass through the city connecting Bangkok to China, plus a new motorway link to Chiang Rai. This new route will connect the city to the R3A highway connecting Southern China, Laos, Myanmar and Thailand.
Chiang Mai is well-positioned to become a major business centre of the ASEAN Economic Community, where the city will serve as a major gateway for neighbouring countries. It is easy to reach Chiang Mai easily and cheaply by air, as many budget airlines fly to the city, including Nok Air, AirAsia and Thai Smile which offer domestic flights inside Thailand, with other international carriers servicing the city’s airport, including Dragonair from Hong Kong and China Eastern from China.
Latest off-plan projects launched in Chiang Mai
Off Plan projects are properties that are yet to be built, but have a very high risk and reward ratio. You can receive the optimal deals for an upcoming project when compared to an existing property or secondary property market. That is because developers want to ensure the projects completion and thus will provide excellent incentives to contribute to the success of the project. Being that is it a high risk and reward sector, you should take the time to investigate the company’s track record when it comes to Off Plan projects as a general rule. This is an area where our partners at FazWaz will be able to help you investigate a potential Off Plan property for the optimal conditions when you’re ready to invest.
Likewise, when buying privately you need to have the house properly inspected for latent defects and ensure the area is not liable to noise, unchecked development and other chronic factors that might devalue a house or affect the environment.
In an effort to familiarise yourself with the Chiang Mai property market, it’s advisable to spend some time ‘observing’ the market before investing in property in Chiang Mai. This process usually involves recruiting the services of more than one estate agent and letting them act as your property market eyes and ears.
When deciding on an area of the city to invest in there are many factors that should be taken into consideration. One of the most important things is to check the location’s proximity to the airport. The areas immediately north and south of the increasingly busy Chiang Mai Airport suffer from noise pollution, which will affect the property’s value retention and potential resident’s quality of living. Traffic, on the other hand, is seldom a major issue and even the remoter and quieter suburbs, preferred by foreign tenants, are no more than 20 minutes from the city centre. Below are 5 Off-Plan projects recommended by FazWaz and all the steps in the Off Plan process so you are more aware of how and when to invest.
Step 1 - Selection of the unit and agreement of the contractual terms
On average, developer pricing is fixed so it is important to be aware of the position of the unit in the project and what features and amenities it has to offer.
Step 2 - Reservation Agreement
The reservation agreement will take the unit off the public market to be reserved under your name and provides an outline with the purchasing terms and timelines involved with the investment.
Step 3 - Reservation Deposit
Payment of the reservation deposit will ensure the unit is removed from the open market. Some developers may vary in this fee depending on the unit or the market at the time, but on average this is about 2% of the total purchase price. Some deposits are refundable provided the buyer follows the best practices and due diligence. Always be sure to work with a reputable developer with a history of completing projects and insist on receiving a payment slip for the transfer.
Step 4 - Sales and Purchase Agreement
The purchase agreement, with a 30 day review period, states the terms and conditions of the sales and purchase of the project. The Agreement should outline the planned completion of the project as well as each benchmark to be met along the process of construction.
Step 5 - 1st Contract Payment
The first payment which typically can range anywhere from 20% to 40% of the purchase price is made in this step. For non-residents, this fund must be transferred into Thailand from an overseas bank account.
Step 6 - Payment Installments
The schedule of payments will be outlined throughout the building cycle. Typically, at each milestone in the construction of the project, payment of a prearranged percentage of the sale is to be made.
Step 7 - Snag List
A snagging list is a list of all the problems, or “snags” a unit has prior to being handed over to the owner that must be addressed such as any defects in the property. This stage must be completed 2 to 3 weeks prior to the handover.
Step 8 - Transfer
When the development is complete, the owner will pay the remaining balance and the keys will be issued. One is not required to live in Thailand at the time of the handover as many investors will hire a third party to do this on their behalf.
New super luxury condo & villa projects in Chiang Mai
Chiang Mai has seen a tremendous amount of investment in infrastructure over the past decade and now boasts one of the largest numbers of modern shopping malls outside Bangkok, making it a shopper’s paradise for tourists and locals alike. The city is also home to over 100,000 students at any one time, attending one of the ten universities in the city. This means there is a booming rental market providing accommodation to those studying in the city. The parents of many students studying in the city are also buying condos for their children, which is another element that is leading to constantly growing prices in the area.
Chiang Mai is constantly benefiting from new, modern facilities and infrastructure, including a large selection of shopping malls.
There is also strong rental demand at the upper end of the property market as Chiang Mai is one of the largest industrial centres in Thailand due to its close proximity to neighboring countries. Unemployment in the city is less than 1%. Many of the manufacturing plants in the area have foreign managers who are in constant need of high-quality housing options.
The large amount of investment in Chiang Mai is not likely to end any time soon. Planned over the next few years are a THB 100 million expansion to the city’s airport, a high-speed railway link which will pass through the city connecting Bangkok to China, plus a new motorway link to Chiang Rai. This new route will connect the city to the R3A highway connecting Southern China, Laos, Myanmar and Thailand.
Chiang Mai is well-positioned to become a major business centre of the ASEAN Economic Community, where the city will serve as a major gateway for neighbouring countries. It is easy to reach Chiang Mai easily and cheaply by air, as many budget airlines fly to the city, including Nok Air, AirAsia and Thai Smile which offer domestic flights inside Thailand, with other international carriers servicing the city’s airport, including Dragonair from Hong Kong and China Eastern from China.
