The income case for a leveraged Irish rental has largely gone. What remains is a leveraged bet on house prices — which is a legitimate position, but a different one from the passive income most landlords think they are buying. Irish property prices are now well past their Celtic Tiger peak. The CSO index stands roughly 26% above its April 2007 high, with a median price of €395,000 in the twelve months to May 2026 and annual growth of 6.2% — the slowest rate since early 2024,