Well, it is a 'double-edged sword'. In my opinion, the property laws should allow expats married to Thais, or who have permanent residence, to have legal ownership of at least the family's primary residence. Expats being able to own land beyond the primary residence, I can see as eventually causing what happened in Vancouver, BC, as previously pointed out in this discussion.
And yes, the Thai real estate market (and legal system) needs some serious reforming. The house next to us in BKK was abandoned for over a decade by the owner; what a frelling eyesore and mess. Our community manager tried, but could do little to get the owner to cut the yard and clean the place up. We inquired about buying it, but the price was way out there (we are sure she figured that since she had a 'rich' farang living next door....) Finally, finally, the bank managed to get a court to agree that she had been in default on the loan for years and allowed them to repossess and sell it.