Ranked as one of the most liveable cities in Asia, Chiang Mai has become one of Thailand’s fastest growing property markets, attracting increasing numbers of both local and international buyers and investors. Real estate in Chiang Mai offers excellent value in both condos and houses, certainly compared to Bangkok or Phuket.
While the market lacks the sophisticated property networks that have boomed in areas such as Phuket, Samui and Pattaya, the Chiang Mai real estate industry has seen significant growth that runs parallel to the city’s progressive economic development. The emergent Chiang Mai property industry is supported by professional estate agents who will provide varying levels of service in the process of buying property in Chiang Mai. In this section we cover the main points, as written by our resident real estate expert.
Renting and buying property in Chiang Mai
Due to a lack of visible industry standards, newcomers to the market are well advised to take their time before shopping for real estate.
Whether you plan to buy, build or rent property in Chiang Mai some advice should be sought since foreigners often don’t have correct recourse to the law in the event of disputes. A professional agent is recommended.
You can rent a lovely suburban house in Chiang Mai for less than US$400 (12,000 baht) per month, buy a cheap condo for $30,000 (under a million baht), and even go right up to a million dollar mansion when searching for real estate here. In recent years, a number of luxury condos have been developed for an increasing number of retiring foreigners, and these are favoured since non-nationals cannot own land in Thailand.
It’s not difficult to find a suitable place, because your budget goes a long way, though not all houses suit Western expectations. Finding a quiet neighbourhood is important, but easy access to the city is generally guaranteed. Rates and taxes are negligible and there aren’t really any bad neighbourhoods or areas.