The past 12 months have been challenging for the real estate sector in Thailand. When it comes to the Chiang Mai property market, rentals have been hit the hardest although sales have been slower than previous years. Unlike in Bangkok and other tourist destinations, sellers haven’t been in a rush to move their real estate.
“The sales market hasn’t really seen a big difference in pricing as sellers are fine waiting it out hoping prices rebound to previous levels. Buying in general has declined, but not as much as the rental market. There is a small amount of people who have lowered their prices significantly,” Alex Amarre, Managing Director at 66 Property, states. “Additionally, the Chiang Mai property market was slowed down by the second wave of COVID-19.”
Looking ahead to 2021, some buyers have reemerged looking to scoop up properties at a discount. This group has encountered a few roadblocks as many sellers are either waiting on the sidelines or wanting buyers to make the first move.
“We think the Chiang Mai property market in 2021 will still be suppressed, but there are already people out there looking for good deals. Unfortunately, the best deals are not advertised,” Amarre notes. “The best strategy is to find a property you are interested in and then negotiate hard. This is the advice that we give our clients who are looking to buy and the usually find good deals.”
Why Chiang Mai and where should you look?
The things people still love about Chiang Mai remain. The high quality of life, laidback lifestyle and unique culture are all there. In many ways, it is perfectly suited for retirement or remote working. However, the shine of the city has lost some luster over the past few years.
That’s because Chiang Mai has received a lot of bad press due to pollution and traffic problems. It’s also not uncommon to hear grumpy expats moaning about how the city has “sold out”. Amarre believes that while a few issues do exist, Chiang Mai remains one of the coolest places around.
“The smoke can be an issue, but the quality of life in Chiang Mai is very high. I think buying a home to live in and then traveling for three months of the year is the way to go. That is what most Chiang Mai expats do,” Amarre said.
When looking for a home in Chiang Mai, it is important to know what type of neighborhood ambiance you want. Amarre noted that when it comes to city living, Nimman is still his favorite place with Santitham being a great alternative. Those looking to move to the city for retirement or wanting to build a house may want to consider other areas.
“If you are looking to buy a house for retirement, I would recommend Nam Phrae in the Hang Dong area. You could look at Maerim as well. Those are definitely the best choices for relaxed local living,” Amarre reported. “If you are looking to buy or build a house, I would suggest Chang Kian or Pong Noi area.”
66 Property is a Chiang Mai property market leader
66 Property has become a leader in the Chiang Mai property market despite being around for only a few years. The agency has focused on improving real estate processes, such as providing virtual tours, in order to meet the everchanging needs of clients. It’s all part of the company’s goal to improve the property sector as a whole.
“We aim for the top and then some and intend to work towards solving real issues in the real estate market. Not just in Chiang Mai, but all of Thailand,” Amarre said. “We will accomplish this through hard work and being honest in our dealings.”
To learn more about the Chiang Mai property market and 66 Property, please visit: https://66property.com/