How much does an apartment cost in Chiang Mai now?

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How much does a normal Chiang Mai condo cost today?

A normal Chiang Mai condo currently costs about ฿2–4 million, and roughly ฿3 million is the best single number to keep in mind.

Current FazWaz inventory puts Chiang Mai's median condo asking price at ฿2.83 million and ฿73,900 per square metre. The averages by unit type give a similar picture: about ฿2.22 million for a studio, ฿3.08 million for a one-bedroom and ฿6.1 million for a two-bedroom.

Those figures come from more than 2,300 active condo listings, so they give us a much better starting point than a handful of premium projects or cheap resales. But Chiang Mai has a wide price spread. Fa Ham currently sits near ฿58,000/m², while Chang Khlan is above ฿90,000/m² and some newer luxury projects go well beyond ฿120,000/m².

For most buyers, ฿3 million gets us into the mainstream Chiang Mai condo market. ฿2 million still buys real apartments, while ฿5–6 million opens the door to larger units, stronger locations and newer buildings.

Current Chiang Mai condo measure	Approximate price	Sample	What it tells us
Median condo listing	฿2.83m	2,300+ listings	Best broad city benchmark
Median price/m²	฿73,900	2,300+ listings	Useful for comparing properties
Studio average	฿2.22m	460+ listings	Entry-level market
1-bedroom average	฿3.08m	1,400+ listings	Most useful mainstream benchmark
2-bedroom average	฿6.10m	360+ listings	Larger-unit market

Can you still buy a Chiang Mai condo for under ฿2 million?

Yes. Apartments below ฿2 million are still a normal part of the Chiang Mai condo market, especially in older developments and around Fa Ham.

Fa Ham is the clearest example. Current FazWaz data put its median condo asking price near ฿1.4 million, with studios averaging ฿1.5 million and one-bedrooms around ฿1.9 million. There are hundreds of units on the market there, so these prices are not based on one unusually cheap listing.

D Condo Sign gives us an even better reality check because Hipflat publishes actual recorded sales rather than just advertisements. A 30 m² foreign-quota studio sold for ฿1.9 million in 2026, equivalent to ฿63,333/m². Other 30 m² units sold for ฿1.95 million, ฿2.19 million, ฿2.2 million and ฿2.25 million during 2024 and 2025.

The sub-฿2 million market gets much thinner once we demand a prime western location, a newer project or more floor space. But buyers with around ฿1.8–2 million can still find genuine condos rather than distressed oddities.

What does ฿3 million actually buy in Chiang Mai now?

฿3 million currently buys a proper mainstream Chiang Mai condo, usually around 35–45 m² depending on the area and age of the building.

At the citywide benchmark of ฿73,900/m², ฿3 million corresponds to roughly 41 m². Around cheaper Fa Ham, where the median is about ฿58,200/m², the same budget theoretically buys just over 50 m². Near Nimman, at roughly ฿79,900/m², it falls closer to 38 m².

Real properties do not price perfectly by square metre, of course. Older buildings often give buyers substantially more space, while compact new units carry a higher price per square metre. Still, the calculation shows why ฿3 million remains a useful dividing line: buyers at that level are not restricted to tiny studios or distant neighborhoods.

Once the budget moves towards ฿4–5 million, location and building quality improve much faster than they do below ฿2 million.

Budget	Roughly what we would expect today	Typical profile
Under ฿1.5m	Older studio or small unit	Cheapest resale stock
฿1.5–2.0m	Studio or compact 1BR	Fa Ham, older projects
฿2.0–3.0m	Broad entry/mid-market choice	Several central districts
฿3.0–4.0m	Good 1BR or larger older unit	Nimman, Suthep, Chang Phueak
฿4.0–6.0m	Larger or newer central condo	Better projects and locations
฿6.0m+	Premium or large apartment	High-end Chiang Mai market

How much more expensive is Nimman than the rest of Chiang Mai?

Nimman carries a real premium, but the difference is smaller than people sometimes assume because the neighborhood still contains plenty of older condo stock.

Current FazWaz listings near Nimman show a median price of about ฿2.99 million and ฿79,900/m². That is only around 8% above Chiang Mai's broader ฿73,900/m² benchmark. The gap becomes clearer when we look at one-bedrooms: the current Nimman average is roughly ฿3.5 million against ฿3.08 million citywide.

