...and there's the essential flaw in your plan.
No offense to you dude, but that's a real 'head in the sand' attitude.
The first flaw in your arguement is that the cost of property, in the long economic term, only goes in one direction - up.
If you think the same apartment will cost you the exact same in five years time then you're out of your mind.
I'll bet you anything that the apt that cost you 400,000 today will cost you 600,000 in 2010.
The second flaw in your arguement is that you're assuming that interest rates will stay at their current historic low over the next five years. Oil prices hit an all time high today and the trend looks like it will continue, driving up inflation and interest rates in the long term.
There's only been one good time to buy property and that time is now.