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Learn more about the Chiang Mai property market through trends and average prices.
Chiang Mai is surrounded by misty mountains and filled with color, an adventurous place for travelers, filled with art, beautiful places to relax, drink amazing coffee or shop ‘til you drop.
Chiang Mai is the capital of mountainous northern Thailand. Thailand’s second major city was founded in 1296, previously the capital of the Lanna Kingdom until 1558, which included parts of modern-day Myanmar and Laos. It centers around an Old City area and still retains remnants of the ancient wall and moat from its history as a cultural and religious center. It’s also home to hundreds of elaborate Buddhist temples, some of which are 600 years old.
Whilst packing the punch of a modern city in terms of sites, restaurants and things to do, geographically the main parts of the city are all within a short distance and easy to access earning the city the description of having a village feel.
Chiang Mai has property to suit all investment needs. Condominiums and townhouses are focused in the city center and houses spread out into the 3 ring-roads that locals break the city down into. When we opened up Chiang Mai we didn’t realize how far spread out it is, but some people want the quiet life with mountain and rice paddy views from their houses, which are easy to find a bit further out, and some people want an inner-city condo, so they all exist to suit different needs.
For those looking at holiday home with investment potential, some developers have guaranteed returns attached to new properties including time allocated for you to stay there. This is available for condo’s or houses it is an immature concept in Chiang Mai so there aren’t a huge amount of options, but there is a buoyant rental market and if you buy through Fazwaz with the intention of renting we take extra special care to make sure that happens.
There are a few luxury condo buildings around the city center with prices under half of that in Bangkok with similar quality.
Every type of house is available around the city from modern starter homes to high-end mansions with everything in-between.
Inside the first ring-road is the city center, however, some newcomers to Chiang Mai will think The Old City is the city center. We rarely have property for sale in the old city as it is mainly touristic there. Close-by Nimman could be considered the New City and has a lot of condo options there and surrounding. If you are looking for a condo with mountain views the area near to Nimman is good as the famous Doi Suthep Mountain is on the west side of the city.
There are two more popular areas within the city center for condominiums these are the area next to the Night-bazaar and Central Festival shopping mall. All have access to everything you would ever need.
For houses there is a more diverse landscape, however, unlike other cities, there doesn’t tend to be more upmarket suburbs in Chiang Mai, rather pockets where bigger houses may exist within the established areas. As we described earlier the city is broken down by locals into 3 ring-roads, and a lot of the houses are outside the first. Clockwise from 10 o’clock, the popular areas are Mae Rim, San Sai, Doi Saket, San Kamphaeng, Saraphi, and Hang Dong. There are amenities and sub-divisions within all of these areas, and any properties we list on Fazwaz will be in a great area for foreigners to live.
If you are buying for investment purposes the city center or as close to is recommended but not necessary for the right property.
Northern Thailand is cooler than the south in all senses of the word. The people are more laid back, and so is the lifestyle and pace of life. With a population under 500,000, there is a community sense where foreigners and locals are very mixed, local events are visited by all, like the world famous Yee Peng lantern festival, which coincides with the Thai Loi Krathong festival. The whole Thai family is in attendance mixed with expats, retirees, and backpackers to release lanterns into the sky bringing good fortune for the year ahead.
The city is full of galleries and coffee shops to relax in. Or you could take a trip to one of the lakes within 5km of the city center and spend the day lazing away in a bamboo hut being served local Northern Thai cuisine.
For a more generalist lifestyle, the city is also home to 4 big shopping malls with all the latest fashions, department store, and many big supermarkets catering to local and western tastes.
Nature. Chiang Mai is surrounded by mountains, flora and has resorts and attractions in all directions to never get bored. Visit some elephants in a sanctuary, or take a bamboo raft down the river, these are 2 of the many day trips available to travelers and city-dwellers alike. Doi Inthanon – Thailand’s highest peak is but 50 minutes from the city and is surrounded by waterfalls.
Trends vary from area to area in Chiang Mai, however, the average sales price has been rising 10% per year for condominiums in the city and around 5% on the outskirts according to Colliers International for the past 2 years now.
Chiang Mai is one of the cheapest major cities for living in Thailand and that includes property prices. The average price of THB 48,620 per square meter is under half of the national average in major markets.
New condominiums are around 100k SqM in the city center, whereas Bangkok commands around 400k SqM for its new luxurious building developments.
Chiang Mai was named the world’s second healthiest city (behind Paris) to visit by Travelsupermarket.com. Ranking measured the number of green spaces/parks, gyms, spas, and vegan restaurants in cities. It also measured the number of yoga studios, sunlight hours and cost of a stay. All of which are relevant too if you’re a foreigner living in Thailand, you’re here for that vacation-lifestyle.
It is no secret that Chiang Mai is a popular destination for foreigners. With its scenic mountains, vibrant culture, and laid-back lifestyle, it is little wonder that so many people are drawn to this charming city. But what about those who want to make the move permanent? Can foreigners really buy property in Chiang Mai?
The answer is yes! While there are some restrictions in place, foreigners are generally allowed to purchase condos and apartments in Chiang Mai. There are even some developments that are specifically designed for foreign buyers. So if you're dreaming of owning a piece of this idyllic city, it's definitely within reach. Just be sure to do your research and work with a reputable real estate agent to ensure a smooth transaction.
When it comes to real estate investment, there are a lot of factors to consider. Location is one of the most important, and Chiang Mai is definitely an attractive location for many reasons. The city is relatively small but has a lot to offer in terms of culture, cuisine, and natural beauty. It's also become a popular destination for retirees and digital nomads in recent years.
Another important consideration is the property itself. Is it in good condition? Is it located in a desirable area? In Chiang Mai, there are many beautiful properties for sale, both new and old. There are also a wide range of prices to choose from, so it's possible to find something that fits your budget.
The market in Chiang Mai is definitely hot right now, so if you're thinking about investing in property, it's a good time to do it. Of course, as with any investment, there are risks involved, but if you do your research and choose wisely, buying property in Chiang Mai can be a very wise investment indeed.
While Chiang Mai is a popular destination for tourists and expats, it is also possible to purchase property in the city without citizenship. There are a number of reasons why someone might choose to do this, including the potential for rental income or the desire to retire in a beautiful setting. Whatever the reason, it is important to be aware of the process and requirements involved in buying property in Chiang Mai as a non-citizen.
The first step is to find a reputable real estate agent who specializes in assisting foreign buyers. It is also important to consult with a lawyer who is familiar with the Thai Property Act, as there are some restrictions on ownership for non-citizens. Once you have found a suitable property, you will need to obtain a Foreign Exchange Transaction Form from your bank. This form must be completed and submitted to the Bank of Thailand within 7 days of the purchase. Once the sale is complete, you will be able to register the property in your name and obtain a Title Deed. While there are some additional steps involved in purchasing property as a non-citizen, it is certainly possible to do so with careful planning and preparation.
It is not surprising why Property in Chiang Mai is very popular amongst foreigners as the city offers a great quality of life, with a cooler climate than the rest of Thailand, scenic mountains and countryside nearby, and a more laid-back atmosphere than Bangkok. It is also home to a number of international schools and hospitals, making it an ideal location for families. When it comes to purchasing property in Chiang Mai, there are a number of things to consider. Firstly, decide which area of the city you would like to live in. Popular areas amongst foreigners include the old city and Nimmanhaemin Road. Once you have decided on an area, research the prices of different properties for sale in that area to get an idea of what your budget will need to be. With careful planning and research, you are sure to find the perfect property for you in Chiang Mai.