Zurich is the capital of the Swiss canton of the same name and situated in the north east of the country.

Located at the end of Lake Zurichsee the city is divided by the Limmat River.

What's so special about it?

Zurich is the largest city in Switzerland and is considered its cultural and economic centre. In fact the Greater Zurich area accounts for nearly 60% of Swiss GDP, even though only 14% of the population lives there. The 2007 Worldwide Quality of Living Survey, based on criteria such as political, social, economic and environmental factors, personal safety and health, education, transport and other public services, found that Zurich was number one for the fourth year running.

Best kept secrets: Zurich is such a cosmopolitan city that nearly a third of those living in the city do not hold Swiss citizenship . . . the majority of foreigners are German.

Nearly a quarter of revenue in Zurich is generated from the banks and it is one of the main global centres for offshore banking.

Who lives here?

Those connected to the city include the poet Gottfried Keller, explorer Wilhelm Filchner and Irish writer James Joyce who is buried in the city's Fluntern Cemetery.

What's the property market like?

During the '80s prices in Switzerland were going up but in the '90s the Swiss National Bank (SNB) sought to rein in inflation and by the millennium prices had returned to the '80s level. In Knight Frank's Global House Price Index, Switzerland ranked 28th with growth of 1.6% in 2006.

In Zurich the situation is a little brighter. Chris Kalin is a lawyer in Zurich with Henley Estates, advises foreigners buying property in the city and is editor of the Switzerland Business & Investment Handbook. He believes that in many parts of the city there is a real boom, even an excess in some regions. In some of the best districts within Zurich and its suburbs there have been price increases of 100% over the last three to five years, he reports. He does, however, point out that this is not the average and is only occurring in the high end of the market and in the best districts. In some areas prices are stagnant or there is little growth at all.

The SNB has also begun to increase its interest rates as forecast inflation grew from 0.5% to 0.8%. The Swiss economy has also improved, growing by 2.5% as opposed to the 2% predicted. Good news for investors is that inflation has been predicted at 1.5 for 2008 and 1.7 for 2009, and the Swiss franc is weak against the euro.

How do you go about buying property?

For information, Tages Anzeiger is the largest newspaper, but Neue Zuercher Zeitung often has an English language section.

For investors, the Switzerland Business & Investment Handbook is essential. Many worldwide agents sell in Zurich but it's best to consult those that are AIPP or FOPDAC approved.

Switzerland has traditionally placed restrictions on property ownership by nonresidents but there have been changes. The Lex Koller law was recently abolished and while this has been opposed in the ski resort cantons it will make it easier for foreigners to buy properties in the bigger cities. The actual process is quite simple in that a buyer must obtain the services of a notary who will draw up the agreement. Once the agreement has been signed and deposit paid the permission must be granted by the Commission Fonciere (CF), which can take about eight weeks or longer. The CF may impose conditions but once permission is granted the deal can be finalised.

Where are the best places to buy?

Lake Zurichsee and the Limmat River divide the city and the best properties are those beside the shore. The right side of the lake is considered the best and here the area in Zurich is called the 'Gold Coast' because it gets the most sun and it is where the richest in Zurich reside. District 1 is known as Altstadt, which contains the old town. After that, Districts 6 and 8 are considered the best buys.

What's the rental market like?

The Swiss have a very low rate of homeownership with 65% renting. While this is changing with more Swiss starting to buy, in Zurich the renting rate is even higher at 75%. The reason for more people buying now is that Global Property Guide (GPG) data shows in the last 20 years rents rose by 70.4% but house prices only 42.7%.

An additional source for the Zurich rental market is its 58,000 students and also the large companies setting up in the city. Rental yields on apartments are about 3.8 - 5.1% and rents range from 738 for 40sq m to 2,048 for 120sq m. Laws are very tenant focused.

What's the resell market like?

When Swiss people buy they generally buy for life and don't move very often, says Kalin. This, coupled with high renting, means that while second hand homes do sell, the market is slower than in other global markets, but the trend towards buying may change this.

Average property prices?

While Zurich has the best standard of living it is the ninth most expensive place to live in and apartment prices range from 173,280 for 40sq m to 1,154,720 for 160sq m.

What are the tax breaks with Ireland?

Switzerland has a double taxation agreement with Ireland. Taxes on revenue earned can be high and there are also property, wealth and capital gains taxes.

NEED TO KNOW

Getting there: Aer Lingus flies direct to Zurich
Area: 91.88 sqkm
Population: Centre: 371,767 Greater Zurich: 1m
Currency: Swiss Franc (1.00 CHF = 0.60)
Weather: Continental with temperatures ranging from -2degreesC to 22degreesC
Transport: Zurich International Airport is Switzerland's largest airport and the city is also a major hub for rail, road and bus transport. It is linked to the French high speed TGV, has many motorways and a high density of road traffic. There is also transport on the lake and river and you can rent bikes for free.
Going out: Interesting sites include St Peter Church, which has the biggest clock face in Europe, the Old Town in District 1, the Zoo and Joyce's grave at Fluntern Cemetery. Dance at the Streetparade is one of Europe's biggest outdoor techno raves but for nightlife Districts 4 and 5 are the most popular.
Eating Out: The traditional dish is the Zurigschnatzlets, made from veal and a cream and wine sauce. Sausages, potatoes and Swiss pancakes are popular. Fondue, melted cheese with dips is very common and of course Swiss chocolate is plentiful.
Shopping: Bahnhofsstrasse is one of the most famous and expensive shopping streets in the world, while the Old City has more trendy and hip stores.