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Chiang Mai property prices range from THB 48,000-115,000 per sqm for condos and THB 25,000-43,000 per sqm for houses as of September 2025.
Property costs in Chiang Mai's central areas like Nimman and Chang Klan reach premium levels, while suburban neighborhoods like Hang Dong and San Sai offer significantly more affordable options for both buyers and investors.If you want to go deeper, you can check our pack of documents related to the real estate market in Thailand, based on reliable facts and data, not opinions or rumors.
Chiang Mai's property market offers diverse pricing tiers with condos in prime locations commanding THB 70,000-115,000 per sqm while suburban houses average THB 28,000-36,000 per sqm.
Total purchase costs including fees typically add 1-6% to the stated price, with government stimulus currently reducing transfer fees to 0.01% for properties under THB 7M until June 2026.
| Property Type | Central Areas (THB/sqm) | Suburban Areas (THB/sqm) |
|---|---|---|
| Condos | 70,000-115,000 | 48,000-70,000 |
| Houses | 42,000-43,000 | 28,000-36,000 |
| Land | 3,100+ | 500-3,000 |
| Typical 1-bed Condo | THB 1.8M-2.5M | THB 1.5M-2.0M |
| Typical House | THB 5M-8M | THB 3.5M-6M |
| Land per Rai | THB 5M+ | THB 500K-1M |
What are the average prices for condos, houses, and land in Chiang Mai?
Chiang Mai condos in central areas like Nimman and Chang Klan average THB 70,000-115,000 per square meter for new developments as of September 2025.
Suburban condos typically range from THB 48,000-70,000 per square meter, offering better value while maintaining good access to the city center. A typical one-bedroom resale condo spans 30-36 square meters and costs THB 1.8-2.5 million, while two-bedroom units of 70-90 square meters average THB 3.5-4.4 million.
Houses in Chiang Mai city center cost THB 42,000-43,000 per square meter, while suburban houses range from THB 28,000-36,000 per square meter. Most single houses in suburban areas like Mae Hia, Hang Dong, and San Sai cost THB 3.5-6 million for 120-180 square meters of living space.
Land prices vary dramatically by location, with rural areas starting at THB 500,000-1 million per rai (1,600 square meters), equivalent to THB 300-600 per square meter. Prime urban land commands upwards of THB 5 million per rai, or approximately THB 3,100 per square meter.
How do prices vary between central areas, suburbs, and rural outskirts?
Central Chiang Mai areas command premium prices with condos reaching THB 115,000 per square meter in prime locations like Nimmanhaemin.
The price differential between central and suburban areas averages 30-40% for most property types. Central condos cost THB 70,000-115,000 per square meter compared to THB 48,000-70,000 per square meter in suburbs. Houses show similar patterns with central properties at THB 42,000-43,000 per square meter versus suburban houses at THB 28,000-36,000 per square meter.
Rural outskirts offer the most affordable options with houses averaging THB 25,000-30,000 per square meter and land starting at just THB 300-800 per square meter. However, rural properties often require longer commutes and may have limited access to utilities and amenities.
The most significant price gaps appear in land values, where prime urban plots cost more than ten times rural land prices per square meter.
| Location Type | Condo Price Range (THB/sqm) | House Price Range (THB/sqm) | Land Price Range (THB/sqm) |
|---|---|---|---|
| City Center | 70,000-115,000 | 42,000-43,000 | 3,100+ |
| Suburbs | 48,000-70,000 | 28,000-36,000 | 500-3,000 |
| Rural Outskirts | 48,000-55,000 | 25,000-30,000 | 300-800 |
| Premium Locations | Up to 115,000 | Up to 50,000 | 5,000+ |
| Budget Areas | 48,000-55,000 | 25,000-32,000 | 300-1,000 |
What are the typical price ranges per square meter for different property types?
Chiang Mai condo prices per square meter span from THB 48,000 in budget suburban areas to THB 115,000 in premium central locations.
New condo developments in prime areas like Nimman, Old City, and Chang Klan consistently command THB 70,000-115,000 per square meter. Mid-range suburban condos typically fall between THB 48,000-70,000 per square meter, while older or more remote condos start around THB 48,000-55,000 per square meter.
House prices per square meter range from THB 25,000 in rural outskirts to THB 43,000 in central Chiang Mai. Suburban houses, which represent the majority of family home purchases, average THB 28,000-36,000 per square meter. Custom-built houses in premium areas can exceed THB 45,000 per square meter.
Land prices show the widest variation, starting at THB 300-600 per square meter for rural agricultural land and reaching THB 3,100+ per square meter for prime urban plots. Commercial land in high-traffic areas can exceed THB 5,000 per square meter.
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What is the average total purchase cost once fees, taxes, and transfer costs are included?
Total purchase costs in Chiang Mai typically add 1-6% to the stated property price, though current government stimulus measures can reduce this significantly.
