What are the risks of buying property overseas? I've seen posts here, and read some articles about people investing in overseas property. Apparently it is more popular in the UK and Ireland, since property prices there are so high, and they are closer to some of the more popular areas. Americans can't just run over to Spain for the weekend, really.

I realize a lot of people buy condos or houses when they retire overseas, but now I'm thinking about investment property. Is it a smart thing to do?

I know I would have to limit myself to places with adequate property rights, and worry about the stability of the government and exchange rate problems if there is a mortgage, but what else should I worry about?