Real Estate and Construction with full property management services, including house & land sales on Ko Samui
Chiang Mai Condos
The biggest market among foreigners in Chiang Mai is condos; they are a significant part of Chiang Mai property. For foreigners, buying a condo is the most popular option due to foreign ownership restrictions on land. Being the easiest and most practical way to acquire property most luxury or well managed buildings are approximately 50 per cent occupied by foreigners. With many retirees choosing to live in Chiang Mai a condo is the prefer option.
This said, Chiang Mai has an over supply of condo units, there are a number empty, dotted about the city many of them now bank-owned. These have been neglected by the banks that have done little to regain equity from them. Many believe that a building with an air of abandonment will not attract tenants at any price. Adding to this many of the condos in Chiang Mai were built for Thai taste and lack the characteristics preferred by westerners such as sizeable Balconies, space and natural light, and kitchenettes. Some foreigners have done well, buying these up cheaply, doing them up and leasing them out to other foreigners. There are several buildings that are very popular with foreigners, usually for their location, management or comfort. These condos are mostly situated downtown, along the river or along Huay Kaew road.