Thailand conjures images in the mind of palm strewn white sandy beaches with warm blue sea lapping against the shore, hot sunny days, temples, smiling locals, tasty food, bustling Bangkok, wildlife and nature in abundance. Coupled with relatively cheap cost of living it’s no wonder that the Kingdom attracts circa 30 million visitors per annum of which it is estimated over a million are from Australia alone.

In future columns I will explain in more detail the financial and legal aspects of buying property in the country but by means of introduction I'd like to give an overview of my experience as a real estate consultant based in Bangkok for almost five years.

Life is never dull in Thailand. Armed conflict between red and yellow shirts, droughts and floods, the Capital in lockdown, a Military Coup, the tragic bombing of the Erawan shrine in Bangkok. Such events gain national and international media coverage. The Thai economy is sluggish and integration into the ASEAN initiative is proving to be fraught with difficulties.

All potential factors to dissuade a real estate investor? Not quite. In Bangkok new condominium projects continue to spring up across the city. Those based close to the main overhead Skytrain system command a premium. Prices continue to rise and the current champion in this space is developer Sansiri's project entitled "98 Wireless" which is commanding over 21,000 AUD per square metre.

Locals comprise 60-70% of buyers, the majority buying for investment purposes. Circa 10-15% will be Singaporean, Hong Kong, Malaysian and Chinese investors the remainder a basket of other nationalities.

Bangkok is one of the world's most vibrant and energetic cities with a slew of shopping malls, restaurants and entertainment venues. With a strong demand for rental accommodation from expats and professional Thais I have no hesitation in recommending to my clients in investing in the right project in the city.

Where I would advise caution is in the popular playground resort of Pattaya. Given its somewhat unfair nickname of "Sin City" the go-go bar element of the city is actually only a small part. New Water parks and attractions are helping to boost family visitors to the resort. Unfortunately, an oversupply of condos and promises of more have resulted in a glut in the market.

Many developers have and continue to promise luxurious and expansive condo blocks but several have either stalled or not had a brick laid at all leaving investors in a legal nightmare. Caveat Emptor are the watch words here. I personally only recommend a limited number of projects to my clients and make stringent due diligence when I am approached by developers asking me to market their project. Sadly, I have to reject the majority.

In conclusion, despite its difficulties, investing in real estate in Thailand can be rewarding financially and holistically, buyers must do their research and talk to a professional on the ground.