BANGKOK: Chinese buyers’ share of Chiang Mai condos has fallen, with Myanmar, US and European investors stepping in to reshape the city’s property market.
Not long ago, the image of Chiang Mai condos was inseparable from Chinese investors, who snapped up units in bulk and became the backbone of foreign demand.
Figures from the Real Estate Information Centre (REIC) confirm the trend: Chinese buyers once held the largest share, accounting for 57.6% of foreign condo purchases in Chiang Mai.
But in the first half of 2025, the picture began to change. Although Chinese nationals still top the list, their purchases fell 33.5%, bringing their share down to 53.8% – a sign the former “pillar” of the market may be weakening.
Meanwhile, other buyers are surging. Purchases by Myanmar nationals jumped 42.9%, putting them neck and neck with Americans, who also recorded strong growth of 23.8%.
The most striking newcomers are Europeans. Italians boosted purchases by 200%, while Dutch buyers grew by 50%, both breaking into the top 10 for the first time.
In contrast, some traditional markets are retreating sharply. Australian purchases plunged 68.8%, Israel fell 60%, and South Korea, a former top-seven contender, dropped out of the top 10 altogether.
The shifts highlight a key reality: Chiang Mai’s property market is no longer anchored to one nation.
“Today, foreign demand in Chiang Mai is not dominated by a single country, but a mix of groups who see opportunities in the city,” REIC noted.
Developers are urged to look beyond raw numbers and prepare for a structural shift that could redefine the market’s future. - The Nation/ANN
