What are the best areas for real estate in Chiang Mai? (2026)

Authored by the expert who managed and guided the team behind the Thailand Property Pack

Yes, the analysis of Chiang Mai's property market is included in our pack

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.

What's the Current Real Estate Market Situation by Area in Chiang Mai?

Which areas in Chiang Mai have the highest property prices per square meter in 2026?

As of early 2026, the three most expensive areas in Chiang Mai are Suthep (home to the famous Nimmanhaemin Road), Si Phum in the Old City core, and Chang Khlan along the Night Bazaar corridor.

In these premium Chiang Mai neighborhoods, you can expect to pay anywhere from 55,000 to 95,000 baht per square meter for condominiums, with the highest prices concentrated around Nimmanhaemin where new projects sometimes push above 100,000 baht per square meter.

Each of these areas commands top prices in Chiang Mai for different reasons:

• Suthep (Nimman area): Walking distance to cafes, coworking spaces, and Chiang Mai University creates constant tenant demand.
• Si Phum (Old City): Strict building height limits and heritage zoning create genuine scarcity of modern units.
• Chang Khlan: Night Bazaar proximity and established tourism infrastructure attract both renters and investors.

Which areas in Chiang Mai have the most affordable property prices in 2026?

As of early 2026, the most affordable areas in Chiang Mai for property buyers are Tha Sala on the east side, Nong Pa Khrang and Fa Ham in the northeast, and Pa Daet and Mae Hia toward the south near the airport.

In these value-focused Chiang Mai neighborhoods, condo prices typically range from 35,000 to 55,000 baht per square meter, which is roughly half what you would pay in the Nimman area.

The trade-off in these affordable Chiang Mai areas is mainly about lifestyle convenience: Tha Sala and Nong Pa Khrang feel more like practical Thai neighborhoods with fewer English-friendly amenities, while Pa Daet and Mae Hia are car-dependent and lack the walkable cafe culture that draws many expats to Chiang Mai in the first place.

You can also read our latest analysis regarding housing prices in Chiang Mai.

We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Thailand. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.

Which Areas in Chiang Mai Offer the Best Rental Yields?

Which neighborhoods in Chiang Mai have the highest gross rental yields in 2026?

As of early 2026, the Chiang Mai neighborhoods delivering the strongest gross rental yields are Tha Sala and Nong Pa Khrang on the east side (often reaching 6 to 8 percent), followed by Suthep, Chang Phueak, and Hai Ya (typically 5 to 7 percent gross).

Across Chiang Mai as a whole, typical gross rental yields for investment condos range from about 4 to 7 percent, with yields below 4 percent usually signaling an overpriced purchase or weak tenant demand.

Here is why these Chiang Mai neighborhoods outperform others for rental returns:

• Tha Sala and Nong Pa Khrang: Lower purchase prices combined with steady demand from local workers and budget-conscious expats.
• Suthep (Nimman area): Deep tenant pool of students, remote workers, and expats keeps vacancy low year-round.
• Chang Phueak: Mix of local professionals and practical access without the Nimman price premium.
• Hai Ya: Hospital proximity and south-side commuting convenience attract stable long-term tenants.

Finally, please note that we cover the rental yields in Chiang Mai here.

Which Areas in Chiang Mai Are Best for Short-Term Vacation Rentals?

Which neighborhoods in Chiang Mai perform best on Airbnb in 2026?

As of early 2026, the top-performing Airbnb neighborhoods in Chiang Mai are Si Phum and Phra Sing in the Old City, Suthep around Nimmanhaemin Road, Chang Khlan near the Night Bazaar, and boutique pockets of Wat Ket along the riverside, with average daily rates around 2,300 baht (roughly 67 dollars) and occupancy averaging about 50 percent.

In these best-performing Chiang Mai short-term rental areas, top properties can generate monthly revenues of around 170,000 to 180,000 baht (roughly 5,000 dollars), though this figure represents above-average performers rather than typical listings.

