You can usually tell when an oversupply in, say, new condos is looming: by necessity, marketing of projects gets more creative.
Some smarter developers look for unusual angles—maybe offer their properties with a little bit extra décor or more outlandish colour schemes or project names that get more attention. You get special offers for this, special allowances for that; free holidays or even free cars….
But what about those developers who focus on niche markets irrespective of general market conditions. They build attractive retirement complexes, or well designed and stylish units or resorts for the gay community, or accommodation specifically for nurses, doctors. In Chiang Mai these niche markets are very much alive and well and we find that such properties tend to buck the general market trend and be relatively insulated from a market oversupply situation.
Comments and questions always welcome…
Perfect Homes is a leading Chiang Mai real estate agency with extensive experience in the city, regionally, nationally and internationally.