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Condominiums a Hot Ticket item in Chiang Mai

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10 of the 44 condo projects launched for sale up there are nearly sold out.


CHIANG MAI – Condominiums are a hot-ticket item in Chiang Mai nowadays, with a take-up rate of 72%, says a report by the Real Estate Information Center (REIC).

Director-general Samma Kitsin said 10 of the 44 condo projects launched for sale up there are nearly sold out.

Most of these 44 were launched over the past two years and almost all are in Muang district.

From October-February, 19 condo projects offering a combined 3,000 units were launched, worth a combined 10 billion baht.

The average project size was five rai, with most featuring less than 200 units.

Most (68%) were priced from 1-2 million baht, followed by 2-3 million (17%) and 3-5 million (10%).

Most were one-bedroom units, and 72% of all units have been sold with a monthly take-up rate of 19.6%.

Some 69% of units are being built, 25% have not begun construction, and only 6% have been completed.

Of the 19 condo projects launched in the past five months, 15 were located in Muang district and four in San Sai district.

REIC research found 149 residential projects launched for sale featuring 19,800 units.

Of the total projects, 105 were low-rises featuring 13,700 units and 44 were condominiums featuring 6,100 units.

Most of the low-rise projects were launched from 2010-12, and seven are nearly sold out.

Seven projects were launched between October 2012 and February 2013 featuring a combined 520 units.

The low-rise projects were worth a combined 40 billion baht, while the average project size was 21-50 rai with less than 150 units each.

Low-rise units priced from 2-3 million baht accounted for 33% sold, followed by 1-2 million (30%), 3-5 million (24%), above 5 million (10%) and less than 1 million (3%).

Most of the low-rise projects involved single houses, while there were only seven duplex projects and three townhouse projects.

Districts with a large number of low-rise projects were San Sai, Muang, Hang Dong, Doi Saket and San Kamphaeng.

Of the low-rise units, 51% were sold with a monthly take-up rate of 3.8%.

The REIC estimates it will take 26 months to sell all the units if no new supply is added.

Of these, 43% have not been built, 20% are under construction, and 37% have been completed.

Of the low-rise projects launched during the five months of October 2012 to February 2013, four were in San Sai district, two in Muang district and one in Mae Rim district.

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