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SUMMARY
Chiang Mai’s property market is recovering now, but the recovery is still selective: rentals, foreign-friendly condos and a relatively small group of well-positioned developments are improving faster than the broader residential market.
The strongest reason not to call this a boom is inventory. Chiang Mai entered the recovery with slow new-home sales, rising unsold stock and roughly 57 months of supply, so improving demand still has a lot of existing property to absorb.
Developers have already reacted. New launches fell sharply, which should gradually improve the supply-demand balance, but it also means the market is becoming more selective rather than simply expanding again.
Condos currently have a structural advantage over many suburban houses because they can attract Thai buyers, foreign owners and long-term renters. That wider demand pool is particularly useful in central areas such as Nimman, Suthep, Fa Ham and Chang Khlan.
Foreign demand is one of the clearest positive surprises. Chiang Mai foreign-condo transfers rose in early 2026 even while foreign transfers fell across Thailand, suggesting the city is gaining support that national averages hide.
The rental market is also healthier than the resale market. A sensibly priced one-bedroom condo can still produce around 5%-7% gross, but those returns disappear quickly when buyers overpay for a fashionable project or rely on optimistic short-term-rental assumptions.
Chiang Mai can therefore feel much stronger on the ground than residential sales statistics suggest. Tourism, international arrivals, universities, hospitals and the service economy support rents and occupancy well before they necessarily translate into mortgage-financed home purchases.
Local affordability remains the weak link. A ฿3 million property may look inexpensive beside Bangkok or Phuket, but the large amount of unsold stock between roughly ฿2 million and ฿5 million shows that many local households still struggle to convert demand into purchases.
Lower interest rates, relaxed LTV rules and sharply reduced transfer and mortgage-registration fees should lift transaction volumes before they lift prices. With sellers still competing for buyers, the near-term recovery is more likely to show up in liquidity than in broad double-digit appreciation.
The practical takeaway is that Chiang Mai is an improving buyer’s market. Good properties with several independent sources of demand are getting stronger, while generic condos, poorly managed buildings and ordinary suburban housing can still be surprisingly difficult to sell.
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Is the Chiang Mai property market actually recovering now?
Chiang Mai’s property market is recovering now, but the recovery is still concentrated in rentals, foreign-friendly condos and a handful of strong developments rather than spreading evenly across the city.
The clearest warning comes from the Real Estate Information Center, or REIC. Its last detailed Chiang Mai survey showed new residential sales falling 13.4% year over year while unsold stock increased 4.3%. At that sales pace, the available stock represented roughly 57 months of supply.
Since then, the backdrop has improved. Thailand’s housing transfers have started growing again, borrowing conditions are easier, transfer incentives remain in place, tourism is busy, and some Chiang Mai developers are recording much stronger transfers.
Ornsirin is a good example. The Chiang Mai-based developer reported first-half 2026 revenue of about ฿1.11 billion, up 39.2%, while net profit rose 57.3%. Several of its Chiang Mai projects contributed to the increase.
There is enough evidence now to say the market has moved off its weakest point. There still is not enough to call Chiang Mai a broad property boom.
| Indicator | Latest useful reading | Direction | What we see |
|---|---|---|---|
| Chiang Mai new-home sales | -13.4% YoY in last detailed REIC survey | Weak | Broad sales were still slow |
| Chiang Mai unsold stock | +4.3% YoY | Weak | Buyers still have plenty of choice |
| Estimated stock clearance | ~57 months | High | Supply remains heavy |
| ORN first-half revenue | ~฿1.11bn | +39.2% YoY | Strong projects are selling |
| ORN first-half net profit | >฿100m | +57.3% YoY | Developer recovery is commercially meaningful |
Why can Chiang Mai feel busy while property sales are still slow?
Chiang Mai can feel much stronger today than the sales data because tourism and rental demand have recovered faster than homebuying.
The city is busy again. Chiang Mai recorded more than 10.6 million visitor trips during the first eleven months of 2025, according to provincial figures, generating roughly ฿99 billion in tourism revenue. International passenger traffic has continued to recover, with China, South Korea and Taiwan among the city’s largest overseas markets.
That activity feeds directly into hotels, restaurants, hospitals, universities, coworking spaces, retail and service jobs. Many of the people working in or moving through that economy need somewhere to rent.
