Bangkok Airways has officially recognized Chiang Rai as a city destined for development in Thailand and has positioned the small northern city to experience a tourism boom by creating a new flight from Chiang Mai. The flight will carry 162 passengers twice per week on an Airbus A320.
Because of Chiang Rai’s location being the northern-most city in the country, it serves as a gateway for bordering countries of Laos and Myanmar, as well as some parts of China. This existing gateway was already expected to become a well-worn path once the ASEAN integration happens, but now that the city will become even more accessible than ever before, Chiang Rai will become not only a point to pass through but a destination on its own.
What does this mean for real estate? One of Thailand’s biggest driving factors from gaining international investors are tourists-turned-expats who visit the country and realize the value and appeal of real estate investments. Throughout the country’s history, villages that attract tourists have been the first and/or fastest to grow. Hua Hin for example, began as a tourist destination targeted toward Bangkok’s elite who thought that if the resort were good enough for the Royal Family, it was good enough for them. It was Thailand’s very first beach resort destination and is today one of the country’s leading real estate markets.
Now, as Chiang Rai grows its tourism, developers and investors should be keeping a closer eye on the market.
