Many foreigners are choosing Chiang Mai as an ideal place to retire or settled down. Some stay for a few years or spend part of the year here, others have married locals and wish to start a family and remain in Thailand. Others simply want to invest in the city’s growing suburbia. Whatever your circumstances Chiang Mai has a healthy property industry that offers fantastic luxury for a modest budget, offering condos, house building and ready-made homes in the popular ‘suburban estates’ (known as moo baans) that are being developed out of town.
There is an over supply of condo units in the city, many of them simply requiring a renovation, while some of the popular buildings with foreigners, such as Hillside 4, Rim Ping or Flora have a steady turnover of sales. Most are studio apartments but a new generation of condo projects are providing a new level of luxury and space near the city. Condos are the most popular choice among foreigner because they can own them outright and a 45m2 studio in a well-equipped building will cost about US$25,000.
Houses are also a realistic prospect and you’ll be surprised how far your money goes. Building is a national obsession in Thailand and construction costs are cheap, but you need to be extra vigilante about quality because your recourse to the law is limited. Landscaping gardens is another easy task with such a large variety of ready grown plants and trees, along with water feature materials available. But, buying land is restricted to Thai nationals or registered companies with a majority Thai ownership. This option is therefore generally restricted to those married to a Thai. The most popular Chiang Mai property trend now is to buy a ready built house in one of the plush moo baans, that add prestige to one’s living environment, along with facilities and security – but be prepared to pay more.
However most just rent, and a three bedroom house with a decent sized yard within 15 minutes drive of the city would cost about $US350 and up. There are numerous agents in town that can help you find something suitable and sort out the deposit and paperwork. Utilities aren’t expensive but you’ll need to get used to Thai neighbourhood habits like compost burning, uncontrolled dogs and temple tannoy announcements.
More on Property in Chiang Mai
Living in Chiang Mai
Thailand Property report