Property within an overall portfolio with other types of asset class (equities, bonds, commodities etc.) can often be a good fit because it will typically have a decent yield above 5% and the value usually rises over time as long as you didn’t pay too much for it.
I say that Irish Property usually ‘misbehaves’ for 2 or 3 years out of every decade when prices will fall and liquidity often becomes an issue where it is difficult to sell in these times of depressed prices. In fact, the price usually tends to disappear so if there are few transactions & buyers it can be difficult to know exactly what your property is worth.
For the most part however, property can be a good asset to hold once it doesn’t become the only asset you hold. So, in simple terms
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