Buying is harder. Thai households usually need mortgage approval, and the Bank of Thailand still describes credit conditions for vulnerable households as an area that needs watching.
So someone walking through Nimman, Chang Khlan or Fa Ham can see busy cafés, full flights and active rental buildings while developers elsewhere are still carrying unsold houses. Both impressions can be true at the same time.
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Does Chiang Mai still have too many unsold homes?
Yes, Chiang Mai still has too much unsold housing for us to describe the city as a tight property market.
REIC’s survey of Chiang Mai and four other major northern markets found 17,407 unsold units during the first half of 2025, up 16.9% from a year earlier. Of those, 5,521 were already completed.
Chiang Mai represents more than half of residential activity across those five northern provinces, so this is not a distant regional problem.
The most revealing part is the price range. REIC counted 2,088 completed unsold homes between ฿2.01 million and ฿3 million and another 1,911 between ฿3.01 million and ฿5 million.
Those two bands alone represented almost three quarters of all completed unsold homes in the survey.
In other words, the excess stock is concentrated in the middle of the market, where ordinary Thai buyers should theoretically be most active. Purchasing power and financing are clearly part of the problem, not just headline prices.
| Northern market inventory | Units | Share of completed unsold stock |
|---|---|---|
| ฿2.01m-฿3m | 2,088 | 37.8% |
| ฿3.01m-฿5m | 1,911 | 34.6% |
| Combined ฿2.01m-฿5m | 3,999 | 72.4% |
| All completed unsold homes | 5,521 | 100% |
Have Chiang Mai developers finally stopped adding too much supply?
Chiang Mai developers have pulled back hard, which should help the market clear its older inventory over time.
New residential launches in Chiang Mai fell 66.2% in REIC’s last detailed survey. Housing-estate launches dropped 76.8%, while new condominium supply fell 52.6%.
A fall that large shows developers have already changed behavior. They are much less willing to launch generic projects and assume buyers will arrive later.
This supply correction is useful because Chiang Mai does not need another wave of mass-market stock while thousands of completed homes remain available.
At the same time, developers are still launching where they think demand is strong enough. Ornsirin continues to build around locations such as Charoen Mueang, Jed Yod, San Kamphaeng and higher-end urban sites. Its ASRA Infinit project was already reported around 55% presold before completion.
Development has become more selective. That should gradually make the market healthier, although it will take time to absorb the homes already built.
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Are Chiang Mai condos doing better than houses?
Chiang Mai condos are currently easier to sell and rent than many suburban houses, especially when the condo sits in an established urban location.
Condos have a wider pool of potential buyers. Thai buyers can purchase them, long-term foreigners can rent them, and foreign nationals can legally own condominium units directly as long as the building remains within Thailand’s foreign-ownership quota.
That extra demand is useful in Chiang Mai.
Propertyhub’s recent search rankings show repeated interest in developments such as dcondo Campus Resort Chiangmai, dcondo Sign, The Nimmana, Escent Ville, mekin HAUS, Hillside Condominium 4 and dcondo Ping. Several appear in both rental and purchase searches.
Houses depend more heavily on Thai mortgage buyers unless they are in a location with a strong international-family or expat rental market.
We would still avoid treating every Chiang Mai condo as liquid. Older buildings with weak management, awkward layouts or too many competing resale units can sit on the market for a long time. The advantage belongs mainly to condos that combine location, sensible pricing and reliable rental demand.
What does a Chiang Mai condo cost now?
A typical Chiang Mai condo currently sits around the ฿3 million mark, but central and newer buildings can easily cost two or three times as much.
FazWaz currently shows a province-wide median asking price around ฿2.8 million, with a median close to ฿74,000 per square meter.
Studios average roughly ฿2.2 million, one-bedroom units around ฿3.1 million and two-bedroom units around ฿6.1 million on the platform.
The spread inside Chiang Mai is wide. Older condos around Chang Phueak, Suthep and Huay Kaew can still appear around ฿50,000-฿70,000 per square meter. Better new or recently completed projects can reach roughly ฿90,000-฿120,000 per square meter, with premium buildings going higher.
For example, a roughly 53-square-meter one-bedroom unit at Hillside Plaza & Condotel 4 has recently been offered around ฿3.29 million, or about ฿62,000 per square meter.
