Chiang Mai’s property and real estate industry witnessed slower growth during the first three months of the year, according to experts who shared their opinions at a conference in the Northern Province last week.
The Government Housing Bank’s Real Estate Information Center revealed how Chiang Mai has seen a slowdown since the last quarter of 2013, and all throughout the first quarter this year.
The northern provinces of the kingdom are not alone; all overall housing markets in Thailand have been badly affected by the political confrontations and economic uncertainties.
Center Director Dr. Samma Kitsin said the housing industry in Chiang Mai, which has a high potential for growth, will likely expand in the next two years.
He noted it was the province is the biggest business hub in the North, and that integration into AEC at the end of next year will also act as an accelerator for investment in the province’s trade and service sectors, resulting in higher demand for property.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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