A 2013 report by Collier International (Thailand) reveals that the Chiang Mai condo market is booming again after more than a decade of stagnation. The price of land has subsequently risen. According to the Land Department, more than 6,000 of the units in Chiang Mai have been launched in the last two years, and one-bedroom units make up the majority of the supply.
The city, which is the main business and educational centre for northern Thailand, was a popular location for condominium development in the 1980s and 90s, but that growth ground to a halt as a result of the 1997 financial crisis. As land has been available at a reasonable price in and around Chiang Mai, condominiums have traditionally not been the most popular form of development in the city.
These days, large-scale developers and investors flock to the city, with several condo and commercial developments completed or launched in current quarter. Listed developer Land & Houses recently introduced its latest condominium project, North 4 Chiang Mai. A 69-unit condo near Chiang Mai’s airport, North 4 starts at THB 1.95 million per unit.
New condo projects between Singaporean and Thai partners have also been announced this month. They include Floral Parc Residences, with three blocks of seven-storey buildings worth THB 300 million each, near the Royal Flora Ratchaphruek; and Rooms@CMU, a condominium near Chiang Mai University with 148 units worth THB 300 million. In addition, a new retail and lifestyle complex, Maya, recently opened to much fanfare.
The above projects reflect the growth in wealth among the younger set, including young professionals and students. Chiang Mai province is home to a large number of universities with more than 100,000 students in total, for whom buying a condominium is often more attractive than renting an apartment, Collier International said in its research.