BOOM AND BUST

Like most of Asia, Thailand suffered greatly during the economic crash in 1997 and almost ten years on the scars are still there for all to see. This building is one of the many building projects that was halted during construction when the developers simply ran out of money and went bust.
Only now are investors looking again at these 'monoliths' and ploughing money into projects to complete the developments.
I already know a lot about the real estate industry in Thailand - thanks in no small part to the fact I am English editor of Executive Property Magazine. Yet in the three months I have been here I can already see a distinct change in the styles of developments coming to the market. Large, expensive condominiums are being swapped for the cheaper, smaller, more trendy projects outside the city itself.
Tanya and I went to look at one a month or so ago, and by UK standards a one or two-bed coondo unit is very cheap. We're only talking 25,000 - 35,000 pounds, but remember that the average monthly wage of a Thai is only about 120-150 pounds. Before you all rush in and buy, you ought to know there are restrictions to prevent foreign ownership of land and property. There are ways around it but it's not an easy process.