That's the sad bit from my point of view; at a time of unprecedented buying power in Ireland, when the average citizen has the capability to put away a substantial nest egg by investing this capabiliy wisely, what does he or she do? They rush into the arms of the companies and individuals marketing "the next big thing" without doing any research olr consideing their options or exit stragtegies wisely. Instead of using property investment to build substantial assets, they squander their spare cash on spurious deals in countries or in regions within countries that have no future as investment destinations.
It doesn't have to be like this. There is plenty of good product in the commercial and residential area in places like Spain, Hungary, the UK, Germany, Romania etc. Land invesments for instance, the investment vehicle of choice of many of the big players, are ignored by the small investor despite their attractiveness as long-term assets. I have said the following many times, but its simplicity eludes the majority of "investors" who prefer to throw their money away:
1. Buy where people are moving to, not moving from. In Europe, this means the cities that are showing growth; try London or Frankfort, or if these are too expensive go to good parts of Budapest or Cracow or other solid cities. Buy the best you can afford in the best area you can afford, and be prepared to wait up to ten years for good returns. Get what rent you can, and be prepared to have valley periods. If you can't get a tenant, drop your price or decorate, or both. Deal with good management companies, treat them with respect and be fair with them and they will tend to be fair with you. Don't try to be a "cute hoor", people can see throught this approach and it will not serve you well. Be honest and expect honesty.
2. If you want a holday home in Europe that you can use year-round, go to the south of Spain (or possibly Portugal, but the Atlantic is not as nice in wintertime). Buy in emerging or very solid areas at below market rates; this usually (although not always) means ignorig off-plan investments and buying good resale properties. Buy within about a hour of a well-served airport, so that you can get there at the drop of a hat if you gety a few days free. Forget rent in your calculations, if it arises just consider it a bonus.
3. Avoid like the plague any area where high pressure sales driven companies are operating, and be completely cynical about wild claims about capital gains or rental return. Be suspicious of anyone who can predict capital growth; if they can see the future, why are they still working as salesmen? If something is too good to be true, it usually is; if someone is selling a property that pays for itself, makes 20% annual gains, and leaves a surplus in the bank from the huge rentals, then why in earth would anyone sell such a golden goose? In other words, keep your money in your pocket instead of spending it on Bulgaria's Black Sea or Ski areas, on the Turkish coast, or in Dubai and Cape Verde, or any other miracle market. None of the succesful big time investors go to these places, so why should you?
Having said all that, the three card trick has been around since the middle ages, but it still catches people every time it is operated. There is no better sales tool than to prey on people's greed; it makes them blind to risk and leads them by the nose into buying something that they spend years regretting.