During the first three quarters of last year, the Chiang Mai real estate market began to show signs of life. The study showed that the demand for residential real estate abroad in Chiang Mai increased between the first and second quarters, as well as between the second and third quarters. In addition, 45% of the demand for condominiums during the first nine months of 2022 came from foreign buyers.
Since then, tourists from China have been returning to Chiang Mai, the level has approached the pre-pandemic. This has had a positive impact on the local real estate market, as many developers are considering launching new projects to meet current and future demand.
Foreign buyers prefer apartments in condominiums at a price of no more than 3 million baht. This is a byproduct of the Chiang Mai real estate market, where there are more offers of cheaper real estate designed for tourists who are looking for a holiday home with the potential to rent out.
Not only foreign buyers have become more active in the Chiang Mai real estate market. In Q2 2022, local residents looking for housing became more active, and this momentum continues as tourism grows.
According to the Chiang Mai Real Estate Association, this has increased the confidence of local residents and made them more inclined to make a purchase decision than in previous years. The most popular price among Thai buyers for both houses and apartments were 3 million baht or less.