The transfer fee normally costs 2% of the property value, but the government temporarily reduced this to 0.01% for properties under THB 7 million until June 2026 as an economic stimulus measure. Business tax or special business tax adds 3.3% if the property is resold within five years, otherwise a 0.5% stamp duty applies.
Withholding tax varies from 1% for companies to 3-5% for individual sellers on a sliding scale. Legal fees typically range from THB 25,000-50,000, while agent fees are usually paid by the seller rather than the buyer.
Under current stimulus conditions, buyers of properties under THB 7 million can expect total extra costs of just 1-3% of the purchase price. For properties above THB 7 million or after the stimulus ends, total additional costs typically range from 4-6% of the stated price.
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How do mortgage options and interest rates affect the overall cost of buying in Chiang Mai?
Mortgage interest rates in Chiang Mai range from 4.9-6.5% for local buyers and 5-8% for foreign buyers as of September 2025.
The Bank of Thailand base rate sits at 1.75% as of August 2025, with most banks offering variable rates tied to their Minimum Retail Rate (MRR) of 6-6.7%. Fixed-rate periods typically last 3-5 years before converting to variable rates. Thai citizens can access loan-to-value ratios of 80-90%, while foreigners are generally limited to 50-70%.
Foreign buyers face significant restrictions, with most banks only offering mortgages for condos, not land or houses. Many foreign buyers opt to pay cash due to these limitations and higher interest rates. For those who do qualify, the higher interest rates and lower loan-to-value ratios substantially increase the required down payment and monthly costs.
A THB 3 million condo with a 70% mortgage at 6% interest would require monthly payments of approximately THB 12,600 over 30 years, plus the THB 900,000 down payment. Foreign buyers often find cash purchases more practical given the mortgage restrictions.
Can you give examples of recent property purchase prices across different property types?
Recent one-bedroom condo purchases in popular areas like Nimman and Suthep ranged from THB 1.8-2.5 million for 30-37 square meter units.
1. **One-bedroom condos in Nimman area**: THB 1.8-2.5 million for 30-37 sqm (THB 54,000-69,000 per sqm)2. **Two-bedroom modern condos in Pa Daet and Chang Klan**: THB 3.5-4.4 million for 50-90 sqm (THB 48,900-73,000 per sqm)3. **High-end condos in prime locations**: Up to THB 6.8 million for 58 sqm (THB 115,000 per sqm)4. **Suburban townhomes and houses**: THB 3.5-6 million in Mae Hia, Hang Dong, San Sai, and San Kamphaeng for 100-180 sqm5. **Prime urban land**: THB 3-7 million per rai (1,600 sqm)6. **Rural land parcels**: THB 500,000-1 million per rai7. **Luxury riverside condos in Wat Ket**: THB 4-7 million for 60-80 sqm unitsThese examples reflect actual market transactions from recent months and demonstrate the clear price tiers based on location and property quality within Chiang Mai's real estate market.
Which neighborhoods are considered the most expensive, which are up-and-coming, and which are more budget friendly?
Nimmanhaemin ranks as Chiang Mai's most expensive neighborhood with condos reaching THB 70,000-115,000 per square meter due to high rental demand and Western amenities.
Chang Klan and Wat Ket complete the premium tier, with Chang Klan offering central riverside location near the Night Bazaar and high-end condos, while Wat Ket provides historic expat appeal with luxury riverside developments. These areas command premium prices due to their established infrastructure and international appeal.
Up-and-coming neighborhoods include Mae Hia with modern residential developments attracting expat and Thai families, Pa Daet near the airport with new affordable developments, and Nam Phrae offering luxury rural homes with future appreciation potential due to low density and planned infrastructure improvements.
Budget-friendly areas include Hang Dong featuring family-oriented developments with homes costing THB 3.5-6 million to buy or THB 12,000-30,000 monthly to rent, San Sai with affordable homes and land offering rental rates of THB 8,000-15,000 monthly, and Saraphi and San Kamphaeng providing rural riverside access with rental costs of THB 10,000-20,000 monthly and lower land prices.
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How have property prices changed compared with one year ago and five years ago?
Chiang Mai property prices increased 7-10% over the past year, with prime condos showing the strongest growth at 10% and suburban houses rising approximately 5%.
Comparing to five years ago reveals more dramatic changes, with condo prices rising 30-50% from THB 50,000-60,000 per square meter in 2020 to current levels of THB 70,000-115,000 per square meter in prime areas. House prices showed more modest increases over the five-year period, with some suburban areas remaining relatively flat while others experienced steady appreciation.
Land prices demonstrated the most significant increases, particularly urban land which outpaced suburban and rural areas, widening the price gap between urban and rural plots. Prime urban land values increased more than 10% annually in recent years, driven by limited supply and growing development pressure.
