Bratislava is the capital of Slovakia, located in the southwest of the country on the banks of the Danube.

What's so special about it?

With the break-up of Czechoslovakia in 1993, Bratislava became Europe's newest capital city. In existence since about 5000BC the city, referred to as "the most beautiful city in Europe" by writer Hans Christian Andersen, was previously called Presburg and only adopted its present name in 1919. In May 2004, the new Slovak Republic became a member of the EU and after Prague is the second most prosperous region of all the new member states. Accounting for over a quarter of Slovakia's GDP, the city is the political, cultural and economic epicentre of the country.

Best kept secrets Bratislava is very much a sporting city and a whole range of sports have been hosted here over the years. In 2005, the city was home to the Davis Cup final and this year the women's International Basketball Federation's World Championships will be played here. However, a new arena is being planned for 2011 when the city will host the Men's Ice Hockey World Championships.

With such events, Bratislava attracted 636,298 visitors last year. But with only 43 hotels and 9,648 beds in total, there is room for growth in the sector. A popular city for stag parties, there are also nearly 30,000 more women in Bratislava than men.

Who lives here?

Slovakia's best-known name is Andrej Warhola, better known as Andy Warhol.

Other famous Slavs include tennis star and former number one Martina Hingis, composer Franz Schmidt and Hollywood director Ivan Reitman, who made films such as Ghostbusters, Kindergarten Cop and the Beethoven films.

What's the property market like?

Steve Forbes, editor-in-chief of Forbes magazine said "the Slovak Republic is set to become the world's next Hong Kong or Ireland, ie, a small place that's an economic powerhouse". The property market in Bratislava is locally driven . . . Petra Gajdosikova from Slovakia Investment Property reports that foreigners make up about 1% of buyers. She also reports that the Irish were one of the earliest foreign nationals to start buying in the city. Capital appreciation is estimated at about 15%. The housing stock in Bratislava is well below the EU average and in fact has slowed down. In the '70s, 7,480 properties a year were built while now it is less than half that; 7.5 new flats per 1,000 inhabitants were built in 2005. Supply is strong as only 31% of Slavs own their own property. The Global Property Guide reports that while house loans rose by 41% in early 2006, Slovakia has the EU's second lowest volume of mortgages. Many Austrians are also now taking advantage of the lower cost of living and choosing to live in Bratislava and commute to work in Vienna.

How do you go about buying property?

The Slovak Spectator is Slovakia's weekly English language newspaper and a good source of information. When sourcing agents, the National Association of Real Estate Offices of Slovakia is best when looking locally while organisations such as the AIPP or FOPDAC are reliable for agencies abroad. As part of the EU and due to adopt the euro in 2009, there are no restrictions on buying residential property.

Unlike in Ireland, properties are listed by their total number of rooms, not just their bedrooms. Once a property has been selected and a deposit paid, a pre-purchase contract is signed and a survey carried out.

A check is made at the local registry, contracts signed, deeds and money exchanged and the deal complete.

Where are the best places to buy?

A recent census found the most populous areas were districts 5 and 2. Investors are being attracted to projects along the Danube. Other popular areas are the Old Town, near the railway and in the boroughs of Petrzalka, Nove Mesto and Ruzinov.

What's the rental market like?

Ninety five per cent of properties in Bratislava are owner-occupied so there is a shortage of rental property. At 10%, the area, after Moldova and Bulgaria, has the third highest rental yields in Europe. The city's 56,000 students make up a large proportion of renters and monthly rent for a 100sq m apartment in the city centre is on average about 1,100.

What's the resell market like?

According to Petra Gajdosikova, most second-hand properties are usually sold within a few days, due to strong demand.

What type of property is available?

In Bratislava, the average size of a property is 65.7sq m. Many of the Communist era blocks are not up to modern standards and are being replaced or repaired. Studios are very uncommon and the best investments are two-bed apartments, as locals in their 20s make up the biggest share of potential buyers.

Average property prices?

According to the Global Property Guide, the average price of a a 100sq m property is about 130,000 and a 200sq m city centre property is likely to cost 240,000.

What are the tax breaks with Ireland?

Following a tax review in 2004, Slovakian income tax, corporate tax, capital gains tax and Vat is levelled at 19%. Ireland has had a double taxation agreement with Slovakia since 1999 but all income should be reported to the Revenue.

FAST FACTS

Getting there: : Ryanair flies to Bratislava and Aer Lingus flies to nearby Vienna Area: 2,053sq km Population: 600,000 Currency: Slovak koruny ( 1 = 33.50)
Weather: A continental climate with temperatures ranging from -3degreesC to 26degreesC
Transport: Bratislava's airport is soon to receive a 100m investment in order to attract more traffic.

The Vienna-Bratislava corridor has strong rail and road links. The city has a good public transport system.

Going out: Sites worth a visit are St Martin's Cathedral, the Church of the Annunciation, Bratislava Castle and the Slovak National Theatre. The party area is close to the presidential palace. Visit UFO, the new cool hangout or take a river boat up the Danube.

Eating Out: Delicacies include halusky made from sheep's cheese dumplings, schnitzels and goulashes.

Eating out is cheap . . . a good quality dinner costs about 30. For savers there is a Tesco in the city and a range of fast food outlets Shopping: There are large malls, such as those situated across the river from the Old Town. The Old Town also has a large Christmas market every year

USEFUL CONTACTS

Irish Embassy in Bratislava: : 00421-25930 9611; bratislava@dfa. ie

Embassy of the Slovak Republic in Dublin: 01-660 0012; slovak@iol. ie

The Official Website of the City of Bratislava: www. bratislava. sk

Bratislava Cultural Guide: www. bkis. sk

Slovakian Government: www. government. gov. sk

The Slovak Spectator: www. slovakspectator. sk

National Association of Real Estate Offices of Slovakia: www. narks. sk

Slovakian Estate Agents: www. greenpages. sk/catg_real. html

The Global Property Guide: www. globalpropertyguide. com

Association of International Property Professionals: www. aipp. org. uk

Federation of Overseas Property Developers, Agents and Consultants: www. fopdac. com

MyOverseasProperty: www. myoverseasproperty. ie

The Economist (Slovakia): www. economist. com/countries/Slovakia/