The real estate market in Chiang Mai is finally showing signs of recovery, although the demand for residential real estate is still somewhat reduced compared to other places in Thailand. One of the reasons for this is the absence of the main tourists – from Hong Kong and China, which have historically played a key role in the local market.
For the period from January to September 2022, the demand for houses in Chiang Mai from local buyers was 71.8%, and foreign – 28.2%, the demand for apartments in condominiums was 55% from local buyers and 45% from foreign.
In the third quarter, there was a noticeable increase in demand for real estate at a price of less than 3 million baht. At the same time, both local and foreign buyers are most interested in buying real estate in this price segment.
In the rental market, the most popular among foreigners and Thais are real estate at a price of 10,000 to 20,000 per month and from 20,000 to 50,000 per month.