Hong Kong investors have always looked overseas for property investments.
Favoured destinations in the past have included London, Toronto or Sydney plus several US cities, where Hong Kong people have purchased second homes or maybe an apartment for their University-aged children to live, or simply as just investments for the future.
Yet, over the last 2-3 years there have been increasing numbers of investors from Hong Kong making a life-style choice type of purchase by acquiring an apartment or home in Chiang Mai in northern Thailand.
In fact, Hong Kong investors now make up some 15-20% of overseas investors into Chiang Mai’s real estate market—primarily looking for residential accommodation either as a second home or a planned future residence. There are also a growing number of Hong Kong residents also looking to take-over an existing or establish a new business in Chiang Mai with a view to obtaining long-term residency.
Why? Well, 5 top reasons:
1.house and condominium prices are still affordable—or, should it be said, for Hong Kong investors, cheap! It’s possible to rent a house or generously sized condo for between HK$4,000-9,000 per month or buy a reasonable home in the HK$700,000-2.5M In fact, with judicious selection, it’s possible to get a lot of property for these sorts of figures.
For those purchasers eligible to buy land and build a luxury house of around 300-350m2, it’s still possible—with a variety of lovely plots with mountain, rice field or water views—for an outgoing of between HK$2.0-5.0M—a price range which will buy you very, very little in Hong Kong’s seriously expensive property market!
2.Chiang Mai has everything that a big city has, including an international airport, renowned international schools and hospitals, internationally known Universities, numerous shopping centres and a host of recreational activities—yet it is not plagued by big city problems and everywhere is just so accessible.
The lifestyle is both relaxed yet the city busy enough to enable many investors to work from Chiang Mai, even if they have businesses elsewhere—and, especially with APEC just around the corner and a myriad of improvements to communications between Chiang Mai and the ASEAN region, this can only get better
3.although the city has had a huge increase in tourism over the last 3 years, if you don’t go into the main city areas, you’d hardly notice; in addition, it’s possible to enjoy some of the more adventurous tourist activities such as zip-lining or riding an elephant—even if you are a resident!
4. the weather is, generally very pleasant in Chiang Mai—indeed, there is a real change of seasons. At times, it can even get cold… well, around 11-13C some nights. Late autumn evenings are, usually, fairly crisp and clear
5.a final point to make Chiang Mai attractive to Hong Kong investors are the long standing cultural and language links between China and northern Thailand, with 3rd and 4th generation Chinese people well established in the city and surrounding environments
On balance, it’s well worth to check out Chiang Mai—indeed, savvy investors and those looking for a better lifestyle for themselves and their children than that which can be obtained in Hong Kong are already getting established in the city!