This Italian investor had already purchased three condominiums in Bangkok with me, so for his next acquisition the objective was diversification, a lower entry price and stronger cash flow.
I suggested Chiang Mai, specifically a new condominium close to Nimman, because of its international rental demand, digital-nomad market, university population and relatively limited supply of new condominiums.
Why Chiang Mai
Chiang Mai benefits from several different sources of rental demand.
The city is a major European/Australian and American digital-nomad hub, especially around Nimman, and it also has a large university population, including international students. 
In recent years, Chiang Mai has also attracted a growing number of Burmese (Myanmar), Chinese and Taiwanese residents and long-stay visitors, This adds another layer of demand beyond the traditional Thai rental market.
The location close to Nimman was particularly relevant because this is one of the city’s main hubs for international residents, coworking spaces, cafés and remote workers.
At the same time, zoning and height restrictions limit new development in several areas of Chiang Mai, making new condominium supply more constrained than in Bangkok.
The Investment
The investor purchased a rare studio unit from a highly trusted developer, selected carefully.
Purchase price: 1,900,000 THB / €49,969.76
Appliances: 80,000 THB / €2,103.99
Total investment: 1,980,000 THB / €52,073.74
The low entry price allowed him to diversify outside Bangkok without committing a large amount of additional capital. The unit was already partially furnished by the developer. The building has swimming pool, gym, and large common areas. The investor was advised on location, building, and property manager. 
The price was especially convenient as the developer had a personal relation with me. 
Market Entry and Results
The unit was positioned for monthly Airbnb rentals and is currently renting for:
23,000 THB / €604.90 per month
The property manager receives 20%, leaving:
18,400 THB / €483.92 net per occupied month
The apartment was booked within hours of being listed and immediately secured bookings for the following three months.
This initial response supports the original strategy of targeting digital nomads, international residents and medium-term tenants looking for furnished accommodation close to Nimman.
ROI Calculation
Total investment: 1,980,000 THB / €52,073.74
Monthly gross rent: 23,000 THB / €604.90
Annual gross rent: 276,000 THB / €7,258.76
Gross Yield: 13.94%
After the 20% management fee:
Annual net rental income: 220,800 THB / €5,807.01
Net Rental ROI: 11.15%
For the long-term projection, I assume:
4% annual property appreciation
5% annual rental growth
Using a 10-year horizon, the projected IRR is 15.30%, including rental cash flow and the estimated resale value at the end of year 10.
The IRR is a projection and does not include taxes, selling costs or other operating expenses.
Conclusion
This case shows how diversification outside Bangkok can improve portfolio cash flow without requiring a large additional investment.
The combination of low entry price, proximity to Nimman, university demand, digital nomads, growing Chinese and Burmese populations, limited new supply and strong international rental demand made this unit particularly attractive for an investor already heavily exposed to Bangkok.
You can rent this property at this link.