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Chiang Mai: Stagnant property market as northern city battles for survival


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Chiang Mai: Stagnant property market as northern city battles for survival

 

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Picture: Chiang Mai News

 

Chiang Mai News reported on the continuing battle for survival of accommodation businesses in the northern Thai city after the devastation of the coronavirus pandemic.

 

They called it a challenge for everyone from small operators to larger hotels all of whom are facing desperate times after relying on the now absent foreign tourists.

 

While some five star hotels have reported interest for booking at New Year smaller operators are lucky if they have 20-30% occupancy ahead of what previously was the busiest time of high season. 

 

9pm.jpg

Picture: Chiang Mai News

 

Many businesses are up for sale or lease.

 

Businesses on disputed land in Mae Rim that have been ordered to get out are still advertising and taking bookings from Thai tourists who are asking whether they will have problems if they book. 

 

Real Estate agents reported a huge number of properties of all descriptions up for sale in Khu Muang, Moon Muang, Wua Lai and Nimmanhemin districts. 

 

These included all kinds of accommodation including boutique hotels and even terrace properties.

 

There were few buyers and despite the availability of soft loans the market was largely stagnant. 

 

Source: Chiang Mai News

 

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-- © Copyright Thai Visa News 2020-09-22
 
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It was a beautiful city.... once.  Now for 6 months a year the air is un-breathable, development from tourism has been the usual uncontrolled debacle.   The fate of Chang Mai was already decided befor

"......the market was largely stagnant."   Has been for years, the pandemic has just made it even more stagnant.

Hasn't been beautiful since the 80s. The new city was encroaching on the old Town even by 1990. It attracts the most ghastly kind of tourist and is over run by military

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Not at all surprising is it, that commercial property related to tourism (particularly hotel, guest house and holiday rental accommodation and entertainment premises) is suffering in a tourist city like Chiang Mai.

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5 hours ago, webfact said:

Businesses on disputed land in Mae Rim that have been ordered to get out are still advertising and taking bookings from Thai tourists who are asking whether they will have problems if they book.

 

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prior to covid BnB has decimated the hotel industry in Thailand continuing its destruction as it has across cities throughout the world. Tourism is teetering worldwide now and luckily Thailand didn't fold like many other countries did and end up spreading the pox even more by trying to revive a people business in a pandemic. Though this industry is in trouble the Thai people will survive this, they've proven they're a lot more resolute than many others..

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3 minutes ago, from the home of CC said:

prior to covid BnB has decimated the hotel industry in Thailand continuing its destruction as it has across cities throughout the world. Tourism is teetering worldwide now and luckily Thailand didn't fold like many other countries did and end up spreading the pox even more by trying to revive a people business in a pandemic. Though this industry is in trouble the Thai people will survive this, they've proven they're a lot more resolute than many others..

It's true that BnB has had a huge impact and I'm surprised they have not finished it off. They cracked down in Chiang Mai and now hardly any condos allow short lets - and i understand that strategy but they should take it further. 

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4 minutes ago, Nout said:

Hasn't been beautiful since the 80s. The new city was encroaching on the old Town even by 1990. It attracts the most ghastly kind of tourist and is over run by military

Ghastly tourists unlike Pattaya and BKK then?  those 'ghastly tourists' brought in BILLIONS to the economy in CNX (and Thailand as a whole). One silver lining though not many Thais will be saying "we don't need farang" after this, all the ones I know are desperate to get the 'ghastly tourists" back.

PS where's the military?  over run?  

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2 minutes ago, BobBKK said:

It's true that BnB has had a huge impact and I'm surprised they have not finished it off. They cracked down in Chiang Mai and now hardly any condos allow short lets - and i understand that strategy but they should take it further. 

they're investigating in Hua Hin also (so I was told) but major damage was already done in many businesses (pre covid). Perhaps post covid they'll start protection of those businesses on a more serious note..

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