Each neighborhood attracts Airbnb guests for specific reasons:

• Si Phum and Phra Sing (Old City): Walkable heritage temples and markets create strong weekend and cultural tourism demand.
• Suthep (Nimman): Cafes, coworking spaces, and shopping attract lifestyle travelers who stay longer and return often.
• Chang Khlan: Night Bazaar proximity and easy tour pickups appeal to first-time visitors to Chiang Mai.
• Wat Ket: Boutique riverside atmosphere commands premium nightly rates when styled well.

By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Chiang Mai.

Which tourist areas in Chiang Mai are becoming oversaturated with short-term rentals?

The three Chiang Mai areas showing signs of short-term rental oversaturation are Suthep (particularly the Nimmanhaemin corridor), the Old City core around Si Phum and Phra Sing, and parts of Chang Khlan near the Night Bazaar.

In these areas, you will find thousands of competing Airbnb and Vrbo listings, with the Nimman area alone hosting hundreds of similar one-bedroom condos targeting the same digital nomad and tourist demographic.

The clearest sign of oversaturation in these Chiang Mai neighborhoods is the market-wide occupancy rate of around 50 percent, which means a typical unit sits empty half the year, and hosts increasingly compete on price rather than quality during shoulder seasons.

We have made this infographic to give you a quick and clear snapshot of the property market in Thailand. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.

Which Areas in Chiang Mai Are Best for Long-Term Rentals?

Which neighborhoods in Chiang Mai have the strongest demand for long-term tenants?

The Chiang Mai neighborhoods with the strongest long-term rental demand are Suthep (around Chiang Mai University and Nimman), Chang Phueak to the northwest, Hai Ya south of the Old City, and the riverside area of Wat Ket.

In these high-demand Chiang Mai neighborhoods, well-priced units in good buildings typically rent within two to four weeks, compared to two months or longer in weaker locations with oversupply issues.

Different tenant profiles drive demand in each Chiang Mai neighborhood:

• Suthep (Nimman and CMU orbit): University students, lecturers, remote workers, and long-stay expats seeking walkable lifestyle.
• Chang Phueak: Thai professionals and practical expats who want close-in convenience without Nimman prices.
• Hai Ya: Hospital workers, airport-side commuters, and tenants who prioritize south-city access.
• Wat Ket: Expats and lifestyle renters seeking a calmer, more boutique atmosphere than busy Nimman.

The key amenity that makes these Chiang Mai neighborhoods attractive to long-term tenants is walkability to daily needs: Suthep offers cafes and coworking, Chang Phueak has local markets and restaurants, Hai Ya provides hospital and transport links, and Wat Ket delivers riverside charm with enough nearby services.

Finally, please note that we provide a very granular rental analysis in our property pack about Chiang Mai.

What are the average long-term monthly rents by neighborhood in Chiang Mai in 2026?

As of early 2026, monthly rents in Chiang Mai vary significantly by neighborhood, ranging from about 7,000 baht for a basic studio in the east-side value areas to over 35,000 baht for premium two-bedroom units near Nimmanhaemin.

In the most affordable Chiang Mai neighborhoods like Tha Sala, Nong Pa Khrang, and Fa Ham, entry-level one-bedroom apartments typically rent for 7,000 to 12,000 baht per month, making them popular with budget-conscious tenants and local workers.

In mid-range Chiang Mai neighborhoods like Chang Phueak, Hai Ya, and parts of Chang Khlan, you can expect to pay 9,000 to 16,000 baht monthly for a decent one-bedroom, or 16,000 to 30,000 baht for a two-bedroom unit with reasonable amenities.

In premium Chiang Mai neighborhoods like Suthep around Nimman and the Old City core, one-bedroom rents run from 10,000 to 20,000 baht, while quality two-bedroom condos command 18,000 to 35,000 baht or more depending on building quality and location.

You may want to check our latest analysis about the rents in Chiang Mai here.

Which Are the Up-and-Coming Areas to Invest in Chiang Mai?

