If you're buying with cash, anytime in the next 4 years might be good. My view is there won't be any pick up in values for upwards of 6-10 years. How could there be - there's no evidence of any fundamentals returning to the market for the foreseable. I wouldn't be advising borrowing to invest any time soon, due to unpredictability of the tax regime (dedudability of interest as a legitimate business exmpense may disappear altogether), second home tax, property tax and water charges. Additionally, fixed and tracker rates no longer available. Standard variable will rise overtime in line with government bailout costs, not to mind ECB rates riising to 4-5% in the medium term. Long run SVR rates could be 7-10%. Having said that, as so many investors have been badly burnt, and with prices dropping like a stone, I wouldn't be surprised to see long run yields of 7-10% either. As I said, all good for a cash buyer looking for an income. No use for an investor financing through mortgage borrowings. Mind you they're just my views...