From an investment perspective, the crash of 1997 has at least allowed for prices in the city to be still affordable. The bubble burst thanks to a huge over-supply of property, but the intervening decade (and there was practically no construction for the first three years after the crash) has allowed demand to catch up with supply, creating a stable and growing market . . . a real market, with properties built for rental, rather than to satisfy the appetites of investors.

Even without the inflated property market of the 1990s, Bangkok had a strong economy. It is a major exporting nation, and is the secondbiggest builder of trucks in the world. Its economy is based to a largely on multinationals operating 50:50 partnerships with Thai companies, hence its GDP is growing at between eight percent and 10% per annum.

For property investors, there is a slight shortage of supply, particularly at the business end of the market, which is where most Irish people will be investing (foreigners cannot buy freehold land in Thailand, but apartments are within their remit).

A well-appointed, well located one-bed apartment will cost between 130,000 and 150,000, with net rental yields of between eight percent and 10%. In fact, Thailand today is like Ireland of a few years ago, whereby rents should easily service interest and capital, with a little left over. The tax regime is favourable (one percent stamp duty and an average of five percent tax on rent). Add to this steady capital appreciation (some people put it at between eight percent and 15%) and the Bangkok market would seem readymade for Irish investors who are willing to let their money travel halfway around the world.

The catch is a cautious banking sector which will not allow foreigners to borrow.

It won't even allow Thai's to borrow for more than seven years. So all the money has to come from home. But for those willing to release equity a city full of eastern promise could be ideal.

Bangkok Property Investments and Management looks to match a person's investment with the right property in Bangkok and, while it usually finds properties on a caseby-case basis, it is currently offering a number of units at an exceptional development called Sky Villas. These are 2,000sq ft high-spec apartments at the centre of the business and embassy belt and selling for 315,000, with rents in excess of 2,000 per month expected.

For further information contact 01-477 3929