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Buying Investment Property in Chiang Mai
Last year, Chiang Mai was rated as the top city in Southeast Asia to buy property according to the Huffington Post. If you’ve ever been here, it comes as no surprise. While most international investors have been buying property in Bangkok for years, Chiang Mai has until recently been lower on the radar. However, with the ever-increasing influx of retirees, digital nomads and other types of expats choosing to call Chiang Mai home, this charming regional capital of Northern Thailand has quickly grown in stature. Astute real estate buyers and developers have taken notice, and there has never been a better time for buying investment property in Chiang Mai.
Whether you are looking for a second home for part of the year that you can airBnB out the remaining months, or you simply want a rental property for cash flow, Chiang Mai has a year round stream of visitors and expats looking to rent. According to the Thai Government Public Relations Department, in 2016, Chiang Mai welcomed about 9.6 million Thai and international tourists. They expected that number to grow to 10 million in 2017.
We’ll get to the reasons why Chiang Mai keeps rising in popularity in just a moment, but what this means for you as an investor, is that there will be over 9.5 million people coming here every year for the foreseeable future, and most of them will be looking for a place to stay. The demand for lodging is high and while the supply is adequate during some of the year, it is also fails to meet the demand during high season in particular, but also at other times throughout the year. Simply put, there is plenty of opportunity to fill market demand.
When we drill down further and talk about the luxury market, there is arguably even more opportunity because the players in the game are few. Of course this is our specialty and we can talk about it for days, but we would prefer to not only inform you, but also show you. If you would like to arrange a private viewing of one our Chiang Mai Luxury Villas available for sale, please don’t hesitate to contact us. We would love for you to see these masterpieces of upscale real estate for yourself. In the meantime, you can also check out the fine details of our Chiang Mai Private Villa project (including complete floor plans and layout) by clicking the highlighted link.
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Why Chiang Mai?
Chiang Mai is a wonderful place to buy investment property for many reasons. It is a place that offers a marriage between often times opposing factors, but somehow Chiang Mai has managed to make them work in a very unique way that few places can.
Traditional but Modern.
The careful dance between these two competing things plays out wonderfully here. If you choose to make Chiang Mai your second home, you can expect to have access to many facets of traditional Northern Thailand life. Buddhist temples, Thai cooking classes, Muay Thai Boxing, traditional, inexpensive Thai Massages, elephant sanctuaries and more are all readily available. At the same time, you can go to any of the malls here to buy the latest electronic gadgets or newest clothing styles. Gyms ranging from the budget style kind with basic equipment to more upscale places with Zumba and Yoga classes are also at your disposal. Movie theaters and grocery stores that have everything you can get in the West are abundant as well.
Chiang Mai is really a beautiful melting pot of the Thai and Lanna people who have lived here for centuries and the thousands of expats and millions of tourists who have made their way here. Modern day technology with social media has also made it possible for groups of like-minded individuals to connect like never before. The chances are very high that whatever you’re into back in your country, you will probably find a group of people in Chiang Mai doing it also. Just go on Facebook and start searching. You’ll find everything from Chiang Mai hikers to Chiang Mai Yoga to Chiang Mai Salsa Dancing. It’s all here for you.
Low Cost of Living but High Quality of Life.
One of the most popular things about Chiang Mai is its ability to offer a really high standard of living at a fraction of the cost of what you’d pay in the West or even in Bangkok. On average, the cost of living in Chiang Mai compared to Thailand’s Capital City is about 30% less.
To give you an idea:
The average going rate for a one hour Thai massage in Chiang Mai is between 200 – 250 Thai Baht, which is about $6-8 USD.
To eat out at local restaurant, it costs about 40-60 Thai Baht per person, which is roughly $1-2. If you want to dine at a nicer place, it will set each person back about $7-8 USD.
To see the latest Hollywood Blockbuster Film at SFX Cinema, you will pay between 100 – 350 Thai Baht per ticket. The price range difference reflects the various type of seating offered with the 350 Baht being a comfortable, spacious couch all to yourself. If you just want a regular seat, it’s the equivalent of $3 USD. Not too bad, right?
All of this is good for you regardless whether or not you choose to make Chiang Mai your second home or whether you want to buy property here so you can earn rental income. In the case of the former, you will of course get to enjoy all of the ‘Chiang Mai Lifestyle’ for yourself at prices that you’ll never find back home in your own country. As an owner buying investment property in Chiang Mai, you will benefit from the never-ending stream of expats and tourists flocking here at all times of year for many of these same benefits. The beautiful thing we’ve found is that because the general cost of living is so low, people coming here for both short term and long term stay are willing to spend more money on their lodging to live comfortably because they are already saving so much elsewhere.
The comforts of urban living but with nature right at your door step or only a short drive away.
Some of us tend to prefer living in urban areas with all the comforts of modern life, while others prefer more natural environments. Most of us probably enjoy some level of both, but few places in the world offer living options where you can actually have both. Chiang Mai is one of those places.
When buying investment property in Chiang Mai some locations are more ideal than others. However, almost all will still give you quick access to any sort of outdoor activities you might want to engage in while still being close enough to all the comforts you expect from a modern city. There are so many options here for those who appreciate nature. Hiking up to Wat Pha Lat or Wat Phra Doi Suthep (two gorgeous mountain temples with incredible views) is within easy reach. Outdoor golf courses are plenty here – there is one very close to our Chiang Mai Luxury Villas. Relaxing waterfalls where you can spend an afternoon having a picnic are another option. It’s all here for you in Chiang Mai.
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Questions?
We are passionate about Chiang Mai and we are equally passionate about the luxury real estate market here. Our latest project featuring a series of private villas in Chiang Mai is available for sale now. If you haven’t seen it yet, you really owe it to yourself to arrange a private viewing with us. If you have any questions, please don’t hesitate to call us or write us an e-mail. We’ll be glad to help you.
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