Tax on your profit!

If and when you decide to sell your investment property you will be taxed on any profit that you make.
This tax, that is, Capital Gains Tax or CGT for short, is set at 22% (since October 2008) therefore you will be liable to pay 22% tax on any "gain" that you make.

So a quick summary equates to: if you ... bought a house for €400,000 and sold it for €500,000, you would be taxed 22% on your profit of €100,000 - therefore you hand over €22,000 to the revenue. Nice.