Its hard to call what the future holds but a property worth €200k would yield around €12,000 or 6%. A loan of €200,000 over 20 years would be €1,211 per month at 4%. So the rent over 20 years is €240k and the total repayments are €290k and the income tax is €85k so if everything stayed the same so it would cost you €135k .
But most people think that over the long term that prices rise. A 3% increase in values over 20 years would increase the value to €360,000 at 6% the annual rent is €21,600. Contribution from you around €100k.
How does that compare with a €5000 per annum net pension contribution. That's the question.