<ARTICLE> 5
<LEGEND>
This Schedule contains summary financial information extracted from
FM Properties Inc. financial statements at December 31, 1998 and for
the 12 months then ended, and is qualified in its entirety by reference
to such statements. The earnings per share (EPS) data shown below was prepared
in accordance with Statement of Financial Accounting Standard No.128,"Earnings
Per Share," and basic and diluted EPS have been entered in place of primary
and fully diluted, respectively.
</LEGEND>
<CIK> 0000885508
<NAME> FM PROPERTIES INC.
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               DEC-31-1997
<CASH>                                             873
<SECURITIES>                                         0
<RECEIVABLES>                                    1,265
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                 2,927
<PP&E>                                         105,320
<DEPRECIATION>                                      46
<TOTAL-ASSETS>                                 112,754
<CURRENT-LIABILITIES>                            3,020
<BONDS>                                         37,118
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           143
<OTHER-SE>                                      66,464
<TOTAL-LIABILITY-AND-EQUITY>                   112,754
<SALES>                                         30,953
<TOTAL-REVENUES>                                30,953
<CGS>                                           24,294
<TOTAL-COSTS>                                   24,294
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               2,181
<INCOME-PRETAX>                                  7,101
<INCOME-TAX>                                        80
<INCOME-CONTINUING>                              7,006
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     7,006
<EPS-PRIMARY>                                      .49
<EPS-DILUTED>                                      .48