Above: A boom in tourism has seen the region grow spectacularly over recent years.

Chiang Mai, Thailand’s northern second city is thriving.

A boom in tourism has seen the region grow spectacularly over recent years. The increase in both national and international visitors has been felt across a variety of different sectors. None more so than its property market which up until the latter part of the last decade had been somewhat stagnant, especially when compared to the likes of Pattaya, Phuket and Hua Hin.

However, since 2011 the Chiang Mai property market has flourished. As well as the tourism boom the opening of new large retail outlets and shopping complexes have also had a positive impact on the market, with land prices close to the new Central Festival shopping complex increasing in value fivefold. Only two years ago land in this area sold for approximately 3 million baht per rai. However, today, the same land plots are valued at almost 15 million Baht per rai, according to this recent article on the Reuters website.

Above: Land prices close to the new Central Festival shopping complex increasing in value fivefold.

Improvements in Infrastructure

The city’s airport is also currently undergoing expansion to cope with influx for visitors and the regions major transport networks are also due for a major overhaul, with plans in place to develop a high speed rail linkbetween Chiang Mai and Bangkok and Chiang Mai-Phitsanulok already at an advanced stage.

The growth in Chiang Mai hasn’t gone unnoticed by many Bangkok property developers, who are now providing a wider range of houses, shops, luxury developments and condos for sale in the region than ever before. The results of which have seen a significant and positive change to the housing and commercial property landscape in Chiang Mai.

Above: The city’s airport is also currently undergoing expansion to cope with influx for visitors.

High demand for condos in ChiangMai

The condo market in Chiang Mai is also very healthy. As well as being driven by the tourism boom and growing expat community, after the floods of 2011, many Bangkok residents have chosen Chiang Mai as the place in which to purchase a second home, with condos seemingly fitting the bill for many Bangkok based property buyers.

According to research by Colliers International, Chiang Mai is home to more than 100,000 university students with many finding that buying an affordable condo in Chiang Mai is a more attractive proposition than renting.

For expats in Chiang Mai or those thinking of relocating to the area, purchasing a condo is also an attractive proposition as foreigners are able to buy a condo in Thailand, without any restrictions providing that 51% or more of the total number of units in the condominium project are Thai owned.

Above: Since 2011 the Chiang Mai property market has flourished.

Great Value Condos in Chiang Mai

With the news of the thriving property market in Thailand’s second city, we take a look a selection of great value condominiums for sale in Chiang Mai.

Source: Thai Visa Property