Chiang Mai Condo Market Sees Chinese Investment Fall, Myanmar, US Demand Rise

In Thailand’s second city, Chiang Mai, the number of Chinese condo buyers has fallen sharply, while Myanmar and US buyers have increased, according to real estate market officials.

Traditionally, foreigners in Chiang Mai have dominated the condo market. Chinese condo demand has been strong, and has long been the mainstay of foreign condo demand in Chiang Mai.

But now, according to indicators from the Real Estate Information Center (REIC) of Thailand, Chinese buyers are heading for a downturn.

In the first half of 2025, Chinese buyers continued to lead the list of foreign condo buyers, but fell by 33.5 percent compared to last year.

As a result, China’s share of the foreign condo market fell to 53.8 percent during the period, indicating that the market, which had been the mainstay of the overall market, is starting to weaken, analysts said.

On the other hand, Myanmar’s condo demand jumped 42.9 percent year-on-year, matching American demand. American condo demand in Chiang Mai also jumped 23.8 percent.

The biggest increase in foreign condo purchases in Chiang Mai was from Italians, up 200 percent. Dutch demand also rose 50 percent, making Chiang Mai the top 10 for the first time in the list of foreign buyers.

On the other hand, it was not just China that saw a decline in condo purchases from some traditionally strong buyers in the market. For example, Australian demand was up 68.8 percent, Israel is the biggest buyer, with 60 percent of the total, while South Korea, which was previously in the top seven, has dropped out of the top 10.

REIC said that the current situation in Chiang Mai’s condo market means that foreign buyers are no longer concentrated in one country, but are spread across many sources. REIC also urged real estate developers to not just look at simple statistics, but also to study the changing patterns of the market and prepare necessary plans.