Until recently, it was impossible for foreigners to buy in the country without first becoming Swiss citizens and being resident there for much of each year. But now, an annual quota of about 1,450 foreigners can buy one property each in selected regions, known as cantons.

However, anyone wanting to take advantage of the new situation needs to be wary of rushing in.

Purchasing rules vary considerably from place to place.

In some cantons you can buy only a chalet; in others just a house. In some cantons foreigners are banned from reselling property within five years, so investors should assume that they are in for the long haul. The canton of Vaud . . . which includes the popular lake resort of Montreux . . . is the most liberal, offers the widest property type, does not restrict resale, and issues the necessary purchase permits within four months.

Transaction costs also vary.

In the canton of Valais, which includes the skiing resort of Verbier, the combined costs of notary, land registry fees, and the Swiss equivalent of stamp duty add about 2.5% to a property's sale price. But in Vaud, the same fees add five per cent.

And throughout Switzerland, property transactions must be made in the name of a private individual, not a business.

There are also annual community fees for water, electricity and insurance, paid to the canton authorities, as well as service charges if you buy a flat or chalet in a large resort.

Again, community fees vary across regions.

Interest rates though have always been lower in Switzerland than in Ireland and the UK, and individual loan products, such as 'flexible' mortgages, are available, allowing variable payment patterns.

Swiss banks will lend up to 65% of the purchase price over 25 years or 50 years. The borrower pays interest every six months on the outstanding capital amount, and can pay off part of the capital, too, if they so wish.

Historically, property prices rise only modestly throughout Switzerland so the best areas are those where you can rent out for the longest periods of the year.