It’s undeniable that the Thai real estate market, particularly condominiums, is supported by a significant purchasing power from foreign buyers, especially from the Chinese, who rank at the top in purchases and ownership transfers among foreigners, followed by those from Myanmar, Russia, Taiwan, and the United States.

There are numerous reasons why foreigners are so fond of Thailand. Many of them consider Thailand as their second home. The attractiveness lies in Thailand’s diverse culture and offerings, which include a variety of tourist attractions, prestige culture, traditions, Thai food and fruits, the relatively low cost of living, and the Thai people’s kindness, smile. The welcoming nature makes Thailand widely known as a destination that is open to people of all ethnicities and religions for traveling and living.

In the first 9 months of 2024, the top 3 nationalities transferring condominium ownership were: the Chinese with 4,386 units, valued at over 20,201 million baht; Myanmar with 1,050 units, valued at 5,463 million baht; and Russian with 800 units, valued at 2,750 million baht.

Popular provinces among foreigners for real estate purchases and travel, particularly from the Chinese, are in the major tourist cities across all regions. However, in the northern region, Chiang Mai stands out at the top. The number of foreigners choosing Chiang Mai as their home continues to rise every year. The purposes for choosing Chiang Mai are diverse such as to work, education, and retirement.

Although infrastructure in Chiang Mai may not differ significantly from other major tourist cities in Thailand, Chiang Mai does possess a unique and enchanting charm that is not found in other provinces. This distinctiveness is a key factor that attracts foreigners to eye and choose Chiang Mai as their destination for tourism and residency.

1.Number of international schools rank 2nd in Thailand

A province with the highest number of international schools, second only to Bangkok, is Chiang Mai. In 2023, there were as many as 20 international schools in Chiang Mai. The availability of international schools contributes to the decision of the foreigners who have children to choose Chiang Mai as a city for their real estate purchases, both for residency or for work.

Chiang Mai is home to Chiang Mai University, a leading university internationally well known for research and academic excellence. In 2024, Chiang Mai University ranked second in the highest number of international students enrollment, with 2,098 students, trailing only Chulalongkorn University in Bangkok with 2,357 students. The top nationality of international students at Chiang Mai University is Chinese, followed by Myanmar and Cambodian. The influx of foreign students, particularly Chinese, creates a subsequent demand for residential housing around the university vicinity and areas around Chiang Mai.

2. Among the top 10 cities for international retirement 

Thailand is in the list of 10 best countries for retirement in 2025 from the International Living website. In other rankings, Chiang Mai was recognized as one of the most senior-friendly cities in the world. Several years ago, developers began creating projects to accommodate retirees from various countries, including Japan, the United States, and the United Kingdom. The latest information from International Living reinforces that Chiang Mai and Thailand have the potential, readiness, and strong demand from foreigners and Chinese for their retirement destination. As a result, the development of housing for the retirees is likely to increase significantly.

3.A perfect blend of natural wonders, cultural heritage, and recreational activities

Chiang Mai is the primary destination in the northern region for foreign tourists, especially the Chinese. In 2024, foreign tourists accounted for 64% of all visitors to Chiang Mai, with tourists from China making up the largest portion at 30%, followed by South Korea at 25% and Taiwan at 15%. Chiang Mai offers unique charm, a comprehensive blend of natural beauty, history, culture, traditions, lifestyle, diverse cuisine and fruits that can be experienced throughout the year. Many year-round recreational activities, particularly cooking classes, are beloved by foreigners.

4.Golden opportunities for investment

Chiang Mai possesses potential and readiness in various aspects that make it a prime location for investors seeking opportunities to invest and gain substantial returns, particularly in real estate. This includes development for sale or purchase for rental investment. The opportunity extends beyond the residential market. Various investment groups, both local and international, are developing projects in Chiang Mai to meet the growing demand for real estate, which is trending upwards every year.

Chiang Mai has experienced growth in every direction from the past to the present and into the future. It is a town with a unique charm that attracts people to visit and reside. The significance of Chiang Mai prompted the government to develop the city’s infrastructure continuously. In the meantime, the private sector is ready to invest to meet the anticipated increase in purchasing power from both Thai and foreign customers. Therefore, the real estate market in Chiang Mai remains positive and poised for continuous growth.