don-- agree wholeheartedly. IF you stay for a longer period you should come out ahead. When I looked at it - and I looked hard since i very much wanted my own place - it didn't make sense.
I figured that at 2.4 million dhms (approx) or below it might have been a doable proposition. Beyond that it didn't make much financial sense, or at least, the break even vs risk was too high.
It takes almost 3 years EK payments less the mortgage, utilities, yearly fees etc to just cover the FEES associated with the purchase. After that the 180,000/year allowance has to be reduced by utilities, yearly fees, maintenance etc to be truly reflective of what you 'gain' in the end.
Today, if you buy a villa it will be in the neighborhood of $1 million US. Your $300,000 deposit would earn, conservatively, 5% invested anywhere else (not to mention the ability to invest that in a broad, diversified relatively risk free set of investments). That is another $15,000 US (50,000 dhm).
So if you plan to stay for a longer period of time then it may well make sense. Of course plans change and if you want to leave sooner then it may well cost you a bundle.