The price appreciation reflects sustained foreign investment, growing expat population, and government infrastructure projects that improved connectivity and amenities throughout Chiang Mai. Tourism recovery post-pandemic also boosted demand for rental properties in central areas.
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What are the forecasts for property prices in Chiang Mai over the next one year, five years, and ten years?
Chiang Mai property prices are projected to increase 5-7% in 2026 driven by new supply developments and continued infrastructure improvements.
The five-year outlook through 2030 expects steady but moderated growth averaging 3-5% annually for most property types. Prime urban land values could continue growing at 8%+ annually due to limited supply and development pressure. New infrastructure projects and improved connectivity to Bangkok are expected to support sustained demand.
Long-term projections through 2035 suggest continued appreciation at moderate rates, with Chiang Mai's appeal as a regional hub and retirement destination supporting steady demand. Climate change concerns may increase northern Thailand's attractiveness relative to southern coastal areas, potentially boosting long-term values.
Market analysts expect luxury segments to outperform budget properties, with international buyers continuing to drive demand in prime locations. However, oversupply risks exist in the condo segment if development continues at current pace without corresponding demand increases.
What are the smartest buying choices right now for people who want to live in Chiang Mai?
Smart buying choices for residents include condos in Nimman, Chang Klan, or Wat Ket for urban lifestyle preferences, or suburban homes in Mae Hia and Hang Dong for family living.
**For Urban Lifestyle:**1. **Nimman condos**: Excellent walkability, restaurants, and expat community2. **Chang Klan riverside properties**: Central location with cultural attractions3. **Wat Ket historic area**: Established expat neighborhood with character4. **Old City condos**: Cultural immersion with modern amenities5. **University area properties**: Rental income potential from students**For Suburban Family Living:**1. **Mae Hia modern developments**: New infrastructure with family amenities2. **Hang Dong family communities**: Established expat families with international schools3. **Pa Daet affordable housing**: Good value with airport proximity4. **San Sai quiet residential**: More space and privacy at lower cost5. **Saraphi rural suburban**: River access with lower cost of livingBudget-conscious buyers should consider quieter areas like Pong Noi, Pa Daet, San Sai, and Saraphi which offer better value while maintaining reasonable access to central Chiang Mai amenities and services.
What are the best investment strategies if the goal is to rent out or to buy and resell later?
Short-term rental investors should focus on condos in Nimman and Chang Klan areas which generate 4-7% gross yields but carry tourism-dependent risks.
Long-term rental strategies perform better with suburban homes and townhouses in Hang Dong, Mae Hia, and Pa Daet, targeting stable local expat demand with yields of 3.5-5%. These areas offer more predictable income streams and lower vacancy risks compared to tourism-dependent properties.
Buy-and-resell strategies should target up-and-coming areas like Pa Daet, Nam Phrae, and developing parts of Mae Hia where infrastructure improvements and development activities are increasing property values. Land purchases in these areas offer the highest appreciation potential but require longer holding periods.
Risk-averse foreign investors should stick to freehold condos in prime locations like Nimman or Old City, which offer strong rental demand and easier resale liquidity. Landed property investments require Thai partners or company structures, adding complexity but potentially higher returns.
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How do property prices in Chiang Mai compare with other similar-sized cities in Thailand or Southeast Asia?
Chiang Mai prime condo prices of THB 70,000-115,000 per square meter remain significantly lower than Bangkok's THB 250,000-400,000 per square meter and Phuket's THB 150,000-250,000 per square meter.
Living costs in Chiang Mai average 30-40% lower than Bangkok and major resort towns, making it attractive for both residents and investors seeking affordable Thai urban living. Rental yields in Chiang Mai compare favorably to other Thai provincial cities and often exceed tourist-boom beach towns when accounting for occupancy rates.
Compared to similar-sized Southeast Asian cities, Chiang Mai offers competitive pricing with better infrastructure and healthcare systems than many regional alternatives. The city's established expat community and international amenities provide advantages over other secondary Thai cities like Khon Kaen or Hat Yai.
Chiang Mai's property market provides exceptional value relative to other major Thai cities while maintaining strong fundamentals driven by foreign investment, sustained expat popularity, and ongoing government infrastructure projects that support long-term appreciation potential.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Chiang Mai's property market offers compelling opportunities for both residents and investors, with diverse price points accommodating various budgets and investment strategies.
The combination of affordable prices relative to other major Thai cities, steady appreciation potential, and strong rental demand makes Chiang Mai an attractive destination for property investment in 2025.
Sources
- RE/MAX Thailand Market Report 2025
- Chiang Mai Price Forecasts
- Chiang Mai Property Market Analysis
- HipFlat Chiang Mai Condos
- Kai Baan Thai Land Sales
- Belaws Property Purchase Guide
- Expatica Thailand Mortgage Guide
- Bangkok Bank Home Loans
- CNX Local Neighborhood Guide
- Krungsri Industry Outlook 2025-2027