PRoperty is a long term investment and of course as in any investment you can lose money if you pay too much and buy in a boom.But for the long term you cant beat it if you buy well and have patience .You have to realise that returns of 3% being realised by investors on the present value of property they hold are much higher if calculated on original purchase price they paid .If the market does decline 20% or 30% long term holders dont care as they dont see rents reducing any time soon .