Condos are the most popular property option for those buying in Chiang Mai, since it’s not possible for non Thai nationals to own land. The increase in foreigners choosing to live in Chiang Mai has resulted in the appearance of many large and modern condo developments in the city in recent years.
Many of these buildings have been designed with Western preferences in mind and up to 49 per cent of the building can be under foreign ownership legally. They are luxurious, appeal to foreigner tastes, and are professionally managed. In recent years, a dozen or so new buildings with several hundred units have been built/are under construction, offering plenty of choice when buying apartments in Chiang Mai. Unfortunately, the decline in favourable exchange rates of the pound, the euro and the dollar have eroded their value for money.
The biggest growth in Chiang Mai real estate from an investing perspective is the emergence of a luxury condo sector. Initial developers had success based on the burgeoning numbers of foreigner retirees settling in Chiang Mai, prompting a flood of other buildings. Some have run into problems for various reasons, including inexperience.
The recession and falling value of dollars, pounds and euros against the baht have slowed demand considerably, resulting in an over supply. Since these condos can be owned outright by foreigners, this remains the most popular means of investing in Chiang Mai property and real estate.
While there are a number of new condo property developments worth investing in throughout Chiang Mai, there are also many buildings that went bankrupt from the 1997 economic crash that have been cast off by the Thai property market. These condo units can be attained at bargain prices and could prove to be a lucrative investment for the large foreign investor, or the individual investor looking to turn a quick profit.
Chiang Mai real estate market and trends
The boom on the Chiang Mai property market started at the end of 2011 following the flooding in Bangkok. This led to middle class Thai buyers to start looking outside the capital for second home locations as possible ‘bolt holes’ in case of a recurrence of this situation. More recently, there has been strong interest in Chiang Mai real estate from international buyers, especially buyers from mainland China. Chinese buyers started taking a strong interest in the city after being the location of the smash hit movie, Lost in Thailand, which was the most popular movie in China during 2012. In 2013, the number of Chinese tourists visiting the city increased exponentially and, upon discovering what an excellent investment buying property in Chiang Mai, many Chinese visitors started investing here. In total, Chiang Mai received 9.6 million visitors in 2016, making the city the fourth most popular city in Thailand based upon tourist numbers.
The net result of all this interest is that Chiang Mai is now one of the fastest-moving real estate markets in Thailand, if not the entire world. So whether you are looking for a holiday or second home in a peaceful, green location – an ideal spot to retire to, or simply an excellent investment opportunity that offers both exceptionally high rental incomes and capital appreciation, Chiang Mai is a location which is going to be very hard to beat.
Neighborhood Overview
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Buy
฿600K - ฿398M -
For Sale on FazWaz
2,018 properties -
Rent
฿4.38K - ฿299K -
For Rent on FazWaz
365 properties
List of Best Real Estate Projects in Chiang Mai
- Amonniwet
- Aqua Villas Chiang Mai
- Arise Condo At Mahidol
- Astra Sky River
- Baan Amorn Nivet
- Baan Suai Lom Suan
- Baan Tambon Tawangtan
- Ban Haw Kham
- Boat Condo
- Burasiri San Phi Suea
- Chayayon Condo
- Chiangmai View Place 2
- City View Tower
- Convention Condominium
- D Condo Nim
- D Condo Ping
- D Condo Rin
- Dcondo Campus Resort Chiang-Mai
- Erawan Condo
- Escent Ville Chiangmai
- Glory Boutique Suites
- Grand Siritara Condo
- Hillside Payap Condominium 9
- Hillside Plaza & Condotel 4
- Hilltania Condominium
- Himma Garden Condominium
- Home In Park
- Karnkanok 1
- Karnkanok 19
- Karnkanok Ville 10
- Koolpunt Ville 15 Park Avenue
- Koolpunt Ville 4
- Koolpunt Ville 9
- Lake View Park 2
- Malada Grand Coulee
- Malada Maerim
- Modern Townhome
- Moo Baan Rung Arun
- Moo Baan Sintana
- Moo Baan Wang Tan
- My Hip Condo
- NaTaRa Exclusive Residences
- Ornsirin 11
- PP Condominium
- Palm Springs Nimman (Parlor)
- Palm Springs Privato
- Pansook Quality Condo
- Park Avenue 15
- Phufah Garden Home 4
- Ping Condominium
- Play Condominium
- Ploenchit Collina
- Punna Residence 1 @Nimman
- Punna Residence Oasis 1
- Rajapruek Greenery Hill
- Rawee Waree Residence
- Riverside Condo Chiang Mai
- Rochalia Residence
- Romyen Place
- Ruankam Tower Condominium
- Sabai Home
- Serene Lake North 1
- Sky Breeze Condo
- Srithana Condominium 2
- Summit Green Valley
- Supalai Bella Chiangmai
- Supalai Garden Ville Airport Chiangmai
- Supanich Condotel
- Terra da Luz
- The 8 Condominium
- The Astra Condo
- The Bliss Koolpunt Ville 16
- The Celio
- The Create
- The Hill Park
- The Laguna Home
- The Masterpiece Scenery Hill
- The NEXT - Jed Yod
- The Next 2
- The Nine Condominium
- The Palm Garden 3
- The Prio Condo
- The Prominence Proud
- The Star Hill Condo
- The Treasure
- Touch Hill Place
- Treasure Prime Condo
- Tree Boutique Resort
- U Prompt
- Village of Baan Rim Naam
- Yoo Homes Kad Farang