Chiang Mai is the largest city in the northern region of Thailand. With a current population of approximately 1.5million, it serves as the capital of the Chiang Mai province and is a major economic hub for this region of the country. For those looking to invest in property or live in Chiang Mai, the city offers a fantastic mixture of traditional Thai culture, together with modern developments and infrastructure.
In past years the city has seen great development and there is a healthy supply of low to mid prices condos together with high-end exclusive residences. The city is simply booming and there is definitely a large opportunity for investment. If you are considering investing in Thailand real estate, the below will provide an overall outlook on what you can expect from developments in Chiang Mai, and which areas provide suitable properties for sale and rent.
Which areas of Chiang Mai offer great investment opportunities?
This area is close to the university and is considered to be a trendy neighbourhood. Due to its fantastic reputation, Nimmanhaemin has a number of quality restaurants, cafes and bars, but also plenty of wonderful condos and new property developments.
The Old City
Chiang Mai is built around the old city and whilst this area is extremely touristic, there is still a range of reasonably priced properties. This area has the greatest concentration of traditional temples and is great for sight-seeing. In terms of property, you can expect a blend of rental houses, and serviced apartments. Although the quality and luxury are not as apparent here, there is still potential to find a real bargain.
This is a neighbourhood that is seeing a huge amount of development and should be an excellent area for investment. Located in close proximity to Nimmanhaemin, Santitham has great accessibility and also features a plethora of markets and eateries. You can find a range of condos and apartments here for reasonable prices.
Another thriving area of Chiang Mai, Lang Mor has nightly food markets and a bustling night life. Whilst this area has a large concentration of student apartments, there is also a brilliant selection of budget rental properties and condos.
Other popular residential areas include Naa Mor, Jed Yod, Wat Ket and Wualai. In general, the property types are well dispersed and most regions of Chiang Mai offer a good selection of condos, houses and villas.
What can you get for your money?
To gain a firm understanding of the types of property and their value available in Chiang Mai, the following list demonstrates some of the current average prices. Please be aware that this is an approximation – you may be able to find a condo for example with a higher spec for less money. We have split the property types into condos, houses and villas – these are generally considered to be three of the most popular types of property available in this city.
Condos in Chiang Mai
Budget – 1 Bedroom studio – 550,000 to 1,500,000 THB – 30sqm
Mid-range – 1 or 2 Bedroom studio – 2,000,000 to 4,000,000 THB – 30sqm+
High-end – 1 or more Bedroom luxury studio – 5,000,000 to 8,000,000 THB – 58sqm+
Splurge – 1 Bedroom plus luxury apartment – 15,000,000+ – 100sqm+
Houses in Chiang Mai
Budget – 2 Bedroom unfurnished detached house – 1,600,000 THB – 85sqm+
Mid-Range – 2 or 3 Bedroom town house – 2,500,000 to 4,500,000 THB – 100sqm+
High-end – 3 bedroom plus villa – 5,000,000 to 8,500,000 THB – 200sqm+
Splurge – 3 bedroom plus deluxe house (potential pool) – 15,000,000+ – 400sqm+
Villas in Chiang Mai
Mid-Range – 1 bedroom plus detached villa – 2,600,000 – 80sqm+
High-end – 3 bedroom detached villa – 5,500,000+ – 150sqm+
Condos are undoubtedly the most readily available type of property and offer the cheapest investment options. From as little as 550,000 THB you can purchase a condo in a great location – these are not the biggest type of property by any means, but they sell quick and are hugely popular.
With favourable prices, a fantastic range of quality developments and a strong property market, Chiang Mai is undoubtedly a great place to invest. How does Chiang Mai compare to Bangkok?
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