Chiang Mai is tempting Thais as property market recovers

Thailand’s second city is becoming first choice for many local buyers, with condominiums particularly popular

Full article mainly focusing on the real estate market here

Edited July 13, 201312 yr by jko

The article says that agents were recently notified that authorities plan to examine freehold house purchases by foreigners. I believe that's happened before with dire consequences for the people caught in the investigations.

Might just be bluff though.

The article says that agents were recently notified that authorities plan to examine freehold house purchases by foreigners. I believe that's happened before with dire consequences for the people caught in the investigations.

Might just be bluff though.

Have they ever taken a property back that was purchased through a Company ? Not that i know of and certainly not in great numbers .Yet they have been making this threat for at least 10 years .

I did say maybe it's a bluff.

"The region's thirving economy, with unemployment at just 1 per cent, according to Century21's Schroeder, has been bolstered by the arrival of 10 shopping malls, a planned fourth ring road and high speed train link to Bangkok."

Ten shopping malls under construction and a high speed train link still in the planning stage and many years from operation, assuming it is built. I'd like to know where the 1% unemployment comes from, it may be true but I suspect the underemployment rate is substantial. Could it be that Schroeder is stretching the facts a little to promote his business?

As reputable as the FT is, I am surprised to have read this article that appears was written via telephone interviews and with little knowledge of the housing market in CM.

In the recent past other countries that allowed the purchase of property with little or nothing as down payment and zero interest for the first 3 years followed by ballooning interest rates and unpayable mortgages have imploded.

Am I being too conservative or does Thailand know something I don't about spending beyond your means?

I think the 1% unemployment rate has been around for years and if torn apart you would find the percentage of people not making minimum wages has gone down very little when you factor in every thing. some lost benefits so lost jobs.

the percentage at minimum wage would not have grown that much and even if it have it would not be enough money for them to buy a condo.

the housing boom is completely dependent on people from outside of Chiang Mai.

All the new malls will need customers. How many times have we deen stores closing and others opening in the existing two malls.

ten malls = less customers per shop= less income. When all is said and done and the new malls are fully completed look for lots of empty shops. Om the + side more open space in the malls.

Too many of similar articles are often written by the author probably not having been close to Chiang Mai, perhaps not even in Thailand using 2nd & 3rd hand bits of information.

Very recently many "top" newspapers worldwide were caught by a story of an Aus guy who had created an app to replace the word "the" to make it easier to type and he created a new letter combining t & h.

Turned out the " new" letter was a few hundred years old from the Cyrillic alphabet. None of the papers had done research!

Even more suffocating, more cars, more accidents. With complete lack of city- and trafficmanagement let the Thais enjoy this Healthy LIfe Hub/Rose of the North

Glad I left.

Edited July 13, 201312 yr by rubberduck

Even more suffocating, more cars, more accidents. With complete lack of city- and trafficmanagement let the Thais enjoy this Healthy LIfe Hub/Rose of the North

Glad I left.

Where is this Shangrila (heaven on earth ) you have found ?

There are no doubt a lot of new developments springing up in CM and certainly the 1317 which used to be a fairly quiet road is now akin to Londons M25.

The whole thing is being upgraded to duel carriageway(don't mind)and lots ...ie LOTs of new big to my mind council estates being built with wee men at the door and barriers to keep the plebs out....up to them....suppose good for another potential 1997 bubble.

Last year way out here we even got a ATM,coffee shop with free wi fi and.... a new local expat gin joint ...had a beer there tonight.... but don't know name so not worth checking out is it..... MPrai.....Ps...on Hot spring rd....

I'd like to know where the 1% unemployment comes from, it may be true but I suspect the underemployment rate is substantial.

Have you tried trying to get a maid recently? Thai or Burmese........even at the new minimum wages I have found it nigh on impossible !!

"The region's thirving economy, with unemployment at just 1 per cent, according to Century21's Schroeder, has been bolstered by the arrival of 10 shopping malls, a planned fourth ring road and high speed train link to Bangkok."

Ten shopping malls under construction and a high speed train link still in the planning stage and many years from operation, assuming it is built. I'd like to know where the 1% unemployment comes from, it may be true but I suspect the underemployment rate is substantial. Could it be that Schroeder is stretching the facts a little to promote his business?

As there is no unemployment benefit, who is going to register as unemployed? Anyone who becomes unemployed, goes back to the family home and lives on rice and rice whisky (lao Kao) until a family member bullies them into getting another job. So they work for a few months and go through the cycle again. They're never going to appear on any statistical list. That said, we found it very difficult to find staff of anything like decent quality. There certainly is a labour shortage here, but that's because until recently, The hours they were expected to work and the poor wages made getting a job low on most people's priority list.

There are no doubt a lot of new developments springing up in CM and certainly the 1317 which used to be a fairly quiet road is now akin to Londons M25.

The whole thing is being upgraded to duel carriageway(don't mind)and lots ...ie LOTs of new big to my mind council estates being built with wee men at the door and barriers to keep the plebs out....up to them....suppose good for another potential 1997 bubble.

Last year way out here we even got a ATM,coffee shop with free wi fi and.... a new local expat gin joint ...had a beer there tonight.... but don't know name so not worth checking out is it..... MPrai.....Ps...on Hot spring rd....

I moved to CM a decade back to get away from it all, unfortunately all has followed.

Chiang Mai has been good to me. There are excellent Dentists and Doctors. Still some great, cheap Thai places to eat. Clearly, it is on the decline, and I would say more than most places. There is a shortage of good workers, but it might be more accurate to say there is a shortage of people willing to work for meager wages. My attorney quit doing the nominee thing several years ago, amidst the same threats. That being stated, a close friend of mine bought and developed land in Hua Hin on his first trip to Thailand, and made a bundle. That was 2004.

If you think a condo without sidewalks and sewer in CNX is worth 300 USD psf, then you probably think that soi dog is your reincarnated uncle.