So the citywide median is useful as a starting point, but it says very little about what a good investment-grade condo costs in Nimman, Chang Khlan or a new Fa Ham project.
| Condo segment | Indicative asking price |
|---|---|
| Chiang Mai median | ~฿2.8m |
| Median per sqm | ~฿74,000 |
| Studio average | ~฿2.2m |
| 1-bedroom average | ~฿3.1m |
| 2-bedroom average | ~฿6.1m |
| Better new central stock | Often ~฿90,000-฿120,000+/sqm |
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Are Chiang Mai property prices actually rising fast?
No, Chiang Mai property prices are not rising fast across the whole market today.
Some prime projects have pushed prices higher, construction costs have risen and good central land is limited. Those factors support prices in the better locations.
The broader market still has too much competition between sellers for aggressive price growth. Buyers can compare new projects, old condos, developer stock, completed houses and private resales without much difficulty.
That competition often shows up outside the headline asking price. Developers may hold list prices while offering furniture, transfer support, mortgage promotions or direct discounts.
Thailand’s wider housing data points in the same direction. REIC recently reported stronger transfer volumes nationally, but the increase has been driven heavily by lower-priced homes and government support rather than by a surge in expensive property.
Chiang Mai therefore looks more like a market where good properties can appreciate while average properties struggle to move. Anyone expecting citywide double-digit price growth is ahead of the evidence.
Have foreign buyers really come back to Chiang Mai?
Yes, foreign condo demand in Chiang Mai has improved, and the latest local numbers are stronger than Thailand’s foreign market overall.
Foreigners bought 848 Chiang Mai condominium units during 2025 for roughly ฿2.41 billion, placing Chiang Mai fourth nationally by unit volume behind Bangkok, Chonburi and Phuket.
The more recent data is more interesting.
REIC recorded around 199 Chiang Mai foreign condo transfers in the first quarter of 2026, worth approximately ฿566 million. Unit volume increased about 18% year over year and transaction value rose roughly 42%.
Over the same period, foreign condo transfers across Thailand fell 17.3%.
Chiang Mai therefore moved against the national trend.
One quarter is too short to prove a long-term boom, but the direction is hard to dismiss. Foreign demand is currently doing more to support Chiang Mai condos than the national figures alone would suggest.
| Foreign condo market | Latest comparison |
|---|---|
| Chiang Mai foreign transfers, 2025 | 848 units |
| Chiang Mai transfer value, 2025 | ~฿2.41bn |
| Chiang Mai Q1 2026 transfers | ~199 units |
| Chiang Mai Q1 unit growth | ~+18% YoY |
| Chiang Mai Q1 value | ~฿566m |
| Chiang Mai Q1 value growth | ~+42% YoY |
| Thailand Q1 foreign transfers | -17.3% YoY |
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Is Chiang Mai still relying too much on Chinese property buyers?
Chiang Mai is less dependent on Chinese buyers than it used to be, although China still matters a lot.
Chinese nationals remain Thailand’s largest foreign condo-buying group and China continues to be one of Chiang Mai’s biggest international visitor markets.
But Chinese property demand has clearly weakened from its earlier peak.
Across Thailand, Chinese buyers purchased 4,940 condo units in 2025, down 12.9%. Their total purchase value fell about 30% to ฿18.6 billion. REIC has pointed to China’s weaker economy, liquidity problems and restrictions around moving money overseas.
Other nationalities are filling part of that gap. Myanmar buyers purchased 1,968 Thai condos in 2025, up 41.8%, making Myanmar the second-largest foreign group by unit volume. Chiang Mai is one of the main destinations for that demand.
Americans, Europeans and other long-stay residents add smaller but useful pools of demand.
Chiang Mai has become less exposed to one nationality. The city would still benefit enormously from a stronger Chinese recovery, but its foreign condo market no longer depends on China alone.
Is renting stronger than buying in Chiang Mai right now?
Yes, Chiang Mai’s rental market currently looks healthier than its broader resale market.
Central rents show why. Current DDproperty listings put many ordinary one-bedroom condos around ฿10,000-฿15,000 per month, while better units in established central projects often sit closer to ฿20,000-฿25,000.
Liv@Nimman one-bedroom units have recently been marketed around ฿24,000 a month. Similar units at The Astra have appeared around ฿25,000. At The Base Height, smaller one-bedroom apartments around 34-35 square metres have been listed around ฿16,000-฿18,000.
