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Chiang Mai is known for its slow life and, like most things in the city, it took a while for the local real estate market recovery to get started. Demand for both houses and condo units was relatively flat in the first quarter of 2022. The situation improved during the second quarter with noticeable growth finally occurring in the third quarter.
While a recovery began later than what was seen in other tourist destinations in Thailand, such as Phuket and Samui, there was a reason for this. Chiang Mai is reliant more on visitors from Hong Kong and mainland China with these locations served by direct flights. This meant the first wave of arrivals largely bypassed the region to start the year.
However, the situation has improved and that is something that bears out in the increase in Chiang Mai residential real estate demand during the most recent quarter. Interest in housing, such as detached homes, townhomes and villas, rose significantly over this time in a sign that buyers are now more confident in the local economic outlook.
All housing price points saw a significant boost in demand during the third quarter with residences priced at THB3 million and less garnering the most attention. That being said, interest did not cluster towards the low-end of the market. Houses across the THB3-20 million range all received a noticeable number of inquiries via the Dot Property Group network of websites.
It is a different story for the Chiang Mai condo market where demand is almost exclusively focused on units at the THB3 million and below segment. This is especially true when it comes to domestic interest with inquiries received for those properties being five times higher than the next highest segment.
A lot of that, of course, is related to the city’s supply. Condo units are cheaper in Chiang Mai than other parts of Thailand due to a number of factors. While there may be some demand for more high-end properties, there does not seem to be enough support for developers to heavily invest in this segment.
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