Certain large regions have begun to attract condo developers outside of Bangkok condos, while market prospects remain restricted. Chiang Mai, the town’s commercial, cultural, and intellectual Centre, is the focal point in northern Thailand. The total rate of residential growth is fast, but condominium building has moderated as the economy expects to absorb a high quantity of units introduced in 2014 and 2015. In any event, residential properties and townhomes continue to be the most popular types of real estate.
The Chiang region
The majority of condominium construction in Chiang Mai has occurred in the Muang area, suffering some of the turbulent times of urbanization, such as traffic. However, the problem is minor compared to Bangkok, in which condominiums are renowned because they are placed along widespread lines, making it easy to navigate into and out of work.
Given the number of economic possibilities and academic facilities and its reputation as a regional transportation hub, the Muang region is the finest area. Throughout the future, a luminous transportation route is also intended. The district has seen the construction of 4,580 residential properties.
The majority of condo purchasers in Chiang Mai are Thais, however, there has also been a noteworthy surge in enthusiasm from foreigners, particularly Chinese, in the last two years. Furthermore, the overall fall in Chinese international visitors because of the Phoenix tour boat accident in July has significantly affected the Chiang Mai tourism sector and housing market. The sector is expecting a boost throughout the year holiday season.
About Chiang Development
Chiang Mai’s condominium development has diminished considerably in the previous two years. This is because 3,300 units were released in 2014 and 2015, which is an unusually high amount compared to prior years. Many apartments are still on the market. Since around October of this year, this region has had 7,470 condominium units, with just an aggregate turn rate of roughly 72 percent.
Condominium condos priced somewhere around 2 million to 3 million baht constitute 46 percent of all Chiang Mai condos for sale revenues and profits. The bulk of units sell at between 60,000 and 70,000 baht each sq meter on average.
Although a few listed firms have attempted condo developments in Chiang Mai, domestic companies have developed 74% of any units. As a result, typical selling prices are low, yet approximately 8% of houses available are valued above 120,000 baht each square meter.
A few facts
A few newer condominium developments have been constructed in Chiang Mai in the last two years since all companies prefer to sell established complexes before launching new ones.
While several new strip malls have opened in Chiang Mai in recent decades, retail expansion has had minimal influence on the condominium market. The illumination project might be the primary engine of forthcoming condo demand. Real estate prices along three suggested routes may grow, leading investors to choose high-story condominiums for higher profits. However, the market is expected to remain rather tranquil over the next two years.
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