Older condos around Chiang Mai University or farther from the centre can still rent below ฿10,000.
Local brokerage ranges tell a similar story. One-bedroom units around Nimman and Huay Kaew often fall around ฿10,000-฿22,000, while Suthep and the university area can start closer to ฿7,000.
Tenants are active, but selective. Good buildings in convenient areas command a real premium; ordinary stock competes mainly on price.
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Can a Chiang Mai rental property still make 6% a year?
Yes, a well-bought Chiang Mai condo can still produce roughly 5%-7% gross rental yield today, and 6% is a realistic target rather than an exceptional one.
Take a ฿3 million one-bedroom condo renting for ฿16,000 a month. Annual rent is ฿192,000, which gives a 6.4% gross yield.
A ฿3.5 million condo rented at ฿20,000 a month produces about 6.9%.
Those numbers fit current asking rents in several central Chiang Mai neighborhoods.
Net returns will be lower. Common-area fees, repairs, furniture replacement, agency commissions and empty periods all reduce the result. A 6.5% gross yield can easily settle closer to 5% once ordinary costs are included.
Buyers should be especially careful with projections based on nightly Airbnb income. Thailand’s hotel rules and individual condominium regulations can make short-stay rental strategies much harder to run legally than the spreadsheet suggests.
| Purchase price | Monthly rent | Annual rent | Gross yield |
|---|---|---|---|
| ฿2.5m | ฿13,000 | ฿156,000 | 6.2% |
| ฿3.0m | ฿16,000 | ฿192,000 | 6.4% |
| ฿3.5m | ฿20,000 | ฿240,000 | 6.9% |
| ฿5.0m | ฿25,000 | ฿300,000 | 6.0% |
Where is Chiang Mai property strongest today?
Chiang Mai property is strongest today in areas where several different kinds of tenants and buyers want the same location.
Nimman and the wider Suthep-Huay Kaew corridor remain the clearest example. Chiang Mai University, MAYA, hospitals, restaurants, offices, tourism and a large foreign-resident population all sit close together. If one source of demand weakens, another can still support the area.
Nimman deserves its premium, but price still matters. A ฿3.4 million condo renting for ฿20,000 or ฿21,000 a month is very different from a similar unit bought for ฿5 million without a matching jump in rent.
Fa Ham has also become a serious condo market around Central Chiangmai and newer developments such as dcondo Sign, dcondo Ping, Escent Chiangmai, Escent Ville and mekin HAUS.
Chang Khlan has strong tourism and expat demand, particularly around higher-end developments such as The Astra. Chang Phueak and Jed Yod give renters access to Nimman and university areas without always paying full Nimman prices.
For houses, Mae Hia, Hang Dong and selected international-school corridors attract a different audience: families who want space, parking and easier access to schools.
The safest locations are usually the ones that can attract several groups at once rather than depending on one narrow type of tenant.
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Are Chiang Mai houses still hard to sell?
Yes, mass-market Chiang Mai houses are still harder to sell than the better urban condos, especially when buyers need bank financing.
REIC’s inventory data explains much of the problem. Completed unsold homes are heavily concentrated around ฿2 million-฿5 million, and much of that stock consists of townhouses and detached houses.
This is exactly where local mortgage approval becomes crucial.
Lower interest rates help, but banks still look at household debt, income stability and repayment capacity. A cheaper policy rate cannot turn every prospective buyer into an approved borrower.
Rental demand can be better than resale demand in some house markets. Three-bedroom houses in Hang Dong are currently advertised around ฿22,000-฿25,000 per month, while larger or better-located homes targeting international families can reach ฿40,000-฿60,000 and above.
That creates a useful split. A generic ฿4 million suburban house may struggle to find a buyer, while a well-located family house near schools can still work well as a rental.
Is tourism actually pushing Chiang Mai property higher?
Tourism is giving Chiang Mai property a real lift through rents and economic activity, but it has not created a citywide jump in residential prices.
Chiang Mai receives millions of visitors a year, and the visitor economy supports hotels, cafés, hospitals, restaurants, schools, transport, retail and hundreds of smaller businesses. Workers and long-stay visitors connected to those activities feed the rental market.
