Where is it?

Wales is part of the UK, located in the southwest and bordered by England, the Bristol Channel and the Irish Sea.

What's so special about it?

Cardiff city's marketing slogan may be "Europe's youngest capital", and the city may only have been the capital of Wales since 1955, but the country has a long and impressive history. Some of the megalithic structures in Wales, known as cromlech, are about 1,500 years older than the pyramids in Egypt. Its language is one of the oldest living languages still in use and from Roman garrisons to Saxon forts to Norman strongholds Wales has more castles per square mile than any other European country.

Best kept secrets Wales is the largest principality in the world and for the last 700 years the heir to the British crown has been given the title Prince of Wales. Wales is also known for having the town with the longest place name in the UK (Llanfairpwllgwyngyllgogerychwyrndr obwllllantysiliogogogoch, commonly known as Llanfair PG or Llanfairpwll); leading on from that the town's website also has the longest registered domain name in the UK!

Who lives here?

Some well-known Welsh names include writers Dylan Thomas and Roald Dahl, fashion designers Laura Ashley and Julien Macdonald, singers Charlotte Church, Tom Jones, Shirley Bassey, Katherine Jenkins and Bonnie Tyler, and actors Rhys Ifans, Jonathan Pryce, Catherine Zeta-Jones, Anthony Hopkins, Timothy Dalton, Ioan Gruffudd and Richard Burton.

What's the property market like?

"House prices have risen dramatically over the last five years, " says Richard Hayward, CEO of Hawtin PLC, which had a hand in developing the Millennium Stadium. Hayward estimated that prices in Wales have grown by about 10% a year for the last few years and that in some areas it has even been double that.

In February, for example, agents Knight Frank report that all the properties in the Sealock Warehouse project, in the heart of Cardiff Bay, were sold to eager first-time buyers within hours of going on the market.

Hayward reports Irish buyers are buying whole blocks of apartments in and around the Cardiff area. And the Irish aren't the only ones showing interest. Coda, a large Korean property development company, has announced plans for a 118m-residential project in Swansea. The announcement followed the launch of a 1.5bn blueprint that has been designed to help transform the city of Swansea and its waterfront.

As well as large developments, Cardiff has also been attracting high-quality luxury projects, such as the City Lofts Admiral House project, which is being designed by British interior designer Terence Conran.

How do you go about buying property?

For sourcing information on Wales the Western Mail is considered "the national newspaper of Wales". Other avenues include the Property Sale Wales website, the Association of Residential Letting Agents, the National Association of Estate Agents or the UK Association of Letting Agents.

As it is part of the EU, there are no restrictions on foreign ownership of property in Wales. After finding a property an offer is made. Once the offer is accepted a survey is carried out. You will need a solicitor or a licensed conveyor for the transfer of the property. It is recommended you check the status of the property with the local authority and its deeds security at the land registry. Once both parties are satisfied contracts are signed and a deposit of 10% paid.

Where are the best places to buy?

Many Irish are buying in Cardiff and Newport, which, from an investment point of view, would be considered safer buys as two thirds of the population live in the south of Wales and the west is mostly rural. Swansea is also developing a plan to rejuvenate itself so is a location to watch.

However, Welsh developer Richard Hayward believes areas such as the Valleys, Merthyr and Pontypridd will yield higher capital appreciation and are more of a speculators' market.

Hayward also advises that Irish buyers should consider buying in the Welsh ports and commuting to work in Dublin . . . an option that might not seem so ridiculous when you consider the potential savings and difference in property prices and cost of living.

What's the rental market like?

The rental market is strongest around the main industrial areas in the south, where the bulk of the population is situated. Rents in prominent areas around Cardiff Bay, according to Instant Access Properties, are on average 660 to 800 per month for a one-bed apartment and 800 to 920 per month for a two-bed apartment.

What's the resell market like?

There is demand for resale properties but it is slow as there are a lot of secondhand properties on the market, believes Richard Hayward. The only sector where there is not an oversupply is in upmarket expensive homes, of which there is a shortage of and for which prices are rising.

Average property prices?

In Cardiff properties being built are mainly apartments, which sell very quickly off-plan. In Cardiff prices have risen the most, by 14% in the last 12 months; one-bed properties average 190,000 and two-bed properties from about 245,000. In the less developed areas, such as the Valleys, terraced houses can be found for 75,000.

What are the tax breaks between Ireland?

Ireland has had a double taxation agreement with the UK since 1976.

However, all outside earnings should be reported to the Irish Revenue.

For developers, the Welsh Assembly offers tax incentives to encourage property development.

FAST FACTS

Getting there: Aer Arann flies to Cardiff from Cork, Dublin and Galway; Flybe and BMI fly from Belfast and there are also ferries from Rosslare and Dublin across to Wales.
Area: 20,779sq km
Population: 2,958,6001
Currency: British Pound Sterling (�1 = 1.47)
Weather: Temperatures average from 2degreesC in winter to 13degreesC in summer.
Transport: The M4 motorway links southern Wales to London and the A55 is the main road in the north. Cardiff International Airport is the only major airport, there is a well-developed rail link and Ireland is linked to Wales via regular ferry serves from Holyhead and Fishguard to Dun Laoghaire and Rosslare respectively.
Going out: Cardiff is promoted as the youngest city in Europe and is a vibrant lively place to visit.
The Millennium Stadium is host to many large sporting and cultural events, including ruby, which is very popular. The Cardiff Bay has built up reputation as a popular nightclub area and St Mary's Street is fast becoming a hotspot too.
Eating Out: Wales is more well-known for its sheep farming, therefore lamb is a popular dish, as are most meat-based meals. Traditional dishes include laverbread [seaweed based], bara brith [fruit bread], cawl cennin [leek soup] and of course Welsh rarebit, which is cheese on toast!
Shopping: Capitol Shopping Centre is one of the biggest. In 2003 Cardiff was judged to have the sixth best shopping centre in the UK (out of 50). Spillers Records is the oldest record store in the world and the Cardiff Market is good for bargains and treasures.

USEFUL CONTACTS
>> Irish Consulate General in Wales: 0044-1222 662 000
>> British Embassy in Dublin: 01 205 3700; www. britishembassy. ie
>> National Assembly for Wales: www. wales. gov. uk
>> Wales Tourist Board: www. visitwales. co.uk
>> The Western Mail: http: //icwales. icnetwork. co. uk
>> Property Sale Wales: www. propertysalewales. co. uk
>> Association of Residential Letting Agents: www. arla. co. uk
>> The National Association of Estate Agents: www. naea. co. uk
>> UK Association of Letting Agents: www. ukala. org. uk