Tiger Tales

Property: Coming Home To Chiang Mai

 

Calling this culture-rich city home is becoming a norm among expatriates, as Pim Kemasingki tells us.

A 700-year-old city – home to over 300 glittering temples, flanking the banks of the gentle Ping River and surrounded by a ring of chartreuse-green mountains leaking with waterfalls – Chiang Mai is, for those of us fortunate enough to live here, a pretty special place.

It is obvious that we are not alone in our thinking, as expatriates from around the world are now turning to this northern city for a place to call home, keeping housing and condominium developers so busy they are unable to stay abreast of the demand.

YOUR OWN SHANGRI-LA

Robert Longcroft, 43, who retired after selling his restaurant chain in the United Kingdom, has decided to dabble in travel writing and photography. He spends most of his time in Chiang Mai, residing in a lovely two-bedroom apartment with 14-storey views of Doi Suthep Mountain and its glittering crowning pagoda.

He is also looking at some countryside property to build a weekend home. “Chiang Mai has it all – great restaurants, kind people and a heady mix of the modern and the intangible past.”

HAVING IT ALL

In 2005, Travel & Leisure magazine’s readers voted Chiang Mai the fifth best destination in the world.

Heidi Mitchell, the magazine’s senior editor puts it down to the “overall evolution of the city (which means that) Chiang Mai is finally on the map. American travellers seek authenticity when we venture beyond our borders, and Chiang Mai gives visitors a real cultural experience without being a difficult place to navigate…

“And with great shopping, restaurants, night-life, culture, hotels and location – not to mention gentle, welcoming people – no wonder Chiang Mai is moving up the ranks.”

SWEET DEALS

According to the owner of the city’s largest property developer, Wachara Tantranonda of Suthep Properties, “Money talks. While the recent surge in oil prices, the vague political situation in Thailand, and the strengthening of the baht mean that buyers need to reach a bit further into their pockets in order to purchase property, one must bear in mind that the cost of living in Chiang Mai is still around 200 per cent cheaper than in, say, Phuket. Chiang Mai is still very attractive.”

Foreigners – a vast majority of whom are retirees – usually spend between THB5-40 million (SGD206,300-1.65 million) for a home in the northern city. With a monthly income of THB50,000-70,000 (SGD2,000-2,800), one can live like a king, says Wachara.

BIG BUSINESS

Sales executive of Parker’s Estate Agency, Bongkod Nitthayu, whose main clients are Japanese, European and American, says that most expatriates rent for at least one year before purchasing, in order to adjust to life in Chiang Mai as well as taking the time to choose which area of the city they would prefer to live in.

“Condos in the Suthep Mountain and Ping River areas are popular for their views and quality developments, although houses are selling like hotcakes in the Hang Dong district, which is close to the international airport,” says Nittayu, who estimates that there are about 15 real estate agencies in Chiang Mai, with hundreds more freelancing.

IN DEMAND

With the airport’s runway currently being expanded to receive larger aircrafts, more and more direct international flights will arrive in Chiang Mai. The past couple of years have also seen the opening of many well-known hotels such as The Chedi, D2 and Mandarin Oriental Dhara Dhevi; with the Hilton, Shangri-la and Pan Pacific hotels to open their doors by 2008.

The Tourism Authority of Thailand has predicted that by the end of 2006, over four million tourists will visit Chiang Mai, virtually doubling in numbers in the past five years. These figures are making investors very excited indeed!

NICHE MARKET

One of the most exciting projects underway is Azaya Villas, an exclusive development in the foothills of the mountains, just 20 minutes’ drive from the city centre.

Exquisitely designed luxury houses sit on 1,600-square-metre plots of land and are for sale from about THB19-43 million (SGD784,000-1.774 million).

“Azaya fills a very important gap… for visitors looking for exclusivity, privacy and style,” observes Ian Hirsch, Azaya’s project manager. “We anticipate 20 per cent annual returns from rental income along with huge potential for capital appreciation. The home can be fully paid for within seven years and continue to appreciate in value.”

“While the party-goers and players mostly head south, people looking for an enriching experience – culturally, environmentally and in the arts – come to Chiang Mai. That’s one of the reasons why this makes for a refined and interesting community,” notes Hirsch.

A BRIGHT FUTURE

Unlike Phuket, with its finite beachfront locales, Chiang Mai’s expansion possibilities seem to be almost endless. River, paddy field, city, mountain, village and waterfall view properties offer residents a wide choice of neighbourhoods, housing styles, price ranges and lifestyles.

The city is home to over six universities, dozens of international standard hospitals, six international schools, large shopping malls, art and cultural centres as well as a thriving international community.

As the world hears more of Chiang Mai, brace for expansion and bring it on – the city is ready! Tiger Tales