New Zealand properties have few overseas buyers
Apr 30, 2024
Wellington [New Zealand], April 30: Share of New Zealand home transfers to overseas buyers remains low due to restrictions for most overseas buyers, according to the statistics department Stats NZ on Tuesday.
In the year ended March 2024, 0.4 percent of home transfers were to people who did not hold New Zealand citizenship or a resident visa who were legally allowed to purchase properties in New Zealand, Stats NZ said.
This proportion was unchanged compared with the year ended March 2023, it said.
"Law changes in late 2018 introduced restrictions for most overseas buyers," said Stats NZ construction and property statistics manager Michael Heslop, referring to the Overseas Investment Amendment Act 2018.
As a result, the share of annual home transfers to overseas buyers has been 0.5 percent or less since the year ended December 2019, Heslop said.
Source: Xinhua
