Germans shuddered in 2005 with the arrival on the property market of US investment fund Cerberus. Named after the Greek mythological hound of hell, the fund snapped up 50,000 state-owned apartments in Berlin for €1 billion. Rumours were rife that the Americans would jack up rents, throw pensioners onto the streets and change the market culture forever. Now, after just 18 months, Cerberus is exiting the market with its tail between its legs. The company is reportedly disappointed by the investment yields and frustrated by Germany's rental laws which are a landlord's nightmare and a tenant's dream.

The arrival of Cerberus helped kick-start the recent German property boom that has seen funds spend over €20 billion on 600,000 properties in recent years. Those funds were followed by smaller-scale investors, including countless Irish. Now, if others follow Cerberus out of the market again, it could mean a cold shower for many big spending Irish investors. The Germans have a word for it: Schadenfreude.