Saturday, February 2, 2008

Chiang Mai's Future is Flourishing

by Cyrille Hareux

Chiang Mai is pre-eminently the region which tourists choose as the most beautiful and impressive of the entire Kingdom. The mountainous landscape offers you a wealth of beautiful flowers and green forests and of course very impressive waterfalls.
Only in the last twenty years have we seen the development of this city into a modern city with a consumer work culture. The growth of Bangkok has partly encouraged migration into Chiang Mai marking it as the second urban center. The population of Chiang Mai province totals almost 1.5 million, with well over 250,000 making their home in the city.

Chiang Mai recently hosted the Ratchaphruek Royal Flora Festival and the turnout exceeded everyone's expectations! There were about 3 million visitors in only 3 months time. Developers in the city are quite certain that this surge of tourism in this northern tourist hub can only mean that wonderful things are in store for the property market.

Scheduled to be completed in 2008, construction of Le Meridien's 22 storey high-rise will surely change the face of Chiang Mai's night market area. Le Meridien will join other big name hotels such as Shangri-la, Mandarin Oriental, Sofitel and the Four Seasons.

This once quaint guesthouse area in Northern Thailand is also hearing rumors that both the Hyatt and the Banyan Tree have plans for the city in the future. Will the surge of luxury rooms be sustainable ? This is a key question on the minds of many in the hospitality industry. Realtors on the other hand wonder how much property values will be inflated.

However, developers and smaller investors realize the need for luxurios modernized condos and boutique hotels targeting the upmarket guests that Chiang Mai is forecasted to attract in the very near future.

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About the Author
Cyrille Hareux is the Managing Director of Company Vauban Thailand. His 10 years of accumulated experiance in the nternational Real Estate Market, qualifies him as an expert in the field.

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