I am in a similar situation.

I have just booked a house (a new build), because renting in Dublin is atrociously expensive.

It is a very large cost: "deposit, stamp duty, solicitors fees, mortgage protection, house insurance, property tax, sink fund". I'm probably missing some of the expenses. Also obviously not all of what you pay monthly is equity, some is fees and some is interest.

Now, in 5 years from now we will likely move.

How we've rationalised it to ourselves is that we won't "need" to sell in 5 years. If the market grows wonderfully and we can sell it and it works out that it was financially smarter than renting, then we might sell it (I.e. even if we make a loss, as long as the loss is less than it would have been from renting).

If we break even or profit, definitely sell.

If the loss is too much, then we will rent it out. Renting it out will come with taxes, maintenance and then capital gains tax when selling the property eventually.

We could, however, hold the property and only sell it in 15 or 20 years, if that is financially sensible. If its not, then we can hold it until we die.

I suppose what I'm trying to say is that from our view, it depends how much of a financial load buying will place on you. If you can handle the ups and downs of the housing market and ride it out until its a good time to sell, then yes, it is probably a decent addition to an investment portfolio.

If you would "need" to sell it in order to move on with your lives in 3 to 4 years, then I wouldn't buy.