Putting a figure on the number of us investing, or the amount we're spending, however, most definitely is. Estimates vary, but industry sources claim that anywhere between 200,000 and 300,000 Irish people now own property abroad.

According to property exhibitors (and let's face it, property shows are now a regular weekend ritual for those with equity in their homes), Irish buyers are set to spend nearly 8bn on foreign property in 2006. The first to enter many of the emerging EU countries, Irish investor appetite for gains abroad knows no bounds.

We're now happily buying in Morocco, Mexico, Panama, Montenegro and Goa as well as the more traditional locations, explains legal overseas property specialist Tom McGrath of Tom McGrath and Associates. According to McGrath, there has been a 30% increase in the numbers seeking his help to purchase abroad and more investors are now buying larger numbers of properties abroad too.

But while Irish buyers are often one step ahead of the game in terms of entering new locations, there are also those who get lost in the dream.

"People often tend to use different rules when buying abroad. They do things they would never do at home, such as not getting independent legal advice, " explains McGrath. "We have growing numbers of people coming to us with nightmare stories of how they have lost large sums to the unscrupulous." But even when buyers research their market and doublecheck their finances, things can, and will, still go wrong.

Tales of the unexpected "Expect the unexpected, " cautions Aubrey Legget who bought two properties in Florida on the strength of good capital appreciation and had to act fast when house prices fell overnight. With a financial background and previous experience buying overseas, Legget thought he'd covered all possible eventualities.

"I looked at properties in Dubai and the UK but chose Florida because there had been approximately 15% capital gains over the past five years and forecasts were for continued growth." Legget also bought wisely, choosing a development with everything on site and in a good rental location. "I put 45% deposit on one property and 35% on the other. The properties were geared towards the holiday market and were fully furnished. I needed 35 weeks rental to break even.

The forecasts from property managers met these expectations." Despite marketing from his own website (www. aubreyshomes. com) and the manager's lettings however, Legget only achieved approximately 20 weeks rentals per year for each townhouse. "This did not meet costs. I decided to sell one townhouse to reduce losses, but the market had only increased by 6% and after expenses I sold at a small loss."

Legget has now opted for long-term lease rental.

Although this provides reduced rental income, it covers his mortgage repayments and he believes that the market will rise again. For those interested in buying in Florida, Legget cautions, "Don't buy for the holiday rental market unless you will be using the property substantially for yourself and, for the mortgage to be paid, look at having a minimum of 40% for a deposit."

Be realistic According to Karl Morris, MD of Simple Overseas Properties, while Irish buyers are more inclined to check facts when investing, many base their finances on unrealistic rental income. "I always tell clients not to rely on a rental return. As a rule of thumb, you should base your figures around a six-week rental period as opposed to 24 or 26 weeks." Whether buying for capital appreciation or for lifestyle, you need to be able to react to changing circumstances quickly, or you could end up throwing good money after bad, explains Orla Brennan of her experience investing in the emerging EU markets.

Keen to capitalise on the equity in their home, Brennan and her partner, both in their early 30s, thought that a property in Poland would make a good long-term investment. Again, the couple did their homework, contacted a local agent and visited the country in question.

What they didn't count on however, was an outdated approach to banking and credit rating. "The prices seemed reasonable and we thought Poland would be a good place to invest. So we put a booking deposit on a great scheme in a central location and then went looking for a mortgage." Between language difficulties, reams of paper work and a Kafkaesque approach to customer queries, it took almost five months to process their application. In the end the couple didn't get mortgage approval even though they were initially assured by the local bank manager that they would. As a result, between their booking deposit and legal fees, the couple had to forfeit almost 5,000 on the deal. "Don't think the banking situation will be similar to the Irish system. They are not as comfortable with concepts such as equity release, working freelance or for contract, and this will affect your mortgage application. We also found out subsequently that you are much more likely to get a mortgage in Poland if you go through a local broker. They would find the more progressive banks and tell you that you really need a 50% deposit if you're looking for a mortgage in Poland." As well as getting mortgage approval first, Brennan would advise buyers in emerging markets to factor in additional costs for fit-out and incidentals (circa 12%) and to be realistic about rental return.

Do your research Problems can also occur closer to home. Even in more traditional locations such as Italy, different language and legal systems can scupper the best laid plans as Ciara Elliot and her friends recently found out. "Four of us decided to club together to buy a two-bed medieval house in Ostuni, a very popular tourist location in Puglia."

The purchase seemed like a no-brainer, the four of them put down 15,000 and bought the property outright. But they didn't really know what they were doing and because of different commitments they didn't all sign the deeds together which means that on paper, only two of the four are owners. "You really need to understand the legal system of where you're buying.

Especially if you're buying as a group, you need to make sure you get the legal work straight so that you have a safety net when it comes to selling."

But there are far more happy endings than hard luck stories on the overseas market. Having the language goes a long way, as does working with reputable agents, according to Angela and Tim Devlin, who successfully bought, renovated and now rent out their property in Ostuni, Italy. If you're buying to rent, the couple also advise staying in the area offseason.

"It's easy to fall in love with a place in the summer, but if you want to rent, it needs to be in a good year-round location." The couple spend as much time as they can in their property and they also look after rental themselves via their website (www. devlinostuni. co. uk) and through word of mouth. They also advise buyers to consider renovating large properties into smaller units if they're investing for letting. "This is a perfect area for couples and with four smaller units we have dramatically increased the level of rentals, especially during the summer.

ADVICE ON BUYING A PROPERTY OVERSEAS >> Don't hand over money without full independent legal advice >> Get independent tax advice.

You can lose or save money depending on how you structure overseas investments >> Don't buy to rent unless you are absolutely sure of the local rental market. Travel to the country to get a feel for the market, if possible try to also visit location off season >> Don't accept face value rental "gures quoted by real estate agents.

>> If buying for investment, be in it for the longterm, you're more likely to get your "ngers burnt with short term investments >> Take your time. Many buyers are too eager to rush in, sign on the dotted line and advance money to estate agents before they've done their homework.

>> Don't stretch yourself "nancially, always leave a margin of comfort in your "nancial calculations >> Always use a reputable selling agent, talk to other investors who have bought with them >> Always consider your exit strategy. How will the property sell in the future >> If buying a leaseback, is it a good location for selling at end of lease period? If a lot of investors are selling at the same time, will this have a negative impact on property values?