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Property in Chiang Mai – property buyers' guide
Buying property in Chiang Mai is a surprisingly rewarding option, since money goes such a long way here and there is plenty of choice. You may not get the jet set crowd of Samui or the views of Phuket, but the city is proving popular for owner-occupation. Property in Chiang Mai equally encompasses the house and condo market. Buying land as an investment happens less as the growth areas are all in developed urban areas. Recent developments, such as the Night Safari and Flora Expo grounds in Mae Hia have created a rush of speculation, but usually expectations far outstrip the reality of the market demand. Quite often, in such situations it pays to ‘look the other way' and focus on the quieter suburbs. In Chiang Mai property is modestly priced with land in the leafy suburbs near the university going for roughly 15,000 baht per talang wa (2006), while areas on the outskirts of the city district are priced at 7,500 baht per talang wa. Many prefer to locate much further out among the pretty rice fields of Doi Saket and Mae Rim where it can be as little as 5,000 baht per wa. With property in Chiang Mai, Thai buyers have some common typical traits and prefer the convenience of being beside busy highways, or in secure projects, meaning less competition for those nice quiet places down a country lane. Condos, on the other hand are mostly situated downtown, along the river or along Huay Kaew road near the trendy Nimminhemin street. They form a significant part of Chiang Mai property. The city condos have long passed their ‘sell by date', while those along the river are extremely expensive and favoured by Japanese residents. The largest concentration is within easy reach of Kad Suan Kaew mall and Nimminhemin. Others closer to the university are also popular and comfortable, but the largest proportion are of the student dormitory kind. Twin Peaks, near the Night Market, has set a new trend in luxury condos in the city, but the market growth in this sector remains ‘tentative'. Those who are able to buy land (usually spouses of Thais) prefer to buy houses or build, as this presents the best value for property in Chiang Mai. Building materials and construction are cheap. A large plot, big enough for a garden, is quite affordable and the option is increasingly popular in this town. The alternative to risking self-build in an unfamiliar environment is to buy into one of the many popular housing projects. Some of these are astonishing in their quality and orderliness, but there is a premium equal to nearly 50 per cent more, for the prestige that the Thai middle class buyers associate with living in these modern ‘gate communities'. Chiang Mai property has dozens of agents, some with good reputations for satisfying foreigners demands. Others tend to waste your time, trying their luck on all sorts of unsuitable houses. It is worth being patient and familiarising yourself with the various suburbs and dimensions of the city before buying. There is also quite a range in value-for-money and new arrivals should first get a more realistic idea of what's on the market before throwing lots of cash around. Chiang Mai property investors guide |
