While housing prices soar in places like Singapore, Hong Kong and Mainland China, Chiang Mai offers condo prices that are incomparably cheap.
In fact, in comparison with Bangkok, Chiang Mai is still considered cheap.
The city is fairly big and hosts many foreigners, who want to enjoy a greater quality of life, for a fraction of the cost in their home countries.
In this article, I explain how you can buy a condo in Chiang Mai, one of the cultural and green centers in Thailand.
Chiang Mai’s real estate market
While the property market grows quickly in Thailand, you need to choose your investments wisely, buying in the right areas.
Some people say that Thailand’s real estate market is booming, mainly due to investments from other Asian nationalities.
But there’s a difference between an export driven economy that is booming, and a real estate market that is booming
Usually, they should go hand in hand.
Thailand had its chance to develop into an economy that, at least, would equal to that of Malaysia’s. It boomed in the late 80’s and through the 90’s and was even anticipated to become the next Japan.
Other Southeast Asian countries are advancing
The Southeast Asian countries that are booming economically now are mainly: Vietnam, Cambodia and the Philippines. Indonesia is also doing well.
Thailand had its chance, prices rely mostly on foreigners, looking for lifestyle property in resorts, or investments in Bangkok.
Though, wealthy local investors (often from Bangkok) also decide to buy property in cheaper and less crowded areas, like Chiang Mai.
Chiang Mai is a cultural center and one of the biggest cities in Thailand. Property prices are around half as expensive compared to Bangkok, which are still considered cheap.
It’s more relaxed and closer to many Chinese cities, you’ll also be able to escape the Bangkok heat and its congested roads.
Nowadays, you’ll not only find backpackers who want to explore this cultural heritage, but also expats with families and retirees that can enjoy a greater quality of life.
Which nationalities invest in Chiang Mai?
Chiang Mai attracts a big portion of property buyers from Hong Kong, Mainland China and Singapore (not to neglect a big chunk of young people and retirees from Australia, Europe and the US).
I have friends in Sweden who used to play online poker in their early 20’s, spending 6 months or so in Chiang Mai. It’s a mecca for digital nomads.
With property prices that are way cheaper compared to those in Hong Kong, for example, Hong Kongers are fine with the fact that their property might not appreciate with a two digit figure each year.
They simply need to look for other investment options, as properties back home has skyrocketed.
Where to buy a condo in Chiang Mai
Below I’ve listed two of the most popular places for foreign property buyers.
Buying a condo near Nimmanhaemin road
Nimmanhaemin is one of the hippest areas in Chiang Mai, you’ll not feel bored here.
The area is famous among foreigners, when magazines explain why Chiang Mai is one of the most liveable places in Asia, they rarely don’t mention this place.
You’ll be sure to find everything from bars, cafés and shopping.
Nimmanhaemin condo prices
Nimmanhaemin is one of the most sought after areas, so maybe it doesn’t come as a surprise that the property prices are a bit higher.
However, you can still buy a 1 bedroom unit in a condo for as little as THB 1,000,000 – 2,000,000 (USD 30,000 – 60,000).
If you want to buy a 2 bedroom unit with 2 bathrooms, prices start at around THB 3,000,000 (USD 90,000).
Buying a riverside condo
Areas close to Ping River are less noisy compared to Nimmanhaemin and more suitable for families.
But you’ll have no issue getting to the areas “where it happens”, within a short distance.
One of the great benefits of having a unit in a condo at Ping River is that you can enjoy the great sceneries of the mountains and the river.
Price of a riverside condo
A 1 bedroom unit at Chiangmairiversidecondo starts at THB 1,250,000 (around USD 40,000).
For a spacious 2 bedroom unit with 2 bathrooms, prices start at THB 4,000,000 – 5,000,000 (USD 120,000 – 150,000).
Real estate agents in Chiang Mai
Some of the most popular real estate agencies in Chiang Mai are:
- Perfect Homes Chiang Mai
- Vauban Real estate Chiang Mai
- Sky Breeze condo
Do your research thoroughly and ask for previous case studies and testimonials to assure that you find a serious real estate agent.
Chiang Mai is one of the most popular cities for foreign property investors, mainly Hong Kongers and Mainland Chinese people buy here.
Bangkok is probably the best place to invest in Thailand, but you should not overlook Chiang Mai that offers condo prices that are considerably cheaper.
You’ll have no issues getting around in Chiang Mai, if you buy a condo with a great scenery over the mountains, you can still reach the bustling areas by foot.
Chiang Mai also receive major developments in its infrastructure and transportation system, connecting it to other nearby provinces.
This will make it easier for tourists to travel to Chiang Mai, which naturally drives up the demand properties.
If you want to read more about foreign ownership and how to buy property in Thailand, I recommend you to read this guide.