I looked at the Thai property market about eight years ago and shied away from it, primarily for the reason Ardun has given. I was promised than that the law was changing ‘within a couple of years’. I was sceptical then and am glad I was.
Also, were I to buy a property in Thailand, Phuket would be the last place I’d choose. It is horribly overdeveloped and suffers all sorts of problems as a consequence.