Top 10 tips for Chiang Mai property market
Buying Chiang Mai property is realistic for even the smallest of budgets. For this reason it tends to attract the smaller spenders, but the city is a pleasant and sort after city to live in Thailand and property value will almost certainly grow rapidly in the years to come, view details at https://www.fazwaz.com/thailand/chiangmai-property-for-sale. However, the property industry in Chiang Mai is somewhat unsophisticated and unstructured, and might even seem bewildering to those unfamiliar with the unplanned evolution of development in Thailand.
Here are ten insider tips for figuring out the Chiang Mai property industry.
1. Property in the Night Market and Nimminhemin areas has skyrocketed in recent years and now priced out of residential levels. The inner city is noisy and congested.
2. The narrow lanes of the Chiang Mai old town are surprisingly charming and quiet but property here tends to change hands less, or is unrealistically priced if on the market.
3. Although rampant development of housing projects goes on further and further from the city, there is still plenty of vacant land closer to Chiang Mai.
4. Many house owners in Chiang Mai hold speculative ideas about the value of their house (pre 97 crash values) and stubbornly hold out for unreasonable rents, even at the expense of a vacant property for years on end. Good luck negotiating with them!
5. Many of the houses in Chiang Mai are built for Thai tastes, those that are built with foreigners preferences in mind have no trouble renting to the large number of missionary and NGO families.
6. The airport is unusually close the city and set to get busier and busier. The areas immediately north, and particularly south suffer noise pollution which affects the value of this Chiang Mai property.
7. Chiang Mai is still, in essence, a provincial town full of traditional folk. If you build among Thai suburban village expect early morning wake up announcements from the headman, and/or late night karaoke.
8. The popular housing projects are setting the current trend for the modern prosperous class, they are very orderly and secure with less noise, but tend to be densely packed.
9. Chiang Mai is very accessible by a good network of arterial and concentric highways, dont be afraid to consider the remoter suburbs which are often quieter.
10. Although there are several new luxury condos worth investing in, there are also plenty of old ones that are perfectly good and often available at a bargain, but considered abandoned by the Thai market. Less discerning foreigners still provide a ready market for these.