Suthep, the wider district surrounding Nimman and Chiang Mai University, is more expensive again. Its current median is approximately ฿3.8 million and ฿84,300/m², while one-bedrooms average around ฿4.18 million.

The expensive part of Nimman is really the combination of location, newer building and compact unit size. A small modern condo in walking distance of Nimman Road can easily move towards or past ฿100,000/m². An older apartment a little farther out may still sit closer to ฿70,000–80,000/m².

Paying for Nimman does not automatically mean paying luxury prices. Paying for a new, small and well-located Nimman condo often does.

Where are Chiang Mai condos cheapest and most expensive now?

Fa Ham remains one of the cheapest large condo markets in Chiang Mai, while Chang Khlan currently sits at the expensive end of the major central districts.

Fa Ham is around ฿58,200/m² today, with a median condo asking price near ฿1.4 million. Chang Phueak is closer to ฿76,800/m² and ฿2.86 million. Nimman sits around ฿79,900/m², Suthep about ฿84,300/m² and Wat Ket roughly ฿87,800/m².

Chang Khlan reaches about ฿93,600/m², with a median asking price near ฿4.75 million. Its one-bedroom average is above ฿6 million, although that figure is pushed up by the area's concentration of premium developments around Chang Khlan Road, the Night Bazaar and the Ping River.

The spread between Fa Ham and Chang Khlan is roughly ฿35,000/m². On a 50 m² apartment, that difference alone comes to about ฿1.75 million.

Location therefore has a huge effect even before we consider the age, floor, view or quality of the building.

Chiang Mai area	Current median condo price	Approx. price/m²	Current 1BR average
Fa Ham	฿1.40m	฿58,200	฿1.90m
Chang Phueak	฿2.86m	฿76,800	฿3.34m
Nimman	฿2.99m	฿79,900	฿3.50m
Suthep	฿3.80m	฿84,300	฿4.18m
Wat Ket	฿3.29m	฿87,800	฿3.11m
Chang Khlan	฿4.75m	฿93,600	฿6.25m

Are new Chiang Mai condos much more expensive than older ones?

Yes. Building age can now create almost as much price difference as location in Chiang Mai, with older resales commonly around ฿60,000–75,000/m² and premium new projects reaching well above ฿100,000/m².

D Condo Sign is a useful middle-market example. Hipflat's recorded transactions average about ฿69,800/m², and the latest recorded foreign-quota studio sale came in at ฿63,333/m². Dcondo Campus Resort near Chiang Mai University has also recorded transactions in roughly the ฿73,000–83,000/m² range.

Newer projects sit on a different price ladder. Current listings at developments such as The IVORY can approach or exceed ฿100,000/m², while premium projects such as Mekin Haus reach roughly ฿130,000–145,000/m² in some units.

That means two similarly sized Chiang Mai apartments can differ by almost 100% in price without being very far apart geographically.

Newness clearly carries a big premium these days. Whether it is worth paying depends heavily on construction quality, management, common areas and the buyer's intended holding period, because an older well-run building at ฿65,000/m² can be hard to dismiss when a nearby new unit costs twice as much.

Are Chiang Mai condo prices actually rising fast right now?

No. Chiang Mai condo prices are firm, but current transaction evidence does not support the idea of a citywide price boom.

The most useful reality check comes from actual resales. At D Condo Sign, comparable 30 m² units have sold between roughly ฿1.9 million and ฿2.25 million over the past few years. The latest foreign-quota studio recorded by Hipflat sold for ฿1.9 million, virtually the same nominal price as a foreign-quota one-bedroom sold in 2023.

Even within that project, a 30 m² unit sold for ฿2.4 million back in 2019. Individual apartments differ by floor, furnishing and view, so we should not turn those records into a perfect price index. Still, the sequence hardly looks like a market where every unit has been repriced sharply upward.

The stronger inflation is happening in selected new launches and premium developments. That can make Chiang Mai look much more expensive to someone browsing sales galleries, while the deeper resale market moves far more slowly.

As seen above, the city still has plenty of apartments around ฿2–3 million. A genuine broad boom would make that much harder to find.

Does Chiang Mai have enough condo supply to keep prices under control?

Yes. Chiang Mai currently has enough housing and condo inventory to give buyers options, which makes aggressive citywide price growth harder to sustain.

