Located on the Vistula river and 370km from the Baltic Sea coast, Warsaw is Poland's capital and largest city.

What's so special about it?

Warsaw is not as impressive as some of the classically beautiful European cities but its selling point is its economic rejuvenation . . .nicknamed 'the Phoenix', it has risen literally from the ruins of World War II.

Since joining the EU in 2004, 7.7bn has been used to modernise the city and from 2006 another 10.5bn will be spent on its infrastructure. It is estimated that the number of Polish professionals migrating to the city will double in the next decade.

In the 2005 Foreign Direct Investment (FDI) Confidence Index, the top five ranking countries were China, India, USA, UK and then Poland. The AT Kearney 2005 FDI Confidence Index, which surveys the world's 1,000 biggest investment firms about their views and investment intentions in the 68 countries that receive around 90% of all global foreign direct investment, ranked Poland fifth just behind China, India, USA and UK. Incidentally Ireland doesn't even rank among the top 25.

Best kept secrets: Although it is a Unesco World Heritage site, the city's quaint old town is actually only about 60 years old as 90% of it was destroyed in WWII and an exact replica was reconstructed afterwards. A controversial symbol in Warsaw is the Palace of Culture and Science, the tallest building in Poland and the fourth largest in the EU. The building was originally named after Stalin as it was a gift from the Soviet leader. With 3,288 rooms and 42 floors, it took only three years to build and was designed in the style of similar Soviet skyscrapers in Moscow.

Who lives here?

Although now a popular European capital, Warsaw doesn't have a rich role call of celebrity residents but it does claim to be the birthplace of physicist Marie Curie and home to famous writer Boleslaw Prus and composer Fryderyk Chopin.

What's the property market like?

Property Secrets' recent 'Warsaw Market & Forecast Report' found that the property market in Warsaw remains undervalued and evidence suggests that the city is around 25% more expensive to live in than Prague, but that property in Warsaw is 20% cheaper. The report concludes that this indicates enormous potential for price growth in Warsaw and forecasts that average growth over the next 10 years will be 13%. However, in some areas of the city, growth has been as high as 30%. In January 2008, Vat will increase from 7% to 22% so it is expected there will be a rush of projects in 2007.

How do you go about buying property?

The Warsaw Voicemagazine has a detailed property section. While the Polish Real Estate Federation (PREF) can supply you with reputable agents in Poland it is more common to deal directly with the vendor.

The same notary can be used for the buyer and seller but it is traditional for the buyer to pay the seller's costs, which are usually about 2% extra. It is advisable to get an English-speaking lawyer, which can be sourced through the Property Lawyers Abroad Network. For finance, AIB has a presence through its subsidiary Bank Zachodni and can offer 70% mortgages.

Where are the best places to buy?

Warsaw is divided up into 18 boroughs, which are then subdivided into neighbourhoods. The best known neighbourhoods are the old town and city centre in the Srodmiescie borough, home to many of the municipal buildings and top apartment blocks. Nearby Mokotow is the most densely populated and is home to many embassies and large companies.

What's the rental market like?

On average, most EU capitals are home to 20% of the national population while in Warsaw it is only 5% and with over 100,000 people moving to the city each year rental accommodation is in high demand.

However, it is not as developed as in other EU countries and rental guarantees are not common. There is also demand among Warsaw's higher paid elite to move from old Soviet buildings into modern top of the range apartment blocks.

What type of property is available?

A survey by The Economist reported that small apartments in new buildings are in high demand. Large multi-bed apartments either new or old are difficult to rent and sell as they are too costly. Houses are not a good investment as prices are high, not as well sought after and have not seen the same growth in prices. It is important to remember most properties in Poland are sold as a shell, often with no internal walls.

How much does property here cost?

Prices are up to eight times lower than in London or Dublin but are rising. Popular one-bed apartments, about 50sq m (538sq ft) in size, range from 60,000 upwards, although older resale properties can be got for lower. The Economist reports that in the best districts prices range from 5,500 to 8,000 per square metre.

What are the tax breaks between Warsaw and Ireland?

Ireland has a double taxation agreement with Poland as it is part of the EU.

Foreigners also pay no capital gains Tax if a property is held for five years or more.

FAST FACTS Getting there: Aer Lingus "y from Dublin and Cork; Ryanair and Lot Polish Airways operate from Dublin; while Easyjet, Wizzair and Centralwings also "y regularly.

Area: 516.9 km Population: 1,697,596 Currency: Zlotych ( 1 = 3.8 PLN) Weather: Average is 8degreesC and ranges from -2 degreesC in January to 18 degreesC in July Transport: There are over 200 bus routes and 30 tram lines and one of Europe's newest metros, although the road system is pretty bad.

Going out: The majority of bars are located near the Srodmiescie or the old town and there are no licensing hours and many bars and clubs stay open all night. Casinos are popular but come with a strict dress code. The Palace of Culture is the centre for cultural events but Warsaw is also home to over 30 major theatres.

Eating Out: Eating out is inexpensive and even in the Old Town a good meal can be got for under 10.

Remnants of the communist era, Milk bars are small cafes where you can get cheap food while many vendors sell zapiekanka . . . a "lling baguette topped with cheese, mushrooms and ketchup.

Vietnamese and Turkish food is especially popular.

Shopping: The recently opened Zsote Tarasy is the largest mall in Warsaw.