<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from FM
Properties Inc. financial statements at March 31,1998 and the three months then
ended, and is qualified in its entirety by reference to such statements. The
earning per share (EPS) data shown was prepared in accordance with Statement of
Financial Accounting Standard No.128 "Earning Per Share," basic and diluted EPS
have been entered in place of primary and fully-diluted, respectively.
</LEGEND>
<CIK> 0000885508
<NAME> FM PROPERTIES INC.
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                           2,435
<SECURITIES>                                         0
<RECEIVABLES>                                      929
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                 4,072
<PP&E>                                         105,209
<DEPRECIATION>                                      60
<TOTAL-ASSETS>                                 114,258
<CURRENT-LIABILITIES>                            7,624
<BONDS>                                         35,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           143
<OTHER-SE>                                      65,581
<TOTAL-LIABILITY-AND-EQUITY>                   114,258
<SALES>                                          2,655
<TOTAL-REVENUES>                                 2,655
<CGS>                                            1,648
<TOTAL-COSTS>                                    1,648
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                 507
<INCOME-PRETAX>                                  (883)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              (883)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     (883)
<EPS-PRIMARY>                                    (.06)
<EPS-DILUTED>                                    (.06)