Northern Thailand's real estate market showed recovery in H1 2026, with total residential supply across 5 provinces reaching 21,758 units (+6.9% YoY) valued at ฿99.7 billion (+10.8%). Chiang Mai led regional growth with condos and luxury villas surging 18.6% and 71.4% respectively. New condo launches jumped 532.9% (mostly in Chiang Mai), while detached house projects declined 56.6% as developers clear inventory. Chiang Mai's condo market shows 46% sales conversion for new launches, with in-city and Suthep-Mae Hia zones most popular. Luxury villa demand (฿20–60M segment) remains strong despite limited supply, signaling developers are pivoting toward premium segments.