FazWaz alone currently shows more than 2,300 Chiang Mai condos for sale. Fa Ham has about 380, the Nimman area roughly 365, Suthep more than 300 and Wat Ket around 180. These figures inevitably include listings that may be duplicated across agents, but the depth of inventory is still obvious.

REIC's broader northern Thailand survey tells the same story from another angle. Across Chiang Mai, Lamphun, Chiang Rai, Phitsanulok and Nakhon Sawan, remaining housing supply had risen to 17,407 units in its latest first-half survey, up 16.9% year on year. Completed but unsold homes reached 5,521 units.

That REIC dataset includes houses as well as condos, so it cannot be used as a Chiang Mai condo inventory count. What it does show is that northern Thailand is not suffering from a general shortage of homes.

For ordinary resale condos, buyers can usually compare several alternatives and walk away from an unrealistic asking price. Scarcity matters much more at the level of a particular building, view or location.

Are Chiang Mai asking prices close to what buyers really pay?

Not always. Chiang Mai listing prices are useful for comparing areas, but actual sales show that asking prices can give a misleading impression of what an apartment is worth.

Hipflat's transaction history at D Condo Sign makes this unusually visible. Recorded sales average around ฿69,800/m², while advertised units in the same development can sit noticeably above that. More importantly, Hipflat reports an average selling period of 407 days for the recorded properties.

That is a long time. It tells us that a seller can put almost any number on a portal, but the market may take more than a year to agree.

The recorded sales also show how tightly actual prices have clustered for the standard 30 m² format. Six transactions between 2023 and 2026 landed between ฿1.89 million and ฿2.25 million despite different floors, views, furniture and ownership quotas.

For buyers, comparable sales inside the exact building are therefore more useful than a Chiang Mai-wide average. If a standard unit has repeatedly changed hands around ฿65,000–75,000/m², a seller asking ฿90,000/m² needs a very good reason.

How much does apartment size change the price in Chiang Mai?

Apartment size changes the budget quickly in Chiang Mai, while smaller units usually cost more per square metre than larger older units.

At today's broad city benchmark of ฿73,900/m², a 30 m² apartment works out at roughly ฿2.2 million, 40 m² at ฿3 million, 60 m² at ฿4.4 million and 80 m² at just under ฿6 million.

The current listing averages line up reasonably well with that range. Studios average about ฿2.22 million, one-bedrooms ฿3.08 million and two-bedrooms ฿6.1 million.

The calculations become much more useful when we change the price per square metre. A 40 m² unit at ฿60,000/m² costs ฿2.4 million. At ฿100,000/m² it is ฿4 million. At ฿130,000/m², which we now see in premium Chiang Mai projects, the same 40 m² reaches ฿5.2 million.

So when someone says a Chiang Mai apartment costs ฿3 million, the missing piece is often simply the floor area.

Floor area	At ฿60k/m²	At ฿74k/m²	At ฿100k/m²	At ฿130k/m²
30 m²	฿1.80m	฿2.22m	฿3.00m	฿3.90m
40 m²	฿2.40m	฿2.96m	฿4.00m	฿5.20m
50 m²	฿3.00m	฿3.70m	฿5.00m	฿6.50m
60 m²	฿3.60m	฿4.44m	฿6.00m	฿7.80m
80 m²	฿4.80m	฿5.92m	฿8.00m	฿10.40m

Is Chiang Mai still cheap compared with Bangkok, Phuket and Pattaya?

Yes. Chiang Mai remains much cheaper than Thailand's other major international condo markets, even after the arrival of more ฿100,000+/m² projects.

Using the same FazWaz dataset, Chiang Mai is currently around ฿74,000/m². Bangkok, Phuket and Pattaya sit considerably higher. The exact portal medians move with current inventory, but Chiang Mai remains roughly half the price of Bangkok and Phuket per square metre and substantially below Pattaya.

The absolute budgets tell the same story. Around ฿3 million still gives buyers a broad choice of Chiang Mai one-bedrooms. In prime Phuket or central Bangkok, that budget increasingly buys a small entry-level unit rather than the middle of the market.

Chiang Mai's premium segment does narrow the gap. Someone buying a new ฿130,000/m² condo is already paying a level that overlaps with cheaper Bangkok or Pattaya projects.

But that is still the expensive edge of Chiang Mai. The citywide market continues to revolve around roughly ฿74,000/m² rather than six-figure pricing.

