I own an apartment/condo on Phuket that I purchased "off plan" as does a friend, who bought into a different project. Both have been built and are satisfactorily completed.

As mentioned above there is always the possibility that the project will never be started, never be finished, OR be very poorly managed (almost as bad). And, they almost ALWAYS finish later than the projected dates - usually a good 6-12 months behind schedule.

I took the risk - knowing the risks. Property development here often begins without being "fully funded", meaning that the developer has no money to build the project - he is waiting for you and others to pay for their apartments - and with that money he will build the project.

A nice house of cards it is . . . But, as mentioned above also - it is a good opportunity to get a significant reduction in price as the developer usually really is interested in getting the project up and running. BUT - this does not always happen. Enter into such projects with your eyes wide open.

Many people say never invest more than you can afford to lose and I think that is probably the best advice. Once you are in (as you are) - just cross your fingers, keep an eye on the project and hope for the best.

Know also - that things like sinking funds and monthly fees are typically not well thought out until the project is near completion or completed. Keep some money back for inevitable surprises. Also - don't forget your property/lease registration fees when you take possession - 7% of the contract value for condos and (if I recall correctly) 1.5% of the contract value for long-term leases.

My advice to people interested in buying here (or anywhere really) is to NOT buy until you have LIVED here for a minimum of three years and have heard all the horror stories - and have a real sense of who is legitimate and who is not - and of how areas change and in what direction they are changing. The reason I suggest three years is that Thailand is full of bar-stool experts who are quite full of BS and you will hear more than your fair share of jive and it will take a bit of time to sort our the chicken salad from the chicken sh*it. It is not unusual to meet "multi-millionaires" who live in shacks and ride crap motorbikes . . . (up to you to sort that out ).

Purchasing while living overseas and not really knowing the players, the area and trends - is risky business indeed. And - not just in Thailand - there are some incredible horror stories from Spain (in the EU mind you!), Mexico and a multitude of other places as well.