The simple answer is no, a Thailand property purchase does not entitle you, as a foreign national, to a specific property-related visa that allows you to stay long-term in Thailand.
During late 2016, the Royal Thai Government introduced a renewable 10-year retirement visa for foreigners aged over 50 who wished to settle in Thailand. Previously just a one-year visa was offered, which had to be renewed every year.
To get the 10-year visa you need a minimum regular income or a deposit in a Thai bank account for at least a year after the visa is issued. This amount often changes and is also different if you have a Thai spouse to support. Now (September 2017) the amount is THB 400,000.
Applicants for the visa are also often required to have health insurance, although this requirement seems to vary at each immigration office.
It is not possible to include your property purchase as part of the deposit requirements for the visa.