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Chiang Mai Real Estate Buying Guide: All-time Best Areas

KaiBaanThai
Written by KaiBaanThai
Niratchaphon Parnchoem
Edited by Niratchaphon Parnchoem
Wacharaporn Laroeng
Reviewed by Wacharaporn Laroeng

 

If you are contemplating investing in real estate in Chiang Mai, then you have landed on the right page. Chiang Mai is an attractive city situated in Northern Thailand, known for its breathtaking landscapes, vibrant culture, and reasonable cost of living. Purchasing property in Chiang Mai can be a wise investment, whether you desire a retirement residence or a rental vacation property. In order to aid you in making a well-informed decision, we have developed a comprehensive guide that outlines the top locations for purchasing real estate in Chiang Mai, alongside a detailed price comparison by region. These include some of the most sought-after areas for real estate investment in the city.

Popular areas to buy real estate in Chiang Mai

  • Old City

When visiting Chiang Mai, it is essential to explore the Old City, which is a beautiful area filled with historic temples and cultural landmarks. This location offers a glimpse into the city's rich past and is bustling with a lively atmosphere, with numerous restaurants, cafes and shops to explore. It is important to note that property within this area tends to be expensive, but it is worth the investment if you want to be in a prime location. If you plan to buy property in the Old City, there are various options available, ranging from traditional Thai-style homes to modern condominiums. Prices vary depending on the location and type of property, but on average, a one-bedroom condo costs around ฿2.5 million ($80,000 USD), while traditional homes can cost between ฿5 million ($160,000 USD) to ฿20 million ($640,000 USD).

  • Nimmanhaemin

Nimmanhaemin is a highly sought-after location for artists, entrepreneurs, and people who appreciate a contemporary and innovative atmosphere. This area boasts numerous galleries, cafes, and co-working spaces that attract a youthful and trendy crowd. The real estate in this area is pricier than in other parts of Chiang Mai due to its prime location and modern amenities. If you're interested in purchasing property here, be prepared to pay a premium. A one-bedroom condominium in Nimman can cost between ฿3 million ($96,000 USD) and ฿7 million ($224,000 USD), while a two-bedroom townhouse averages around ฿12 million ($384,000 USD).

  • Hang Dong

Hang Dong is an ideal location for those seeking a tranquil and rural lifestyle. Situated in the southern part of Chiang Mai, it is surrounded by lush rice fields and majestic mountains, offering a serene and calming atmosphere. Many expats prefer this area to escape the hustle and bustle of the city. Moreover, property prices are more affordable in Hang Dong compared to other parts of Chiang Mai, which is a significant advantage. In Hang Dong, a one-bedroom condominium can cost approximately ฿1.5 million ($48,000 USD), while a traditional Thai-style house may range from ฿3 million ($96,000 USD) to ฿10 million ($320,000 USD).

  • San Kamphaeng

San Kamphaeng, a small town situated towards the east of Chiang Mai, is well-known for its traditional Thai pottery and handicrafts. The town attracts a significant number of tourists due to its various markets and factories offering unique souvenirs. Apart from being a popular tourist destination, San Kamphaeng is an ideal place for people seeking a peaceful and rural lifestyle as there is a mix of modern and traditional properties available. Compared to other areas in Chiang Mai, real estate in San Kamphaeng is more affordable. A one-bedroom condominium in San Kamphaeng can cost approximately ฿1.5 million ($48,000 USD), while a traditional Thai-style house can range from ฿3 million ($96,000 USD) to ฿10 million ($320,000 USD).

  • Mae Rim

Mae Rim, located towards the northwest of Chiang Mai, is a hilly region enveloped by verdant forests and breathtaking natural beauty. It is a preferred destination among expats and retirees who seek a peaceful lifestyle and lower temperatures. Although properties in Mae Rim tend to be pricier than in other areas of Chiang Mai, the serene and picturesque location is undoubtedly worth the investment if it fits your budget. In Mae Rim, the cost of real estate is higher than in other parts of Chiang Mai, with a one-bedroom condominium priced at approximately ฿3 million ($96,000 USD) and a traditional Thai-style house ranging from ฿5 million ($160,000 USD) to ฿30 million ($960,000 USD).

Chiang Mai Town

Comparison of prices by area

The cost of properties in Chiang Mai is determined by various factors such as location, type and size. Typically, real estate in the Old City and Nimmanhaemin areas tends to be pricier than in the rural regions such as Hang Dong and San Kamphaeng, where properties are relatively cheaper. To give an idea of the average rates per square meter in each locality, the following breakdown can be referred to:

Old City

฿150,000 - ฿300,000 ($4,800 - $9,600)

Nimmanhaemin

฿100,000 - ฿200,000 ($3,200 - $6,400)

Hang Dong

฿30,000 - ฿60,000 ($960 - $1,920)

San Kamphaeng

฿25,000 - ฿45,000 ($800 - $1,440)

Mae Rim

฿60,000 - ฿120,000 ($1,920 - $3,840)

 

It's important to remember that the prices mentioned are merely averages and the value of a property can differ based on its location and overall quality. To ensure that you receive the most reliable and current information regarding property prices in each specific area, it is crucial to collaborate with a trustworthy real estate agent.

Conclusion

Investing in real estate in Chiang Mai can prove to be an intelligent decision for those seeking a retirement home, vacation rental or investment property. The city boasts a unique combination of natural beauty, cultural richness and low cost of living, making it an appealing location for both locals and foreigners alike. It is crucial to thoroughly explore all the different areas and work with a trustworthy real estate agent when considering purchasing property in Chiang Mai to ensure that you find the ideal property for your requirements. Therefore, it would be wise to initiate your search for Chiang Mai real estate immediately and inquire about property availability today.

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