In Chiang Mai, long dominated by Chinese investors in the condominium market, recent data reveals a noticeable shift in foreign demand during the first half of 2025.

Chinese nationals still lead in purchases, but their volume has dropped by 33.5%, reducing their share from around 57.6% to approximately 53.8% of foreign condo acquisitions in the city.

Other nationalities have begun to fill the gap.

Myanmar buyers have recorded a robust increase of 42.9%, placing them nearly tied with U.S. investors, who themselves grew their purchases by 23.8%.

European buyers are among the most dramatic movers: Italian purchases surged by 200%, and Dutch buyers increased by 50%, both breaking into the top ten foreign buyer nations in Chiang Mai for the first time.

In contrast, several formerly strong source markets have seen sharp decline.

Australian investment fell by 68.8%, Israel by 60%, and South Korea—previously a top-seven source of foreign buyers—lost its place altogether in the top ten.

Real estate analysts note this is more than a short-term fluctuation.

The trends suggest Chiang Mai’s overseas demand is becoming far more diversified: no longer anchored to one dominant country but spread across multiple buyers.

Developers and market observers are being advised to adapt to these changing patterns.

Beyond raw sales numbers, factors such as buyer behaviour, price sensitivity, and preferred property types are expected to grow in importance.

Chiang Mai’s future condo market may be defined less by sheer volume from one nationality and more by the mix of foreign buyers who see both opportunity and value in its growth