Supalai, a major developer, launched a 78-rai, 1,500-million-baht house project in Bo Sang–San Kamphaeng, starting at 4.66 million baht, with pre-sales on 10–11 October 2569 (2026). It says Thai buyers, especially Bangkok second-home buyers, now drive Chiang Mai demand. Its foreign-buyer share fell by more than 50% across Chiang Mai, Chiang Rai, Lamphun and Lampang. Banks' loan rejection rates remain high, and developers are competing hard on price in the second half of the year. For a local SME, this points to Thai buyers and tighter mortgage access as the key demand signals, not foreign buyers.