Where is it?

Made up of two large islands and a handful of smaller ones, New Zealand is located in the South Western Pacific Ocean off the South Eastern tip of Australia.

What's so special about it?

New Zealand, named by Dutch settlers after the Zeeland province in The Netherlands, was under British rule until its independence in 1947, however the British monarch is still head of state and it is part of the Commonwealth.

In New Zealand the cost of living is quite low and it was also recently voted one of the best countries to live in by Mercer's 2007 Worldwide Quality of Living Survey.

Best kept secrets:

New Zealand's two islands are actually the tips of a huge submerged continent, called Zealandia, 93% of which is underwater.

Almost half the size of Australia the continent, due to its remoteness, has led New Zealand to have a very unique eco-system and it is estimated that up to 80% of its plant life is unique to the region.

Who lives here?

Famous New Zealanders include director Peter Jackson, actors Russell Crowe, Lucy Lawless, Sam Neill and Anna Paquin; singers Kiri Te Kanawa and Bic Runga and Everest climber, Edmund Hillary.

What's the property market like?

Similar to Ireland, prices in New Zealand have been predicted to even out and prophets of doom were talking about a bust in 2006, however the Real Estate Institute of New Zealand (REINZ) reports that house prices hit a new record earlier in the year when prices rose by 2.5% in March and 13.7% since last year.

The Reserve Bank has raised rates to try and curb inflation but prices are rising.

"As a savings medium, the residential property market is currently hard to beat and as much as the popular focus is on the cost of a mortgage, the fact is that homeowners have enjoyed a significant increase in the equity in their homes in recent times, which is feeding through into our current economic prosperity, " REINZ president Murray Cleland told media of the price rises.

The rises can be put down to strong local consumer confidence and the Consumer Confidence Survey for March 2007 found that 82.2% of consumers are confident that New Zealand residential real estate prices will rise in the coming six months, 62.2% are actively looking to buy a property to live in, 20.4% are seeking an investment property and 68.8% felt recent interest rate hikes would not deter them from buying.

However there are some cautionary notes, a slowdown in apartment construction led to more demand and caused the prices in Auckland to rise but six other regions in New Zealand also saw prices drop. The increasingly strong New Zealand Dollar makes it even more expensive for foreigners to buy.

How do you go about buying property?

New Zealand Herald is the nation's biggest paper, while the NZ Property Magazine and the Amberlamb and All Real Estate websites are good sources for property information.

The Real Estate Institute of New Zealand is also a good start when looking for a reliable agent. Foreigners can buy in New Zealand, however to live there permanently they must file for residency or citizenship. However if you are buying a property over NZ$10m ( 5.461m), an island or land near to or containing reservation or heritage areas, clearance is required from the Overseas Investment Office.

Buying property is quite easy and regulated. The seller must have a Land Information Memorandum detailing the legality of the sale and once a price has been agreed and contracts decided the seller then registers the sale with the Land Information New Zealand office and once the Land Titles Office checks the documentation the transfer of the property is complete.

Where are the best places to buy?

Auckland and Wellington ranked highly in the Mercer 2007 Quality of Living Survey, however the best performing regions for price increases were Manawatu/Wanganui and Southland, which saw prices rise by 27.8% and 22.6% respectively over the last year. However some regions such as Northland, Hawke's Bay, Taranaki and Central Otago Lakes saw prices drop in recent months.

What's the rental market like?

The current shortage of rental properties and the downturn in apartment construction in Auckland has resulted in rents increasing.

This has not been lost on buyers and the Consumer Confidence Survey for March 2007 found that 57.3% of those surveyed are considering purchasing a property to rent out. In Wellington, luxury three-bed apartments can yield a return of approximately 7.5%, studios generate about 10%. Houses also have been seen to produce good returns. In Auckland returns are slower and only small apartments have shown high yields. Overall yields are about 4%.

What type of property is available?

In Wellington, apartments are common and in Auckland a shortfall in apartments has made cheaper apartments a good buy.

Homes in Auckland just under the $500,000 ( 27,000) bracket have also proved to be most popular.

Average property prices?

The average sale price for a property in New Zealand is currently 199,870. However there are some regional differences, in Auckland it is 254,264, in Wellington it is 263,872, in Hamilton it is 186,133, in Tauranga it is 227,924, in Christchurch it is 192,129 and in Dunedin it is 143,847.

What are the tax breaks with Ireland?

New Zealand has no stamp duty, no capital gains tax, no land taxes and a business friendly tax system. However net rental income is taxed and the upper rate is quite high at 39%. It has had a double taxation agreement with Ireland since 1986.

FAST FACTS

Getting there: There are no direct flights from Ireland, however Air New Zealand, BA, Qantas and many others fly direct from the UK.
Area: 268,680sq km
Population: 4,165,6005
Currency: New Zealand Dollar (NZ$1.00 = 0.55)
Weather: Very changeable but on average 19-24degreesC
Eating Out: New Zealand has some of the most McDonalds per capita of the population and fish and chip shops are common. However the Maori people have put their stamp on the local food and delicacies are sweet potatoes, kiwi fruit and of course being an island, fish! Tipping is not required.
Transport: There are seven airports and Auckland and Wellington have commuter rail services but internal inter-city rail services are limited. Bus services are cheap, there are ferries between the main islands, the roads are well developed but if you backpack remember it is illegal to hitchhike on motorways.

Going out: The Kiwis, like the Aussies, like their beer, although New Zealand wine has become popular recently. A new law also bans drinking in public.

Coffeehouses are common but New Zealanders love drinking and are not massive coffee drinkers. Sport, especially cricket and rugby are enjoyed and a must is a visit to New Zealand's lively 24-hour casinos.

Shopping: There is no haggling on price and tipping is not in the culture. Auckland is where the major shopping centres are.

USEFUL CONTACTS
>> Irish Honorary Consul General in Auckland: 0064-9 977 2252; www. ireland. co. nz
>> New Zealand Embassy in London: 0044207 930 8422; www. newzealandhc. org. uk
>> Real Estate Institute of New Zealand (REINZ): www. reinz. org. nz
>> Reserve Bank of New Zealand: www. rbnz. govt. nz
>> New Zealand Herald: www. nzherald. co. nz
>> NZ Property Magazine: www. landlords. co. nz
>> Amberlamb: www. amberlamb. com
>> All Real Estate: www. allrealestate. com
>> Statistics New Zealand: www. stats. govt. nz
>> New Zealand Government: www. govt. nz
>> The Economist (New Zealand): www. economist. com/countries/New Zealand/
>> New Zealand Tourism: www. newzealand. com