Can a foreigner buy a Chiang Mai condo, and what extra costs come with it?

Yes. Foreigners can directly own qualifying Chiang Mai condominium units freehold, but foreign quota and transaction costs have to be checked before comparing prices.

Thai condominium law allows foreigners to own units in their own name as long as foreign ownership stays within 49% of the building's total saleable floor area. That makes the foreign quota of the specific project important. Two otherwise identical apartments can have different practical value to an overseas buyer if only one can currently be registered as foreign freehold.

Actual Chiang Mai transactions show this in practice. Hipflat records foreign-quota sales at projects such as D Condo Sign and Dcondo Campus Resort, alongside separate Thai-quota transactions.

Foreign buyers also need to satisfy Thailand's foreign-currency remittance requirements for condominium purchases. On top of the negotiated property price, there is normally a 2% registration transfer fee, although the buyer and seller can agree how to split it. Seller-side taxes can include specific business tax or stamp duty depending on the transaction, plus withholding tax.

The temporary 0.01% transfer-fee incentive on qualifying homes does not give foreign buyers a reason to assume their purchase will receive the same treatment, since the government scheme applies to eligible Thai individuals.

Common-area fees, sinking-fund payments on some projects, legal checks and renovation can then add smaller amounts. A buyer with exactly ฿3 million available should therefore shop below ฿3 million rather than treating the advertised price as the entire budget.

Do Chiang Mai condo prices make sense compared with rents?

Yes. Current Chiang Mai rents are high enough relative to purchase prices that mainstream condos do not look obviously overpriced, although the headline yield is much better than the return an owner will actually keep.

FazWaz currently shows a median Chiang Mai condo rent of about ฿17,000 per month. Studios average roughly ฿12,800, one-bedrooms ฿17,700 and two-bedrooms ฿32,000.

Compare the ฿17,700 one-bedroom rent with the current ฿3.08 million average one-bedroom asking price and annual rent equals about 6.9% of the purchase price. Studios give almost the same rough ratio, while two-bedrooms come out closer to 6.3%.

Those are not true investment yields because the sale and rental samples are not the exact same properties. They also ignore vacancy, common fees, agent costs, repairs and taxes. Still, a rough 6–7% rent-to-price ratio is useful: Chiang Mai purchase prices are not wildly disconnected from what tenants currently pay.

The same calculation also explains why older condos can be interesting. Rents usually do not fall by 50% just because a building is older, while purchase prices sometimes come close to doing exactly that compared with premium new stock.

Condo size	Average asking price	Average monthly rent	Simple annual rent / price
Studio	฿2.22m	฿12,800	~6.9%
1 bedroom	฿3.08m	฿17,700	~6.9%
2 bedrooms	฿6.10m	฿32,000	~6.3%

So how much should you budget for a Chiang Mai apartment now?

For a normal Chiang Mai condo today, we would budget ฿2–4 million and use roughly ฿3 million as the starting point.

Around ฿1.5–2 million still buys older studios and compact one-bedrooms, particularly in Fa Ham and other lower-priced parts of the city. Around ฿2.5–3.5 million is where the selection becomes much wider. Nimman one-bedrooms average roughly ฿3.5 million, while Suthep moves closer to ฿4.2 million.

A useful price-per-square-metre scale is even simpler. Around ฿60,000/m² means cheaper resale stock. ฿70,000–85,000/m² covers a large part of the mainstream market. Once we reach ฿90,000–110,000/m², we are generally paying for a stronger location, a newer project or both. Premium developments can now reach ฿120,000–145,000/m².

The latest market evidence also gives buyers little reason to panic. We still see thousands of active listings, sub-฿2 million units, slow resale periods in some established projects and actual transactions that have not surged anything like premium launch prices.

That leaves Chiang Mai with two noticeably different condo markets these days. The broad resale market is still affordable by Thai international-city standards, while the newest premium developments have already moved into a much higher price bracket. For someone asking how much an apartment in Chiang Mai costs right now, ฿3 million remains the most useful answer — as long as we understand that the same city can still offer ฿1.5 million resales and ฿10 million luxury condos.

Who is the author of this content?

BAMBOOROUTES

A team specialized in real estate investing in APAC countries (Japan, Thailand, Indonesia, Australia, etc.).

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Chiang Mai. If you’d like to learn more about us, you can check our presentation page.