Air connectivity adds another layer. Chiang Mai International Airport continues to handle direct traffic from important Asian markets, and recent international passenger counts have been running well above the previous year on many days.
Airport expansion should strengthen that story further. Projects now underway include new cargo and ground-service infrastructure, while larger terminal, apron and parking improvements are part of the longer-term expansion plan.
The property effect will be uneven. Areas already tied closely to the city economy, such as Nimman, Suthep, Mae Hia and the airport side of town, have a better chance of capturing extra demand than a distant project with weak local amenities.
Tourism is useful support for good Chiang Mai property. It cannot rescue a bad location.
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Can local Chiang Mai buyers still afford these homes?
Chiang Mai property looks cheap to many foreign buyers, but local affordability is still one of the market’s biggest weaknesses.
A ฿3 million condo can look modest beside Bangkok, Phuket or Singapore prices. For a household earning Chiang Mai wages, ฿3 million still means years of income and usually a large mortgage.
The unsold-stock figures make this visible. As seen above, almost three quarters of completed unsold homes in REIC’s five-province northern survey sat between ฿2.01 million and ฿5 million.
That is supposed to be the mass market.
If thousands of completed homes remain available at those prices, affordability clearly cannot be judged simply by comparing Chiang Mai with more expensive cities.
Developers are adapting through smaller units, discounts, free furniture and other incentives. Buyers are also moving toward cheaper homes. REIC’s national data shows recent transaction growth has been concentrated toward lower price bands.
Chiang Mai can therefore be affordable internationally and difficult locally at the same time.
Are lower interest rates finally helping Chiang Mai property?
Yes, financing conditions are much friendlier now, and they should help Chiang Mai sales improve from here.
The Bank of Thailand currently has its policy rate at 1.00%. Its latest monetary-policy decision kept the rate there and described financial conditions as supportive of the recovery, although household and SME credit quality still needs monitoring.
Housing buyers also have unusually strong government support. Transfer and mortgage-registration fees for qualifying homes up to ฿7 million have been cut to 0.01%, and the measure has been extended again into 2027. Thailand is also running relaxed loan-to-value rules that allow up to 100% LTV in qualifying cases.
These measures are already moving the national market. REIC reported 72,583 residential transfers in the first quarter of 2026, up 11.2% year over year. Transfer value rose only 3.1%, which tells us cheaper homes are doing much of the work.
That pattern fits Chiang Mai well because so much of its stock sits below ฿7 million.
We should expect better transaction volumes before strong price growth. Buyers have easier conditions now, but they still have a lot of property to choose from.
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Do strong Chiang Mai developers prove the market is booming?
Strong developer results show that Chiang Mai buyers are spending again, but they also show how concentrated the recovery has become.
Ornsirin’s second-quarter 2026 revenue reached roughly ฿612 million, up 69.3% year over year, while quarterly profit increased around 140%. First-half revenue reached about ฿1.11 billion.
Projects including BELIVE Wongwaen-Sankamphaeng, ARISE Charoen Mueang and THE NEXT Jedyod 3 contributed to transfers.
Management has also said some higher-income foreign buyers are putting down 30%-50% of the purchase price, which makes those sales much less dependent on mortgage approval.
Buyers have not disappeared. They are concentrating money in developments and locations they trust.
A weaker project cannot assume the wider recovery will automatically carry it. Chiang Mai is increasingly a market where execution matters.
What could still go wrong with Chiang Mai property?
The biggest Chiang Mai property risk right now is getting stuck with a mediocre unit in a market where buyers have too many alternatives.
Liquidity comes first. A property can look cheap on paper and still take months to sell if the same building has ten nearly identical listings.
Building quality is another major issue. Chiang Mai has a lot of older condominium stock, and two nearby buildings can have completely different maintenance, sinking funds, occupancy and resale demand.
Location-specific environmental risks also deserve attention. Seasonal PM2.5 pollution remains a real drawback, while recent flooding around parts of the Ping River showed how much conditions can vary from one neighborhood to another.
Foreign demand can change quickly as well. China remains important, and capital controls or another slowdown there would still reach Chiang Mai.
Finally, rental numbers are easy to exaggerate. A seller may show peak-season rent, assume 100% occupancy or use short-term rental income that is difficult to operate legally.
