Chinese investors have been looking toward Chiang Mai for their next real estate purchases as the city’s tourism sector continues an overall rapid growth and in turn, an increase in second-home property buyers. The tourism boom that Chiang Mai has received in the past five years is partly due to an influx specifically in Chinese visitors who now see Thailand as a destination that’s less expensive than, but as equally trendy as the traditionally popular destinations of Singapore or Hong Kong.
In 2011, Chiang Mai became one of the only major destinations in Thailand that was not severely affected by flooding and thus became a top destination for foreign real estate investors in China. Even more rapid growth in tourism began when the northern city became a nationally recognized destination from being featured in the Chinese-language movie “Lost in Thailand,” China’s second highest grossing film of all time.
Although the political situation in Thailand has in fact slowed tourism in recent months, it has also slowed new development projects in Chiang Mai which will only improve supply and demand. With the coming ASEAN integration, Chiang Mai is attracting Chinese investors who see strong potential with the future economy. Additionally, the future Chiang Mai-Chiang Rai motorway will connect southern China directly to Thailand as well as Laos and Myanmar, making Chiang Mai a convenient place for real estate owners looking to rent out properties to incoming Chinese tourists.
