Chiang Mai property market booming, REIC study finds
The property market in Chiang Mai is enjoying strong growth thanks to demand from both local buyers and large investors, according to research by the Real Estate Information Centre (REIC).
According to the study, there are currently 241 residential projects on the market in Chiang Mai with 22,650 units. The projects comprise 208 single-detached housing projects with 19,150 units worth Bt56.8 billion and 33 condominium projects with 3,500 units.
Of the single-detached housing projects, 11,500 units, or 60 per cent, worth Bt32.6 billion, have been sold. Popular locations for single-detached houses in Chiang Mai include San Sai, Hang Dong and Doi Saket districts.
The study found that the most popular price range for single-detached houses in Chiang Mai is Bt1 millionBt1.99 million per unit, followed by units ranging from Bt2 million to Bt2.99 million.
The most popular location for condominiums in Chiang Mai is Muang district, home to 3,500 units. Demand is particularly strong for one-bedroom units with utilisation space of 3135 square metres priced at between Bt1 million and Bt2 million.
Chiang Mai is one of the main investment destinations for the top10 listed property developers including Supalai, Quality Houses and Land & Houses.
