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Source: department of Land, Colliers international thailand Research Remarks: Statistics for 2012 are from January to May only.
Chiang Mai is the main business city and educational centre of northern thailand. Many people from around the country moved to Chiang Mai for their education which lasts for four to five years. the first condominium project registered in the Chiang Mai City area was in 1990 with 103 units. More than 13,200 units or around 80% of the total supply were built from 1990 to 1996. the effects of financial liberalisation in the country from 1987 to 1995 made thailands economy grow very rapidly until the financial crisis in 1997. prior to the crisis, real estate was an in-style business in thailand. Condominiums
were the best choice for developers and buyers and therefore, many condominium projects were launched during that period in the main cities of thailand including Chiang Mai. after the crisis, from 1997 until 2011, only around 3,300 units were added to the market. this was partly because thais prefer living on landed developments. Condominiums were not the buyers first choice because there is still a lot of land available in Chiang Mai. as of May 2012, there are approximately 16,580 units in the market according to statistics from the department of Land.
Source: department of Land, Colliers international thailand Research Remarks: Statistics for 2012 are from January to May only.
the total number of condominium units in the City area is the highest, and the first project there was completed in 1985 with around 103 units. in the outer City area, the first project was completed in 1991. thailands economic growth from 1987 to 1995 directly affected land
prices, especially in the main business cities, including Chiang Mai. Many developers in Chiang Mai were focusing more on condominium developments in the City area for the middle-income group from 1987 to 1995.
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Source: department of Land, Colliers international thailand Research Remarks: Statistics for 2012 are from January to May only.
the City area has the largest condominium market share at approximately 62% of the total supply or around 10,300 units; 86% of the supply in the City area was completed before 1997. there are more
than 6,230 units located in the outer City area and more than 73% of them were completed before 1997. approximately 2,300 units were completed in 1991, the highest on record.
Source: department of Land, Colliers international thailand Research Remarks: Statistics for 2012 are from January to May only.
there are approximately 430 condominium units available for sale in the City area of the total 1,770 units. nearly 62% of these were launched from 2011 to May 2012. there are around 540 condominium
units available for sale in the outer City area. More than 78% of the total 2,247 units were launched from 2011 to May 2012.
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Source: department of Land, Colliers international thailand Research Remarks: Statistics for 2012 are from January to May only.
there were more than 2,854 units launched from 2011 to May 2012. of these, approximately 1,090 units are in the City area and more than 1,760 units are in the outer City area. Condominium projects in the outer City area regained popularity in 2011 when there were around 1,460 units. this was due to increasing land prices, limited available plots of land with reasonable prices in the City area and the extension
of the road and transport system in Chiang Mais outer City area. the most popular locations for condominium development in Chiang Mai are along huai Kaew Road and Khan Klong Chonlapatarn Road, in the northwest of the city. housing projects are mostly located in the eastern part of Chiang Mai.
one-bedroom units are in the majority in Chiang Mai. a one-bedroom unit in Chiang Mai is around 31 - 39 sq m. Most buyers in the area are
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the biggest target group for condominium projects in Chiang Mai are students or young adults working there who prefer to live in a one-
futurE Supply
cumulativE futurE Supply SchEdulEd to bE complEtEd from 2012 to 2014 by location
Source: Colliers international thailand Research Remarks: the year completion is expected by developers
due to the limited amount of land available with reasonable prices in the City area, only approximately 1,200 units are under construction
and scheduled to be completed in 2013. nearly 1,800 units are expected to be completed in 2013 in the outer City area.
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the average take-up rates in both areas are similar at approximately 76%. around 1,960 units or 48% of the total units in the market were launched in 2011. the outer City area shows the best performance
with more than 1,760 units being built from 2011 to May 2012. however, the average take-up rate is still close to that in the City area.
pricE
avEragE SElling pricE of condominium unitS availablE for SalE in chiang mai, may
the average selling price in the outer City area is 13% higher than in the City area. this is because most condominium projects in the City area were built for the middle-income market. these projects are
usually located around universities targeting students or people working at the university or working in the City area.
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appEndix
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city arEa
Most condominium projects are located in the City area, especially along huai Kaew Road as the universities are located there. the City area includes Chiang Mais old town and its surrounding area. this runs from above Road no. 1141 and Suthep Road to the Super highway and Chotana Road in the north, and Charoenrat Road and Chiang Mai Lamphun Road in the east.
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BangSaen Condominium RepoRt | maY 2012 colliErS intErnational thailand managEmEnt tEam
pRoJeCt SaLeS & MaRKeting Monchai orawongpaisan | Senior Manager ReSidentiaL SaLeS & LeaSing napaswan Chotephard | Manager ReSeaRCh tony picon | associate director Surachet Kongcheep | Senior Manager oFFiCe & induStRiaL SeRViCeS narumon Rodsiravoraphat | associate director RetaiL SeRViCeS asharawan Wachananont | associate director adViSoRY SeRViCeS | hoSpitaLitY Jean Marc garret | director adViSoRY SeRViCeS napatr tienchutima | associate director ReaL eState ManageMent SeRViCeS prasert Saiphrawan | Senior Manager inVeStMent SeRViCeS nukarn Suwatikul | associate director Wasan Rattanakijjanukul | Senior Manager VaLuation & adViSoRY SeRViCeS phachsanun phormthananunta | director Wanida Suksuwan | associate director pattaYa oFFiCe Mark Bowling | Senior Sales Manager Supannee Starojitski | Senior Business development Manager / office Manager hua hin oFFiCe Sunchai Kooakachai | Senior Manager
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