In particular people under estimate the risks associated with emerging markets such as eastern Europe and more recently we've seen problems with Spain. The recent stock market crash highlighted what can happen even in so-called risk-free locations.

One of the big issues in Spain is the sub-prime, where people with bad credit rating were given mortgages at a much higher interest rate. When interest rates rose, these people were least able to cope and ended up defaulting on payments or having the property reassessed. With new developments in Spain, a lot of people didn't take advice on whether the developments had proper planning permission, etc.

Having said that, Spain is predominantly a 'lifestyle' market and it's mature. People buy there to enjoy it, not just to sell it on, so there's always demand. The golden rule is not to buy anywhere that you cannot sell in a hurry.

In terms of emerging markets, agents and developers keep claiming that their country is the "next Ireland", when this isn't the case. Ireland is unique . . . it had no other competitors joining the EU when it did and it is an English speaking country in western Europe with particularly strong links to the USA. This won't and can't be repeated by countries in eastern Europe. All the accession countries are now competing against each other for jobs and investment.

If you were buying a property here, you would check it out fully, go and see it, make sure you are not paying over the odds, and so on. So why not apply the same principles when buying abroad? It's vital not to get taken in by marketing hype. You have to remember that the overseas property market is unregulated so agents can potentially add on quite a bit of a 'fee' for "nding you your dream holiday home. A simple measure of sourcing out local agents yourself can save you quite a bit of money. When speaking to agents here, at least make sure you speak to a few to get comparisons.

When you sit down with your 'budget' try to remember it's not just the amount you have in your hand. Factor in taxes . . . will there be any stamp duty? Look on the Irish revenue website and check if the country you hope to buy in has a double taxation agreement with Ireland. Capital Gains Tax (CGT) can signi"cantly affect your return when it comes to selling. Some countries say they are 'tax free', which may be the case, but if they don't have a tax agreement with Ireland, you'll still end up paying tax here.

All these issues need to be scrutinised before you even glance at a property. When we're researching for a client, the last thing we do is look at the property. First we look at the location, the details, the developer, etc . . . anyone buying should do the same. Think down to the last expense, even "t-out. Don't scrimp on "t-out, it will cost you in the long-run. If your property is "tted out well it will appeal more to renters and to buyers. Another great tip is to check out government statistics in the country you want to buy in, even if they are slightly behind, and don't rely on the statistics that a company throws up. They will have an agenda and can twist statistics to suit any location or sale.