Dubliner John McGuire paid €81,000 in 1995 for his first house in Bray. He was 23 and friends thought he was "absolutely nuts" to pay that kind of money.

"It went up in value and I used this leverage to build on a site I'd bought in Sandycove. I worked from 7am to 2pm on the site, then went to the office from 3pm to 11pm."

Ten years on, John runs his own business, First Credit Mortgages, lives in the Sandycove house and owns an expanding portfolio of investment properties.

"If I had taken comments on board then, I wouldn't have anything now. Everything I have has come from property," says McGuire, who has also bought into The Palms in Dubai.

Three Section 23 properties - two in Dublin and one in Co Carlow - considerably reduce his annual tax bill. While paying a premium for apartments in Dorset Square and Cork Street, because of their city centre locations, they will be worth more in 10 years' time when the tax break runs out, he says.

"The Carlow property is a holiday home at Mount Wolseley Golf and Country Club.

"I bought it for the tax break but I'll be down for weekends."