Look it up guys, Dublin is THE most expensive place to live in the world. The average (average!) increase in house prices, averaged over the last ten years was about 17-20%.
Think about it, the average house is about 400,000 euro (that's $500,000).
Next year that house is $600,000...
The year after that house is $720,000...
The year after that, the house is $864,000... scared yet? Well you will be next year when the same house is $1,037,000.
My friend bought a house for $250,000, rented it out... the rent covers the mortgage and gives him a couple hundred bucks a month for his trouble while he lives rent free in the two bedroom bungalow in the back garden.
Three years later, having spent $30,000 on renovations he had the house (and bungalow) valued at $483,000... 230k in, 483k out... 110% profit... 37% increase per year... $84,000 per year... own two houses and you don't even need to work. I know of one property tycoon who was still living at home in his early forties... his mother insisted he move out and get his own life, so he sold up his fourteen apartments, then moved to England with his $7 million profit (PROFIT! not gross).
There are queues outside auctioneers offices starting weeks before "affordable" ($400,000) apartments go on sale... it's the Celtic Tiger economy... everyone is terrified of being left out of the property boom and rents are reaching $2,000 to $3,000 a month for a small (1 1/2 bedroom) townhouse.
The Luke
PS-anyway, back to Adonis being a liar...