Chiang Mai Property Market Thrives as Tourism Bounces Back
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- 16 May 2023
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The Chiang Mai property market has experienced a resurgence, thanks to the revival of tourism in the region. Recent research conducted by Dot Property Group reveals a significant increase in demand for residential real estate in Chiang Mai, particularly from international buyers.
The demand for overseas Chiang Mai residential properties witnessed growth during the first and second quarters, as well as between the second and third quarters of last year. Notably, international buyers accounted for 45 percent of the condominium demand in the first nine months of 2022.
With the return of inbound arrivals, primarily from China, which constitutes the largest market for Chiang Mai, tourism levels have approached pre-pandemic figures. This resurgence in tourism has had a positive impact on the local real estate market, leading many developers to consider launching new projects to cater to the current and future demand.
Khun Predikorn Buranupakorn, the CEO of Ornsirin Holding, highlighted the rapid influx of bookings from Chinese tourists shortly after China announced the reopening date. This resulted in a significant rise in the occupancy rate, soaring from 40 percent in 2022 to 70-80 percent in the earlier part of this year, and currently standing at 90 percent.
Encouraged by the high level of interest and demand observed among foreign and Chinese buyers, property agents specializing in these markets have advised developers like Ornsirin Holding to proceed with the development of new residential projects.
Overseas buyers, in particular, show a preference for condominium units priced at THB3 million or less. This trend is a reflection of the Chiang Mai real estate market, which offers a greater supply of affordable properties that cater to visitors seeking holiday homes with the potential for rental income.
However, it's not just overseas buyers who are actively participating in the Chiang Mai property market. According to Dot Property Group, domestic home seekers have also become more engaged since the second quarter of 2022, coinciding with the recovery of tourism.
The increased activity among local buyers has bolstered their confidence and willingness to make purchasing decisions. Among Thai buyers, properties priced at THB3 million or less are the most popular choices for both houses and condos.
