The US's fifth largest city it is only 80 miles from New York. Known as Philly and meaning 'The City of Brotherly Love' in Greek it is the largest city in Pennsylvania.

What's so special about it?

One of the earliest examples of a planned city, Philadelphia was founded in 1682 by the Quaker William Penn. During the 18th century it was the capital of America and was the largest English-speaking city in the world after London.

Best kept secrets During the 1970s urban abandonment was a serious problem in Philadelphia as city dwellers moved to the suburbs in huge numbers. By the '90s there were reportedly up to 40,000 vacant inner-city properties in the city; however, the authorities and non-profit organisations have begun to reverse this trend and construction and urban renewal has begun with vengeance. Philadelphia has become a commuter city for Manhattan workers as property and rents here are cheaper.

Who lives here?

Philadelphia has the second-largest IrishAmerican population and a 2004 census reported that the racial makeup was 45% white, 43.2% African American and remainder consisting of Asian, Native American, Hispanic or Latino.

What's the property market like?

The American property market has not had the best of years and the National Association of Realtors (NAR) admitted that last year saw the largest year-on-year price drop since 1968. The Office of Federal Housing Enterprise Oversight (OFHEO) reported that the average price increase across Pennsylvania was 8.4% and in Philadelphia official figures reported 8.7% (US average was 7.7%). While the city may only rank 97th on the list of average price increases last year, investigators from the Philadelphia Inquirer highlighted a number of reasons why Philadelphia would be cushioned from the current property woes.

Builders are still selling homes in advance of construction and a shortage of land in the suburbs has meant there has not been as many risky large-scale developments. In recent years the popularity of interest-only mortgages jumped in the US from 1.6% of mortgages in 2001 to 23% in 2004; however buyers in Philadelphia have been more cautious with borrowing, and the rate here is lower at 10%. Another factor is foreclosures. Philadelphia's foreclosure rate for 2006 was lower than the rates in Dallas, Chicago and Los Angeles, but higher than the rate in New York. While it was just above the national average "a relatively low unemployment rate has helped to keep Philadelphia-area foreclosures in check", commented James J Saccacio, chief executive of RealtyTrac.

How do you go about buying property?

The city's two main newspapers, the Philadelphia Daily News and the Philadelphia Inquirer, are a good starting point. When sourcing a property agent it is best to consult the National Association of Realtors (NAR) or the Pennsylvania Association of Realtors. Once purchase has been agreed a 10% deposit is required.

Costs will usually amount to 10% of the contract sale price and settlement usually takes place within 60 to 90 days.

Mortgages in the US are available to Irish citizens through brokers such as Irishowned Florida-based brokers Celtic Mortgages.

Where are the best places to buy?

Some areas of the city are considered the most affluent in the US, such as the 19103 inner-city area, which is considered as desirable a postcode as D4 or 90210.

However 15 municipalities in the region have also suffered price declines. An area of Upper Bucks County along the Delaware River has seen good price increases while one of the fastest-growing areas has been the South Coatesville Borough.

What's the rental market like?

According to the PMC Property Group in the last five years renters have begun returning to the city centre leading to increased occupancy and demand for accommodation.

With nearly 300,000 college students in the metropolitan area there is also demand for cheaper campus accommodation. PMC reports that in the city centre average rents for quality apartments are $1,300 for a onebed and $1,700 for a two-bed. In the 19103 area rents can rise to over $3,000 a month.

What's the resell market like?

There has been a glut of condos onto the market according to USA Today, which also notes that resales in the suburbs of $1m-plus homes have been selling a lot slower.

What type of property is available?

In America, a property over 100 years old is considered old. In some of the older innercity properties the utilities aren't up to buyer's 2007 standards, so developers are buying older commercial and municipal buildings and converting them into residential developments.

Average property prices?

According to the 2006 Coldwell Banker Home Price Comparison Index the average price of a property sold in Philadelphia was $518,700; however in the more reasonably priced neighbourhoods you can expect to pay $310,000 for a one-bed, $328,845 for a two-bed and $383,397 for a four-bed property. In terms of prices per foot, threebeds are cheapest while one-beds are most expensive.

FAST FACTS

Getting there: American Airlines, Air Canada and Delta Airlines fly from Dublin
Area: 369.4sq km
Population: City: 1,463,281 / Area: 5,823,233
Currency: US dollar ($1 = Euro0.77)
Weather: Average temperature of 14°C, varying from 4°C in January to 30°C in July
Transport: Philly has two main airports and is a major hub for both the Greyhound Bus Lines and the Amtrak system rail service
Going out: The city has a rich cultural heritage and used to be known as the Athens of the US. Must-see sights are Rittenhouse Square, Philadelphia's beautiful city hall, the Liberty Bell, and the thriving museum and cultural quarter in the city centre, including Rocky's famous steps!
Eating Out: Americans love their food, especially their steakhouses, so expect large portions and plenty of topups.
Shopping: Mall lovers head to Center City. Liberty Place is an upscale boutique mall and the Italian Market in the south has a wide range of culinary delights.

USEFUL CONTACTS
» US embassy in Dublin: 01-668 8777; www. dublin. usembassy. gov
» Irish embassy in Washington DC: 001-202 462 3939; www. irelandemb. org
» The Philadelphia Inquirer Newspaper: www. philly. com/mld/inquirer/
» National Association of Realtors: www. realtor. org
» Pennsylvania Association of Realtors: 001-717 561 1303; www. parealtor. org
» Celtic Mortgages Inc: 001-561 841 1411; www. celticmortgage. com
» RealtyTrac: www. realtytrac. com
» Philadelphia City Planning Commission: www. philaplanning. org
»Greater Philadelphia Tourism Marketing Corporation: www. gophila. com
»The Office of Federal Housing Enterprise Oversight: www. ofheo. gov