Ok Thai Property Rules for Farangs
A foreigner can own a condominum as long as less than 40% of the
condos or apartments in the building are owned by foreigners. (This
is an old law.)
A company can own property such as land and a house (and hence the
foreigner can buy land and a house via their company) as long as no
one foreigner owns more that 39% of the company (recently amended
from 33%) and total foreign ownership of the company does not
exceed 49%.
The Thai wife of a foreigner can own property (a recently changed
legal status due to gender equality in the new 1997 constitution
revision), in her name only. This is fine as long as you don't have
marital problems. (The same, of course, goes for a Thai husband,
but the law was changed recently for Thai wives due to the new
constitution guaranteeing equal rights.)
A foreigner can lease land for 30 years, with an option for another
30 years, according to articles in the press and as confirmed by
every lawyer I've asked. (If you live longer than 2x30 years,
consider yourself lucky in another regard.) This is referred to as
the 2x30 ("two times 30") option.
http://www.thailandguru.com/thailand-property-ownership-laws-house-land-condominium.html
I read this up sometime back too coz I was interested in condos in
Thailand too 