Which neighborhoods in Chiang Mai are gentrifying and attracting new investors in 2026?

As of early 2026, the Chiang Mai neighborhoods showing the clearest gentrification and investor interest are Chang Phueak to the northwest, select pockets of Wat Ket along the river, Fa Ham and Nong Pa Khrang on the east side, and Mae Hia and Pa Daet toward the south.

These gentrifying Chiang Mai neighborhoods have seen modest but steady price appreciation of roughly 3 to 6 percent annually over recent years, which is more sustainable than the boom-and-bust patterns seen in oversupplied condo clusters.

Which areas in Chiang Mai have major infrastructure projects planned that will boost prices?

The Chiang Mai areas most likely to benefit from infrastructure investment are the corridors along planned mass transit routes, the southwest zones near the airport, and neighborhoods that will gain improved road connectivity under the national 2025-2026 infrastructure plan.

The specific projects to watch are the MRTA Chiang Mai mass transit system (still in planning stages with timelines that remain uncertain), the Airports of Thailand expansion of Chiang Mai International Airport to handle 20 million passengers annually, and congestion relief measures outlined in the Thailand national infrastructure agenda.

Historically in Thailand, areas near completed transit stations have seen price premiums of 10 to 20 percent develop over the years following project completion, though Chiang Mai buyers should treat government timelines with healthy skepticism and avoid paying for infrastructure that may arrive later than promised.

You'll find our latest property market analysis about Chiang Mai here.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Thailand versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.

Which Areas in Chiang Mai Should I Avoid as a Property Investor?

Which neighborhoods in Chiang Mai with lots of problems I should avoid and why?

Rather than entire neighborhoods to avoid, the real risks in Chiang Mai cluster around specific building types and micro-locations: investor-heavy condo projects with weak juristic management, overbuilt pockets with high unsold inventory, and units that depend entirely on short-term rental income that may not be sustainable.

Here are the main problems to watch for in different Chiang Mai investment scenarios:

• Investor-only condos (various locations): Poor building maintenance, messy sinking funds, and chaotic rule enforcement destroy yields.
• Overbuilt condo clusters (often mid-market projects): Rising unsold stock and weak absorption make resale painful and slow.
• Tourist-core units dependent on STR: Building restrictions, neighbor complaints, or enforcement changes can collapse your income stream.

For these problem areas in Chiang Mai to become viable, you would need to see stronger juristic management, genuine absorption of excess inventory, and clearer regulatory frameworks for short-term rentals, none of which are guaranteed in the near term.

Buying a property in the wrong neighborhood is one of the mistakes we cover in our list of risks and pitfalls people face when buying property in Chiang Mai.

Which areas in Chiang Mai have stagnant or declining property prices as of 2026?

As of early 2026, the Chiang Mai areas most at risk of stagnant or declining prices are mid-market condo segments in oversupplied locations, particularly investor-focused projects that launched during more optimistic years and now face weak absorption.

These struggling Chiang Mai condo pockets have seen effective price stagnation of roughly flat to slightly negative over the past two to three years when you account for the discounts sellers must offer to actually close deals.

The underlying causes of price weakness differ by situation:

• Mid-market investor condos (various locations): Too many near-identical units competing on price with no differentiation.
• Projects outside core demand nodes: Lack the Nimman walkability or Old City charm that sustains buyer interest.
• Buildings with foreign quota already full: Limits the buyer pool since foreigners cannot purchase freehold in that building.

Which Areas in Chiang Mai Have the Best Long-Term Appreciation Potential?

Which areas in Chiang Mai have historically appreciated the most recently?

The Chiang Mai areas that have shown the strongest appreciation over the past five to ten years are Suthep (particularly the Nimmanhaemin corridor), the Old City core around Si Phum, Chang Phueak as spillover from Nimman, and family-home zones in Hang Dong.

