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Buyers from abroad are not nearly as active in Chiang Mai as they are elsewhere in Thailand at the moment, although there are reasons for that. Most notable is the continued absence of Chinese tourists with this group being a key driver of both overseas real estate demand and the local economy as a whole.
Data from Dot Property Group found that 45 percent of condominium demand during the first three quarters of 2022 came from international buyers. Meanwhile, overseas interest accounted for 28.2 percent of all inquiries received during the same time period.
Among international property seekers, homes in Chiang Mai were more in demand with 55.8 percent of all interest during the first nine months of the year going towards this segment.
There is some positive news as overseas Chiang Mai residential real estate demand did grow between the first and second quarters and again between the second and third quarters. On the surface, the percentage gains look impressive, however, the overall volume is relatively limited and does not portray the most accurate view of the market.
Overseas Chiang Mai residential real estate inquiries in 2022
|
Q1 |
Q2 |
Q3 |
|
544 |
765 |
1339 |
Condo units priced at THB3 million and less were the most popular among overseas buyers with those priced at THB3-5 million a distant second. This is in line with domestic trends and is a byproduct of the Chiang Mai real estate market which has a greater supply of cheaper properties available.
Looking ahead, there is reason to believe Chiang Mai residential real estate demand from overseas will continue to increase as tourism continues to pick up. Shanghai, Hong Kong, Guangzhou and Kunming were all among Chiang Mai International Airport’s top five most trafficked flight routes prior to the pandemic.
When these resume in full, it will likely see international Chiang Mai residential real estate demand rise even further. One airline, HK Express, has already announced that it plans to restart service from Hong Kong to Chiang Mai in December, although there is no timeline for when flights to and from the mainland will proceed.
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