The market itself looks less dangerous than buying the wrong property within it.
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So how is the Chiang Mai property market doing now?
Chiang Mai’s property market is clearly getting better now, but the recovery is selective enough that we would still call it an improving buyer’s market rather than a boom.
The weak part of the story has not disappeared. Chiang Mai entered this recovery with slow sales, heavy completed inventory and a large amount of stock sitting in the ฿2 million-฿5 million range. Local affordability is still tight, and ordinary suburban housing remains difficult to move.
The newer evidence is more encouraging. Foreign condo transfers in Chiang Mai have risen even while they fell nationally. Rental demand is healthy in several central neighborhoods. Thai housing transfers have started growing again. The policy rate is down to 1.00%. Government transfer and mortgage-fee support has been extended. Developers with the right projects are posting strong sales and profit growth.
Those pieces now fit together well enough to say Chiang Mai has passed its weakest phase.
What they do not show is a rising tide lifting every property.
The better opportunities these days are concentrated in condos and houses with several independent sources of demand: a location locals already want, tenants who can realistically afford the rent, foreign or expat interest where relevant, and a purchase price that still makes sense against current rental income.
That gives buyers an unusual combination. Demand is improving, but excess inventory still gives them leverage.
For now, that is probably the most attractive part of the Chiang Mai market.
OUR METHODOLOGY
This analysis tests how far Chiang Mai’s property market has actually recovered by looking at the parts of the market that can move at different speeds: sales, unsold supply, new launches, prices, affordability, financing conditions, foreign demand, rents, yields, developer results, tourism, infrastructure and location-specific risks.
We gave the most weight to transactional and institutional evidence. REIC data is used for residential sales, unsold inventory, new supply, national housing transfers and foreign condominium transfers. Bank of Thailand decisions and government housing measures are used to assess financing conditions, LTV rules and transaction-fee support.
The latest detailed Chiang Mai residential survey is used to establish the market’s underlying position, including slow sales, heavy inventory and the sharp reduction in new launches. Fresher national and Chiang Mai-specific evidence is then used to test whether conditions have improved since that survey rather than assuming the older local picture is still unchanged.
We keep listing data separate from completed transactions. PropertyHub search rankings, FazWaz asking prices and current rental listings help show what buyers and tenants are looking at and what owners are asking, but they are not treated as proof that properties actually sold or rented at those prices.
Foreign demand is assessed against both Chiang Mai and national REIC data. This allows us to see whether Chiang Mai is simply moving with Thailand’s foreign-condo market or behaving differently, which is particularly useful when local transfers are rising while the national total is falling.
Rental yields are calculated from realistic combinations of current asking prices and rents. Gross yield is kept separate from the return an owner might retain after vacancy, common-area fees, maintenance, agency costs and furniture replacement. Short-term rental income is treated separately because Thailand’s hotel rules and condominium regulations can materially affect whether that strategy is legally workable.
Developer performance is used as supporting evidence rather than as a proxy for the whole Chiang Mai market. Ornsirin’s reported revenue, profit growth and project transfers show that demand exists for well-positioned developments, but one successful listed developer cannot by itself prove a citywide boom.
We also looked for divergence between the indicators rather than forcing them into one story. A city can have improving tourism, rentals and foreign-condo transfers while still carrying too much unsold housing and weak local purchasing power. That divergence is central to our conclusion that Chiang Mai is recovering, but selectively.
Key sources used for this analysis include REIC’s Chiang Mai and northern residential-market analysis, REIC’s Q1 2026 Thailand housing-market report, REIC’s Q1 2026 foreign condominium transfer report, REIC’s 2025 foreign condominium market data, the Bank of Thailand’s August 2026 monetary-policy decision, the Bank of Thailand’s LTV extension, the Royal Thai Government’s transfer and mortgage-fee measure, Department of Lands guidance on foreign condominium ownership, Ornsirin’s Q2 2026 SET filing, Ornsirin’s first-half 2026 SETLink snapshot, Chiang Mai provincial tourism statistics, PropertyHub’s Q2 2026 Chiang Mai search data, FazWaz’s current Chiang Mai condominium listings, Pollution Control Department PM2.5 data, Chiang Mai provincial flood reporting, Airports of Thailand’s Chiang Mai airport development programme, and the Department of Provincial Administration’s Hotel Act.
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