Here is the approximate appreciation these top Chiang Mai areas have achieved:

• Suthep (Nimman): Roughly 40 to 60 percent total appreciation over 10 years, driven by sustained expat and investor demand.
• Si Phum (Old City): Around 30 to 50 percent over 10 years, benefiting from genuine supply scarcity.
• Chang Phueak: Approximately 25 to 40 percent over 10 years as buyers priced out of Nimman looked nearby.
• Hang Dong: About 30 to 45 percent for quality family homes, driven by international school proximity.

The main driver of above-average appreciation in these Chiang Mai areas is persistent demand from both Thai and foreign buyers, combined with either supply constraints (Old City) or lifestyle infrastructure that keeps improving (Nimman cafes and coworking, Hang Dong schools).

By the way, you will find much more detailed trends and forecasts in our pack covering there is to know about buying a property in Chiang Mai.

Which neighborhoods in Chiang Mai are expected to see price growth in coming years?

The Chiang Mai neighborhoods most likely to see price growth in coming years are Chang Phueak (spillover from Nimman at better value), east-side zones like Fa Ham and Nong Pa Khrang (improving infrastructure at entry-level prices), and south-side areas like Mae Hia and Pa Daet (airport expansion benefits).

Here are the projected growth expectations for these high-potential Chiang Mai neighborhoods:

• Chang Phueak: Expected 4 to 6 percent annual growth as Nimman buyers seek better value nearby.
• Fa Ham and Nong Pa Khrang: Projected 5 to 7 percent annually if road improvements and amenities materialize.
• Mae Hia and Pa Daet: Estimated 4 to 6 percent growth tied to airport capacity expansion progress.

The single most important catalyst for future price growth in these Chiang Mai neighborhoods is infrastructure delivery: the transit corridors, airport expansion, and road improvements that are planned but not yet built will determine whether these areas fulfill their potential or remain undervalued longer.

We made this infographic to show you how property prices in Thailand compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.

What Do Locals and Expats Really Think About Different Areas in Chiang Mai?

Which areas in Chiang Mai do local residents consider the most desirable to live?

The Chiang Mai areas that local Thai residents consider most desirable are Chang Phueak for convenient close-in living, Hai Ya for practical south-city access, parts of Suthep near the university, and Hang Dong and Mae Rim for family homes with more space.

Here is what makes each area desirable to Chiang Mai locals:

• Chang Phueak: Good local markets, restaurants, and city access without the tourist crowds or premium prices.
• Hai Ya: Hospital proximity, transport links, and practical amenities for working families.
• Hang Dong: Larger plots, village-style communities, and access to quality schools including international options.
• Mae Rim: Green surroundings, quieter lifestyle, and space for gardens and larger homes.

These locally-preferred Chiang Mai areas tend to attract Thai middle-class families, professionals working in the city center, and retirees who want comfort without paying for tourist infrastructure.

Local preferences in Chiang Mai often differ from foreign investor targets: locals prioritize practical living and family space, while foreigners often focus on walkable lifestyle zones like Nimman that command premium prices but may not deliver the best long-term value.

Which neighborhoods in Chiang Mai have the best reputation among expat communities?

The Chiang Mai neighborhoods with the strongest reputation among expats are Suthep (especially Nimmanhaemin and the area near Chiang Mai University), Wat Ket along the river, and Hang Dong and Mae Rim for those seeking family homes with more space.

Here is why expats prefer these Chiang Mai neighborhoods:

• Suthep (Nimman and CMU area): Walkable cafes, coworking spaces, Western restaurants, and a social scene.
• Wat Ket: Calmer boutique atmosphere with riverside charm, popular with those avoiding Nimman crowds.
• Hang Dong and Mae Rim: Larger houses with gardens, international school access, and a quieter family lifestyle.

The typical expat profile in these Chiang Mai areas breaks down as follows: Nimman attracts younger digital nomads and remote workers who want lifestyle convenience, Wat Ket draws more established expats seeking character and calm, and Hang Dong and Mae Rim appeal to families with children or retirees wanting space and greenery.

Which areas in Chiang Mai do locals say are overhyped by foreign buyers?

