I have a rental property in the Old City, and it’s been a solid investment. The cultural appeal of the area attracts a lot of tourists. Make sure to check the local regulations about renting to tourists if that’s your target market. I’ve found that short-term rentals yield higher returns, but they require more management.

I’ve invested in a few properties in Chiang Mai and the ROI has been quite good, especially in Nimmanhaemin area. It's very popular with expats and tourists. I’d suggest looking at condos around there. Also, consider properties near the university, as they attract long-term rentals from students and staff.