Rents in Ireland have fallen 27% over 4 years as underlying house prices have fallen 40 - 70% (depending on region).
http://www.propertywire.com/news/europe/irish-rental-property-market-201008204424.html
Lets put that into context for those with the mathematical acumen that saw them being head cutlery polisher at David Jones Fountaingate prior to their stellar career as a Real Estate Agent selling off-the-plan at Noosa Heads.
Seamus O'Flaherty's investment property in Waterford was valued at €1,000,000 and whilst he was waiting for it to double every 5 years (like all normal markets *snigger* ) he was renting it out for €3500pm. In 2011 he has it valued at €600,000 and his rent he is charging to get a tenant has fallent to €2550pm.
Now a good Aussie real estate spruiker will argue that Seamus' yield has improved from 4.2% to 5.1%. It does look more attractive if you ignore the fact that Seamus has lost €400,000 in equity and lost €11,400 in income.
They say you can take a pile of dog shit and in the right hands mould it into a cup cake shape and top it with cream, and a cherry and you can't tell the difference.
I don't give advice, I just comment. But I will give advice in this case. Sniff your cupcake before you take a bite.
PS If you've exhausted your Stephen King collection and want to sample some Celtic horror (hot tip: read it on an empty stomach, especially if you are a leveraged property investor):
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