The Chiang Mai areas that locals most often consider overhyped by foreign buyers are ultra-premium Nimmanhaemin micro-pockets, the Old City tourist core around Si Phum and Phra Sing, and some newer investor-focused condo projects marketed heavily to overseas buyers.

Here is why locals think these Chiang Mai areas are overvalued:

• Nimman premium pockets: Purchase prices have outrun realistic long-term rents, making yields mediocre despite the hype.
• Old City tourist core: Great for a holiday stay, but noisy, crowded, and impractical for actual daily life.
• Investor-marketed condos: Glossy sales pitches promise returns that rarely materialize once absorption slows.

What foreign buyers often see in these Chiang Mai areas that locals do not value as highly is the "lifestyle brand" factor: the Instagram-worthy cafes, the walkable tourist infrastructure, and the feeling of being in a curated experience, which matters for short visits but does not necessarily translate to sound long-term investment fundamentals.

By the way, we've written a blog article detailing the experience of buying a property as a foreigner in Chiang Mai.

Which areas in Chiang Mai are considered boring or undesirable by residents?

The Chiang Mai areas that residents commonly consider boring or undesirable are the far east and southeast ring-road sprawl zones, purely functional industrial-adjacent areas, and some of the more isolated housing estates that lack walkable amenities or community character.

Here is why these Chiang Mai areas feel dull or unappealing to residents:

• Far east and southeast ring-road areas: Car-dependent with big-box retail but little neighborhood character or social life.
• Industrial-adjacent zones: Practical for warehouse workers but lacking cafes, parks, or weekend activities.
• Isolated housing estates: Quiet can be good, but too quiet means no nearby restaurants, markets, or community.

What sources have we used to write this blog article?

Whether it's in our blog articles or the market analyses included in our property pack about Chiang Mai, we always rely on the strongest methodology we can, and we don't throw out numbers at random.

We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.

Source	Why it's authoritative	How we used it
Bank of Thailand (RPPI)	Thailand's central bank publishes the official house price index.	We used the North region RPPI through November 2025 to anchor macro price trends. We used it to avoid over-relying on listing "asking prices" when the broader market direction matters.
AirDNA	Leading short-term rental analytics platform with consistent methodology.	We used it to quantify Chiang Mai Airbnb occupancy, daily rates, and monthly revenues. We used it to identify which STR areas are genuinely performing versus oversaturated.
Nation Thailand (REIC data)	Mainstream outlet citing official housing market data from the Government Housing Bank.	We used it to understand Chiang Mai's absorption rates and unsold inventory levels. We used it to flag where oversupply risk is highest for condo investors.
FazWaz	Large structured portal showing price per sqm and rents consistently.	We used it to build neighborhood-level price and rent estimates where official data is not published. We used it to triangulate yields and identify value zones across Chiang Mai subdistricts.
Thailand-Property	One of Thailand's largest property portals with independent inventory.	We used it to cross-check FazWaz price bands and avoid single-portal bias. We used it as a sanity-check for cheap versus premium segment boundaries.
Bangkok Post	Thailand's leading English-language newspaper with credible market coverage.	We used it to understand why foreign demand matters more in Chiang Mai than other provinces. We used it to frame liquidity risk for resale in condo-heavy areas.
Reuters	Top-tier wire service reporting directly on central bank policy.	We used it to explain why Thai buyer demand could improve through June 2026. We used it as a risk check since policy support can lift activity even when fundamentals feel soft.
MRTA	Government agency responsible for mass transit project planning.	We used it to map potential infrastructure uplift areas along planned transit corridors. We used its published timelines as a reality-check against developer rumors.
Airports of Thailand	Official airport operator and primary source for expansion plans.	We used it to ground expectations around airport capacity and related growth zones. We used it to avoid forum speculation on airport expansion impacts.
Thailand.go.th	Official Thai government communications portal summarizing national plans.	We used it to confirm that Chiang Mai transport projects are on the 2025-2026 agenda. We used it to avoid relying on developer marketing for infrastructure claims.