Is it just me or are new condos in Chiang Mai forever getting smaller and smaller?
In the headlong rush to keep total prices down, whilst the amounts charged per m2 for completed units is on the up, over the last 2-3 years, most developers have been “forced” (their word) to build smaller units of somewhere around 22-40m2. Now a 40 Sq meter can be considered a large unit and with developers managing to squeeze two bedrooms into a whopping 50 sq meters.
Of course, developers say this is where the demand is.
Maybe, but this demand was mainly from investors, or should I say speculators, who were happy to take a punt on a new condo costing between Baht 1.6-2.5M—and ignoring the fact each square meter was costing them Baht 80,000-100,000/m2 or so.
Demand from genuine end-users has been light and we are now seeing a number of new projects where people actually will have to live in them, whether they be tenants or the formerly mentioned investors.
Are the designs, layouts, functionality and amenities of these small units good enough to last the test of time; and keep tenants or occupiers happy?
What do you think? Would you live in one of the new box-like condo units now flooding the market?
Perfect Homes is a leading Chiang Mai real estate agency with extensive experience in the city, regionally, nationally and internationally.